RANGELEY, Maine — Saddleback, Maine announced that it may not open for the 2015-2016 ski season unless it can secure $3 million in financing to purchase a new four-person chairlift.

The company says it needs the money to replace 51-year-old chairlift, the main access from the lodge to the top of the mountain.

“In order for Saddleback to be sustainable for the long-term, we’ve decided the lift must be replaced,” said owner Mark Berry. “For the last several months, we’ve been actively seeking the necessary financing to replace the chairlift, however time is running out. We only have a few weeks to make this work. In order to open this winter, we need to order the new lift by early August.”

The company confirmed that all weddings and summer/autumn events will continue as planned.

According to the company, the mountain is the third largest ski mountain in Maine.