NEWRY – American Skiing Co. officials said Tuesday that they would sell Maine’s two largest ski resorts to a Michigan-based ski company for $77 million.

The sale was announced to ASC employees during a meeting at Sunday River just about an hour ahead of a Securities and Exchange Commission filing detailing the agreement with Boyne USA Inc. Under the agreement, Boyne will also assume $2 million of ASC debt on the resorts.

Boyne owns three Michigan resorts as well as Big Sky in Montana, Brighton in Utah; Crystal Mountain in Washington and Cypress Mountain in British Columbia, Canada, officials from the American Skiing Co. said Tuesday. The company also owns the Skylift Resort in Gatlinburg, Tenn.

Many were anticipating the sale of ASC’s Maine properties since the company has steadily liquidated its properties in New England and the western United States over the past year to pay down outstanding debt.

It has focused its energy on its Canyons Resort outside of Salt Lake City, Utah.

If the deal with Boyne goes through as planned the Canyons would remain the company’s sole ski hill.

ASC was the brainchild of former Sunday River owner Les Otten, who just last year sold his interests in the company as it began its effort to sell off properties. That fueled speculation he would try to buy the Maine ski hills.

On Tuesday, Otten confirmed he tried to buy the Maine ski properties, but his bid was not successful.

“As you might expect, I’m personally disappointed in the decision,” Otten said. “I submitted a highly competitive bid and the American Skiing Co. chose to sell the resort to someone else.”

Otten, who recently sold his share in the Boston Red Sox in order to pursue new business opportunities in Maine, wished Boyne well.

“I sincerely hope they will make the quality of the ski experience their top priority,” Otten said. “I was looking for opportunities in Maine; that remains unchanged.”

Neither Otten nor ASC would say how much Otten offered for the resorts or whether ASC looked at any other criteria besides price in the process. “That was a whole separate group of people looking at that, and we were not privileged to that information and wouldn’t release it anyway,” said Chip Carey, ASC’s vice president for sales and marketing.

Carey, like many in ASC top echelons, is a former Maine ski industry person and was the longtime spokesman for Sugarloaf prior to the creation of ASC. Considering the company’s Maine roots, the sale of Sugarloaf and Sunday River were particularly difficult, said Carey and ASC spokesman David Hirasawa.

“Boyne USA is a very experienced ski area operator, and that’s going to be very good for the two resorts in Maine,” Carey said. Carey only laughed and said, “No comment” when asked if he might return to Maine in the near future.

Word of the sale in Carrabassett Valley, where Sugarloaf/USA is, and in the Bethel/Newry area surrounding Sunday River was greeted with relief, resort workers and local business people said.

“The longstanding relationship between ASC and the communities of Sunday River and Sugarloaf/USA extends to the very origins of our company,” ASC president and Chief Executive Officer B.J. Fair said in a statement. “With so much of our company’s roots and history here, it will be hard to part ways with these resorts.”

Some in Carrabassett Valley were pleased that Boyne was selected over Otten, said Richard Rose, the owner of the Judson’s, a tavern and motel on Route 27 in Carrabassett Valley.

“On the ground there is still a great deal of uncertainty,” Rose said. “But the relief here is that Les (Otten) is not in the deal because the expectation was that he would favor Sunday River.”

Richard Rioux, a resident of Carrabassett Valley and winter shuttle bus driver for Sugarloaf, said mostly people were just happy to know a company with a solid ski industry background was buying the mountain.

“We knew it was going to sell so we are just happy it’s being purchased by a good interest and from a company that’s in a good area that has similar understanding of running resorts in rural places,” said Rioux from another local watering hole and Italian restaurant, Tufulio’s, also off Route 27 in Carrabassett Valley. “People are happy; that’s the word around the bar.”

Bethel Area Chamber of Commerce Executive Director Robin Zinchuk said local business people would work together with the new owner regardless of who it was.

“We were prepared for working with new people, and we expect the new owners will keep key management in place or people that have a long history with Sunday River in place,” Zinchuk said. “We’re in a position where we are going to want to work with them. Sunday River is an extremely important part of our business community and most would say they are one of the largest economic engines in Western Maine.”

Julie Ard, a spokeswoman for Boyne, said her company was pleased and excited about buying the Maine resorts and expanding its ski operations into New England. Ard said she couldn’t comment on what plans, if any the company had for ASC staff or how management of the resorts in Maine might change. Ard also did not say whether a popular ski pass program that allowed Maine skiers to ski both Sugarloaf and Sunday River on a single season pass would be retained under the new ownership.

“As North America’s largest family-run four-season resort company, we are excited to bring almost 60 years of resort experience to the New England market,” Stephen Kircher, Boyne’s president for eastern operations, said in a statement. “New England is a very special place for the sport of skiing, and we enter this market with great respect and appreciation for what has been accomplished and what it represents. With our capital partners, we are eager to build upon that rich history while introducing fresh and innovative ideas to the market. Sunday River and Sugarloaf are properties that have exciting futures. Our goal is to help make their futures even more promising.”

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