Thursday could have marked the end for Greek Peak as it was put up for auction due to Chapter 11 bankruptcy. But two long time customers have stepped in to save the resort. Our Candace Hopkins has more on the future of the mountain under the new management.

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CORTLAND COUNTY, N.Y. -- Elmira businessmen Marc Stemerman and John Meier are Greek Peak season pass holders, and life-long customers. So when they learned the resort was in trouble, they knew it was time for a new business venture.

"We just couldn't even risk the thought, or think about the thought of losing this place, cause if it means a lot to John and I, you should see what it means to our kids, our wives are over there, it's truly something we look forward to," said New Greek Peak co-owner Marc Stemerman.

Thursday, the pair acquired the ski area, Adventure Center, and Hope Lake Lodge for more than $6.7 million dollars. And Friday morning, they introduced themselves to the staff and customers. They say they'll focus on finances, then improvements.

"Our vision first is to get our expenses under control, to make this profitable, and instead of taking money out of the resort, we're gonna plow it all back in, on this side of the mountain...so it's gonna take time, but be clear, this side of the mountain is gonna improve, and this is where the changes are gonna happen from here on out," said Stemerman.

That came as good news for season ticket holders, who say there's a lot out here on the mountain that can be improved.

"Some of the lifts are very old, and very slow, and need replacing, and the previous owners knew that as well, but they just couldn't raise the money to make the changes, so we're very happy that that's in the works," said Pat Ryan.

With some of the old, and some of the new, the hope is that brighter days are ahead for Greek Peak.

The new owners say they also plan to discount season passes for next year. The closing on the sale is scheduled for April 19th.