RANGELEY, Maine (NEWS CENTER) -- A group of non-profits have reached a verbal agreement with the owners of Saddleback Mountain Ski Area located near Rangeley to purchase it.

Maine's third largest ski resort which has sat idle for almost two years. The details were announced at a news conference on Thursday.

A coalition made up of community members and longtime season pass holders say they need to raise $4 million to close the deal and potentially open the resort in time for ski season.

The Saddleback Mountain Foundation says the group received $5 million in pledges. The deal also includes the Trust for Public buying three thousand acres next to the ski area.

The Berry family have owned the mountain since 2003 and invested 40 million in improvements. When they did not get financing do a new chair lift the resort did not open last season.

The group has yet to raise any money but now that a verbal deal has been reached they will be aggressively seeking donations from season pass holders and the community to preserve the ski are for the future.

People interested in donating can go to the group's website.

A survey found more than 800 people were interested in keeping the mountain open and potentially could raise between $4-5 million.