In 1972, the ski area was bought by Truxton Pratt, then passed on to his wife, Betsy, after his death in 1975. It remained relatively unchanged until she sold it in 1995 to a group of skiers who formed a cooperative to own and manage the ski area. On December 5, 1995, the Mad River Glen Cooperative was formed. Mad River Glen is now the only cooperatively owned ski area in America. In April 1998 the Mad River Glen Cooperative fulfilled its purchase agreement with the previous owner by selling its 1,667th share.