There’s been a lot of negotiations and a lot of paperwork, but signed deal to start the bidding process for the Federal Club has proven as elusive as a hole-in-one.
Sports & Recreation
The action hasn’t officially started, but a real estate developer has outbid a group of members for the Federal Club, an upscale golf club in Hanover County.
A distressed golf club in Hanover County will likely get a new owner, but the current owners and potential acquirers are having trouble coming to an initial offer. That “asset purchase agreement” will kick off an auction process, and the bankruptcy judge wants one today. Plus, RBS learns what developer Bob Atack may want with the property.
A distressed golf club in Hanover County has suitors beyond the members who have offered to pay $2 million for the course – which cost closer to $8 million to build – including a local real estate developer.
Private golf clubs across Richmond are rolling out the red carpet for new members, lowering or eliminating initiation fees and discounting food at the clubhouse. Plus, one of the only courses with caddies pays down its debt.
An unprofitable bent-grass golf course in Hanover County will likely have new owners within 60 days, if the bankruptcy court approves a sale. And it might not be open to public play once enough members join.
A group of members at an upscale golf club in Hanover County has started studying how to buy the club if the current owners/operators can’t rescue the business from bankruptcy protection.
The biggest lender to an upscale golf course in Hanover County wants to take the course back from the owners/operators.
A Richmond group brings game night to the masses.
A struggling upscale country club in Hanover County is open for public play, but the change in strategy might come too late to save the course.