Sales & Finance

ClubCorp resolves issues with investor that sought sale

May 19, 2017
By Jack Crittenden

ClubCorp's disagreement with a vocal minority investor has officially ended. The public company reached an agreement with FrontFour Capital Group that will add two new independent directors to the ClubCorp Board of Directors. With the additions, the ClubCorp Board now comprises 10 directors, nine of whom are independent.

The two new directors are: Simon Turner, formerly the President, Global Development of Starwood Hotels & Resorts, and Emanuel "Manny" Pearlman, Executive Chairman of the Board of Directors of Empire Resorts. 

Detroit may sell its four golf courses

March 20, 2017
By Jack Crittenden

The City of Detroit hopes to sell its four remaining golf courses, according to the person who oversees recreation for the city.

"It's just not a profitable business to be in,” Charlie Beckham, told the Detroit News. “Bankruptcy has forced us to look at those kinds of activities for the city that are not servicing a large portion of the population.”

ClubCorp acquires third course in 2017 with purchase of Norbeck CC

March 15, 2017
By Jack Crittenden

Concert Golf acquires Philmont Country Club in Penn.

March 6, 2017
By Jack Crittenden

Concert Golf Partners has acquired Philmont Country Club, a historic member-owned private club in the north Philadelphia suburbs. The deal was unanimously approved by the club's Board of Directors and approved by a 95 percent vote of its members on Feb. 28.   "This recapitalization achieves everything we have been trying to do on our own for the last 5 years," said Glenn Meyer, club president.

New owner plans to remake Dismal River

February 6, 2017
By Jack Crittenden

Dismal River Golf Club, one of Nebraska’s build-it-and-they-will-come golf venues, has been sold again. The 36-hole club, which opened in 2006, now belongs to a group of seven Omaha businessmen, led by Joel Jacobs, a former professional football player who’s become an investment advisor.

Jacobs grew up on a ranch near Dismal River, a club that features golf courses designed by Jack Nicklaus and Tom Doak. The club is in Mullen, Neb.

ClubCorp forms committee to investigate options, including a possible sale

January 17, 2017
By Jack Crittenden

Less than four months after an investor called on ClubCorp to consider selling itself, the public company may be doing just that, according to sources and a recent U.S. Securities and Exchange Commission filing. The Dallas-based company said it has formed a committee to review and evaluate alternatives.

“The committee is focusing on opportunities to further unlock the value inherent in the company,” ClubCorp said in filing. “The committee is evaluating opportunities with a focus on maximizing value for all shareholders.”

Sales update: Twin Rivers GC, Weatherwax GC, La Purism GC

January 11, 2017
By Robert J. Vasilak

Florida city pays $5 million to keep course open

The city of Oviedo, Fla., has agreed to pay $5 million for Twin Rivers Golf Club to ensure that the struggling 310-acre property remains open.

Twin Rivers features an 18-hole, Joe Lee-designed course and was among a handful of Orlando-area venues owned by The Golf Group. Two years ago, The Golf Group, headed by Bob Dello Russo, closed Rock Springs Ridge Golf Club in nearby Apopka when it was in similar financial straits. The city will seek a private management firm to operate Twin Rivers.

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