ENFIELD, N.H. (AP) — Whaleback Mountain ski area in Enfield, N.H., is likely to close under the weight of more than $1 million in outstanding debt.

Co-owner and two-time Olympic skier Evan Dybvig says he plans to sell assets to pay outstanding taxes. The Valley News reports that Whaleback Mountain LLC owes $73,000 to the town of Enfield dating back to May 2011, according to town records.

Dybvig said his lender is prepared to foreclose on the property.

“We have tried numerous avenues to recapitalize the business to put ourselves on surer footing without success. Our only option at this point is to close,” a letter posted by Dybvig and co-owners Frank Sparrow and Dylan Goodspeed says on Whalebacks’ website.

The letter said that “plans are emerging to raise money through a nonprofit to purchase the mountain and continue operating. This is an option that many believe is the best hope for the future of Whaleback.”

Many schools and towns continue to use Whaleback for ski and snowboard programs.

Whaleback will close on Sunday but will be open the following weekend on March 23 for a motor sports and ski and snowboard event.

Copyright 2013 The Associated Press