Group Led by Read Purchases Mt. Norquay

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SAM Magazine-Banff, Alta., Oct. 3, 2006-An investment group which includes legendary Canadian skier Ken Read has purchased Mt. Norquay Ski Area outside of Banff.

The group includes Read, who currently serves as president of Alpine Canada Alpin, the governing body of ski racing in Canada, as well as Stephen Ross of Devonian Properties in Canmore, Jeff Kohn of Calgary and Peter, Robert and Len Sudermann of Fortune Resorts.

The new owners will maintain Norquay as a family ski resort, with a focus on value and a variety of programs, from ski racing to free ride and snowboarding.

"We are excited about this opportunity and the challenge. Norquay is a great place to ski and has yet to be discovered by most people. We will also be focusing on the beginner skier and the family as a whole, we need to introduce more people to this great sport of skiing as one of the few sports that families can do together. Without the beginner and the family we neglect the future of the sport," said Ross.

In addition to winter operations, the group hopes to enhance and expand the summer operations of the resort-a position that puts them at odds with Parks Canada, which has resisted summer operations at Norquay since it provides summer habitat for grizzly bear and elk.

The previous owners of Norquay, Peter White and Thomas Grandi (who is a current member of the Canadian Alpine Ski Team), will continue to maintain an economic interest in the resort and provide support to the new management.