J. Lewis York purchased the camps at public auction in October 1935. The articles of association for Kennebago Lake Camps, Inc. ("KLC") are dated October 26, 1935. It is a closely held Maine corporation which operates a sporting camp.  Sam York became the owner in 1942 when his father died.

Warren "Bud" Russell and his wife Ruth "Ooie" V., first acquired shares in KLC from Sam York on January 3, 1949. They became sole owners in 1950. The Russells expanded the main lodge to include a cocktail lounge and a dining room with picture windows.  The Russells have other claims to fame: actor Bing Russell, who portrayed Deputy Clem Foster on Bonanza, is their son; the movie actor Kurt Russell is the son of Bing.

In May 8, 1967, Bud and Ooie began selling corporate shares to interested visitors. These shares were associated with occupancy rights to particular camps. Camp Carson was the first camp transferred; the last transfer occurred in April of 1982, for the Back Hall complex, adjacent to the site of the old dining lodge, near the flagpole.

In 1974, the main lodge was razed. When it was taken down, it was observed that it had been insulated with wood shavings.

Since 1983, the organization has been managed by a volunteer board of directors, drawn from and elected by the shareholders. In 2015, new bylaws were adopted which reflected a reverse stock split, one for three, so there are now 27 shares outstanding, one per camp.