‘Ezhovaya Ski Resort Ltd. has been considering several options to attract more investments into development and modernization. Among them are applying for a $2-2.5 million loan, finding an external investor and selling the business,’ said Deputy Director Alexei Khvostov.

According to Mr Khvostov, the business has been re-evaluated, all loan application papers have been collected and drawn up, and the ski resort has been put to auction (the opening bid is 3.5 million dollars).

‘Extra investments are a must if you want to develop the business; the snow and mountainside equipment is obsolete and has to be upgraded, which provide for more months available for skiing throughout the year. The season of 2005-2006 was not a good one because of really warm December and extremely cold January; this naturally resulted in fewer revenues,’ Mr Khvostov said.