The litigation between Talisker Land Holdings Inc. and Park City Mountain Resort (PCMR) had been going on for three years. Talisker leases to Vail Resorts the nearby Canyons Resort.

On Thursday, it was announced that Vail Resorts Inc. had acquired Park City Mountain Resort for $182.5 million from Powdr Corp.

For two decades Powdr Corp. had operated PCMR. However, on Apr. 30, 2011 it missed the deadline for a 20-year lease on 2,852 acres of prime ski terrain by several days.

Because they feared an eviction, PCMR filed a suit later in 2011 against Talisker, according to the Salt Lake Tribune.

Rob Katz, chairman and CEO of Vail Resorts, released a statement that it will be business as usual at PCMR this coming ski season. He said that except for the top management, all the resort employees would keep their jobs.

Jack Thomas, the mayor of Park City, said that the deal provided the residents of the resort town and the surrounding areas long-term certainty for their source of livelihood. The economic future of Park City is secure and the sale provides a certainty to all the small businesses and every family in the area.

It is projected that the largest ski resort in the United States will be set up there. Mr. Katz said that it will not occur this year but will be planned soon, which he said will be an opportunity for Utah to become an iconic destination.

Powdr Corp. on the other hand was reluctant to make the sale, according to its CEO John Cumming. However, the sale of PCMR was the only way to ensure that the employees and the community would have long-term stability regarding their future.

Earlier in the year, a judge favored Talisker on some of the key parts of the case and the PCMR faced eviction. However, Powdr Corp. owned the base facilities and acreage without which the resort could not be operated.

Powdr Corp. posted a $17.5 million bond earlier this week, which would allow them to continue to operate the resort through this coming ski season.