Terry,
I agree with you that Ravisloe is a better golf course than either Idlewild and Calumet. I sure hope you're right that a wealthy member might buy the place. Of course, it better be a cash deal unless the member can get the bank to keep it's mortgage in place.
I suspect a benevolent dictatorship that has the support of the majority of the former equity members would work best in repositioning a club that's in financial trouble.
The imminent closing of Ravisloe is unwelcome but not entirely unexpected news here in Chicago. For the past ten years, the clubs in the south suburbs have gone through fits and starts in their fight to stay afloat. Two other clubs, Idlewild and Calumet, also seem to be teetering on the edge of collapse. The course at Ravisloe is better than either of those, IMHO, and the clubhouse is a real charmer. The latest rumor that I heard (just last week from a very good source) is that there is a very rich Chicago investor who wants to buy the course. He has enough money to keep it functioning as a golf course, but he would probably keep it for himself and a small number of well-heeled friends.
Ravisloe has about 80 members who have valiantly kept the club afloat. They will be an asset to whichever club they decide to join, but they will really feel the absence of their club.