Oasis Raises Vail Resorts Stake to 9% and Pushes for Board Changes

Vail Resorts is facing increasing pressure from activist investor Oasis Management as the company heads into the 2026-27 ski season.

Oasis initially disclosed a large Vail Resorts position in September and has continued buying shares. In a Schedule 13D/A filed with the U.S. Securities and Exchange Commission on September 29, 2026, the reporting group disclosed beneficial ownership of approximately 3.22 million Vail Resorts shares, representing about 9.0% of the company’s outstanding common stock.

Oasis has nominated four candidates for election to the Vail Resorts board: former Disney CEO Robert Chapek, M. Ashton Hudson, Bryce Roberts, and Olympic skier Picabo Street.

The timing is significant. Vail has reported pass-product unit sales down about 12% for the coming North American season, fiscal 2026 visitation down 13.4%, and net income falling from $280 million to $147.5 million.

Oasis has said it believes Vail Resorts shares are undervalued and has pursued board representation. Vail Resorts, meanwhile, has said it is undertaking its own board-refreshment process.

For skiers, this is more than a Wall Street story. A significant shareholder pushing for board changes can affect strategy, spending, pricing, capital allocation, resort investment, and the company’s response to criticism about the guest experience.

Update: This article previously referenced Oasis’s earlier disclosed stake. The September 29 SEC filing shows the reporting group at approximately 9.0%.

Sources: U.S. Securities and Exchange Commission Schedule 13D/A filed September 29, 2026; Vail Resorts fiscal 2026 fourth-quarter and full-year results.