Nine months after it filed for bankruptcy, the Federal Club in Hanover County has been officially sold to a local developer for about 25 percent of the cost to build it.
Sports & Recreation
High-energy happy hour
The driving force behind some of the most popular running races in Richmond is adding a new event for the corporate types.
Bankruptcy court approves bidding procedures
The sale of the Federal Club, a distressed country club and several dozen home lots in Hanover Country, will proceed with the biggest debtor as the stalking horse bid.
Bank will become stalking horse bidder
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.
Atack’s last-minute offer likely to become stalking horse bid
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.
Sign the deal, already
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.
More interest in troubled golf course
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.
Course glut is good for golfers
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.
Clock ticks down for Federal Club owners
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.
Members might bail out Federal Club
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.
