Great Cove Golf Club Approves Possible Sale
During a special membership meeting of the Great Cove Golf and Recreation Club Saturday night at the clubhouse, certificate holders voted “to approve the sale of the golf course to a group of investors that includes certificate holders, golfers and interested persons who will keep the golf course alive and open.”
The resolution, which will, in effect, dissolve the present 501-C corporation if a sale of the course is completed, was approved by a 58- 7 proxy and voice vote.
Following the vote, the board opened the meeting to all interested parties with about 75 in attendance.
Board member and Vice President Matt Sigel reported that the equity/membership partnership plan suggested by the board had attracted between $430,000 to $470,000. The partnership plan to purchase the course and erase the debt had set a goal of approximately $600,000. That goal had not been reached Saturday night, however, a meeting of people pledging and parties who may be interested in pledging, will be scheduled soon.
Craig Paylor, who has provided legal counsel while spearheading an equity/membership plan to purchase the golf course, told those gathered decisions would be made soon whether or not the purchasing entity can proceed without reaching its $600,000 goal. “It is hard to lay out specifics of a plan when everything is still in flux,” he said.
Board Finance Chairman Todd Earley said, “It all depends on how close we get to an amount the board and entity decide is viable.”
Facing foreclosure, the course is scheduled to go into receivership on June 6 unless its debts can be satisfied. An ownership plan with four separate equity ownership levels – $10,000, $20,000, $50,000 and $100,000 – have been proposed. In addition to club ownership, each level would have membership privileges.
Board Vice President Matt Sigel is urging everyone with a present or past interest in the golf course to contact him at 301-331-1534 to discuss the equity membership plan. He also recognized and thanked the many volunteers who are giving their time to keeping the course open and functioning smoothly.
Great Cove Golf and Recreation Club opened in September of 1967 as a 9-hole golf course. In 1990 the back nine holes were added making it a highly rated 18-hole golf course. The effort to save this almost 50-year-old county institution is of vital interest to the thousands of people who have been part of it.