SALT LAKE CITY (AP) - A new group is running Utah's Powder Mountain ski resort.
Summit Group, a limited liability corporation of young entrepreneurs backed by deep-pocket investors, announced Monday it has taken over and was buying the area known for its backcountry ski terrain.
The company sponsors the Summit Series leadership conferences that started in Park City in 2008. It has invested in Internet startups like the taxi service Uber and eyeglass supplier Warby Parker, and has raised money for environmental causes.
Summit plans to turn Powder Mountain into an "alpine Bohemian village" for innovative business thinkers. It plans to ditch more ambitious real-estate plans of the current owners that riled Ogden Valley residents.
One of Summit's executives, 34-year-old Thayer Walker, says the goal is to create a sustainable resort community, not a mega-development.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)