I didn’t think as a Golf club member you could get a payout

[Welshbeef]

There was a thread a while ago where I raised the scenario that if a golf club was sold the proceeds would go to the club members ie merely being an annual member.

Well a golf club membership fees are what £1-2k a year ish vs a possible £100,000+ payout for the sale proceeds.

What am I missing? Is this situation rare

http://www.readingchronicle.co.uk/news/16041010.Re...

[Saleen836]

Surely the club owners would just wait until such time as memberships expire and not renew?

[Welshbeef]

Saleen836 said:

Surely the club owners would just wait until such time as memberships expire and not renew?

Doesn’t read like that does it?

The members are the shareholders.

[Welshbeef]

I only post this as it was discussed on the BBC Radio Berkshire (Andrew Peach) and that question came up about the £ for members who might not live locally / not be impacted at all etc.


Seems the members do get the share of the proceeds

[cheddar]

Conversely we could also be liable for debt.

[dazmanultra]

I think it depends on the legal structure of the club, in not all cases will the 'members' necessarily own a share of the course etc.

[Stig]

Welshbeef said:

There was a thread a while ago where I raised the scenario that if a golf club was sold the proceeds would go to the club members ie merely being an annual member.

Well a golf club membership fees are what £1-2k a year ish vs a possible £100,000+ payout for the sale proceeds.

What am I missing? Is this situation rare

http://www.readingchronicle.co.uk/news/16041010.Re...

Are you a member of Reading? My brother is. There's talk of them investing in 'my' club (they should too)

Effectively (for Reading at least) the members 'own' the club so they will get a share of the proceeds.

[PurpleTurtle]

Off thread but I used to live on Kidmore End Rd, now live just down the hill a bit.

I see the proposed development is for 130 houses. New Labour MP Matt Rodda is quoted in the Reading Chronicle this week saying that this will increase traffic in Emmer Green "tenfold". i.e. by a factor of 10.

Who taught this mug maths, Dianne Abbott?

[psi310398]

My late father benefitted from something similar in the Fifties and Sixties when several London clubs sold up and/or amalgamated.

He reckoned that his share of the proceeds of sale of the freeholds and contents of several large St James's buildings paid for my and my siblings' education.

[CzechItOut]

“We would envisage that members could enjoy a financial benefit of a six-figure sum, proportionate to their membership subscription.”

Could this be for members who paid up front for a lifetime membership?

[Welshbeef]

Stig said:

Are you a member of Reading? My brother is. There's talk of them investing in 'my' club (they should too)

Effectively (for Reading at least) the members 'own' the club so they will get a share of the proceeds.

Funnily enough no - but have played it many times.

I’m intending on becoming one this weekend though ....

[Welshbeef]

PurpleTurtle said:

Off thread but I used to live on Kidmore End Rd, now live just down the hill a bit.

I see the proposed development is for 130 houses. New Labour MP Matt Rodda is quoted in the Reading Chronicle this week saying that this will increase traffic in Emmer Green "tenfold". i.e. by a factor of 10.

Who taught this mug maths, Dianne Abbott?

The issue I see it potentially causing is this plus the likely development beside the Water tower next to Abby rugby club so jointly it would be 500+ houses.
Generally round here 2 Cars per house is very common - and then school places.... zero as everything is 2-3x over subscribed

I may pop into he Black Horse for the Rugby tomorrow - hopping over the road to be white horse then back again plus a curry in Caversham Village tandoori to finish off.

[fourstardan]

They'll be exemptions on this toshy article i'm sure. Imagine if you'd only joined 3 months ago...golf courses as some will know are full of plenty of "lifers" who wouldn't stand for paying out to someone who had.

Also, funds from the sale might be something they use to collectively build a new course.

[SydneyBridge]

Basingstoke golf club has been sold for housing and i think they stopped taking new members a while before it was anounced.
I assume its also up to the members to vote. Money or carry on playing golf ?
Same is happening to a golf club in Wimbledon, lots of money being offered so it can be a car park park and tennis courts for Wimbledon qualification

[Welshbeef]

Update.

I walked down there today to buy a membership / they are not accepting any new members. You can pay to play but until the outcome of this news is determined that is it.

Oh well in which case I’ll be fighting against it as hard as possible otherwise £100k++ in my pocked might have influenced my decision.

[Stig]

Welshbeef said:

Update.

I walked down there today to buy a membership / they are not accepting any new members. You can pay to play but until the outcome of this news is determined that is it.

Oh well in which case I’ll be fighting against it as hard as possible otherwise £100k++ in my pocked might have influenced my decision.

I thought there was a waiting list for memberships there anyway?

No surprise they’ve suspended new memberships. I heard it will be at least a couple of years before they break ground - if it does go through.