A troubled ski resort in Londonderry, Vermont, has been sold to a group of 13 investors.
Ski Magic LLC says it has signed a deal for the 709-acre Magic Mountain Ski Area on Glebe Mountain.
The group declined to reveal the purchase price. The final sale won't close for several weeks.
The group says it's prepared to spend $1 million in upgrades before the upcoming season.
Magic Mountain was founded in 1960 and sold in the 1980s. It closed for several years in the 1990s due to financial problems. Recently, one of two chairlifts to the top stopped working.
The mountain was open for two months last season due to a mild and largely snowless winter.
The new owners say they're focused on getting the lifts running and making snow.