Selling Club Greens For Green Energy
And other Dispatches from Clubland
There’s not much good news in this week’s Dispatch issue of Clubland USA, but it could be worse. We could be the club president currently chasing the Club’s former golf pro d who embezzled nearly $1 million from our Club and remains at large in… checks notes…Mexico. Yes, this is a real story and a warrant has been issued for his arrest.
We sincerely appreciate your patience as we’ve navigated getting this week’s issue out in a timely manner. We appreciate your continued readership and look forward to seeing you next week.
Cape Cod Country Club will have another season of play before construction on a proposed solar farm begins. The country club to solar farm conversion isn’t new, but has become widely popular in Massachusetts.
The Bay State has seen several clubs in recent years make this transition, including the Maplegate Country Club in Franklin and Bellingham, which was sold earlier this year for a whopping $25 million to NextGrid, a San Francisco-based solar energy developer.
This will also notably result in an additional $280,000 in the town’s coffers, as tax incentives that were once attached to the club will come to close. This solar conversion project received no form of government funding.
Skyline Country Club in the Berkshires was sold to a solar energy developer in 2021, as reported by the Berkshire Eagle.
Capital City Cash Crunch
Tallahassee’s Capital City Country Club is mulling either selling to a private equity firm or hiking its membership rates to foot the bill for much needed improvements.
Members received a letter urging them to attend a meeting on Monday, April 6 to discuss options to make much needed improvements to the club’s facilities.
What’s the least painful hit to the wallet, you ask? Raising rates to a whopping $25,000, according to local reports. Another option, the club says, is to sell the Club to a private equity firm.
Ishaan Jajodia, in an earlier issue of Clubland USA, warned of the risks that arise from the private equity takeover of one’s beloved clubhouse.
He writes, “There’s a firm, for instance, that promises members whose clubs have been taken over the ability to retain an advisory position, but the club will no longer be member-owned-and-managed, and will lose its gold standard status. Usually, the recapitalisation involves a private equity firm buying up the debt that a club has and acquiring the underlying assets—the clubhouse and facilities—and trying to streamline operations.”
What can one expect at this next stage?
Your club bill to include charges for club sodas, iced tea and water. And say goodbye to the duly-elected club president that you can hound in pursuit of sharing unsolicited and unrequited advice and comments.
Thanks for reading this week’s issue of Clubland USA. - LR/IJ