MONTPELIER, Vt. – A group of investors with ties to the Mad River Valley has been negotiating to buy Sugarbush Resort in Warren from the cash-strapped American Skiing Co.

None of the principals was willing to discuss the negotiations Thursday and it was not clear whether a deal would ever be reached.

“It’s rumors and nothing but rumors, and if they’re was anything to announce, we’d announce it,” said Skip King, American Skiing vice president.

Robert Ackland, one of the leaders in the investors’ group and the general manager of nearby Mad River Glen resort, said he was bound by confidentiality from discussing anything.

But several people familiar with the talks said there had been serious discussions.

Investors approached American Skiing earlier this year with a proposal for Sugarbush, according to several people who had knowledge of the talks. They made their offer even though American Skiing has not been trying to market the resort. The Maine-based ski area operator has well-publicized financial problems and has announced it is trying to sell its Steamboat Springs resort in Colorado to raise money.

Steamboat executives said earlier this month that they expected to choose a buyer by the end of next month. They have reported already that there has been keen interest among potential buyers for Steamboat.

Although it has not identified any other properties that it was trying to sell, American Skiing has been short of cash for months. It successfully renegotiated some of its debts recently and attracted another infusion of capital from one of its investment partners.

For that reason, it might not be logical that American Skiing would seek to sell one of its Eastern resorts, especially one that might not fetch top dollar, said an analyst who follows the company.

“Sugarbush is an older facility,” said Brad McCurtain, president of Maine Securities in Portland. “It’s not a Killington or Sunday River or Sugarloaf and that’s fine. It’s its own property. But it’s not going to bring the money of a Sunday River or a Killington.”

All of the other resorts McCurtain mentioned are also American Skiing properties.

Even though American Skiing might not be looking to sell Sugarbush, the company also would be remiss not to consider an unsolicited offer, McCurtain said.

Officials at Sugarbush said they’d been hearing reports for much of the summer that there might be a sale. But they’ve been trying to ignore them and carry on with their preparations for the 2001-2002 season.

“It’s very much business as usual,” said spokesman Andrew Lafrenz. “Sugarbush is here to stay and I think for the most part that’s well-known.”