Boston Golf Club Definitely Open

[David Kelly]

I talked to the head professional at Boston GC today and despite any rumors to the contrary the club is open.

[John Kavanaugh]

Yes! I had been on an uncharacteristic streak of quasi correctness. I wish the good people of Boston and Boomer a great season.

[Tim Martin]

Yes! I had been on an uncharacteristic streak of quasi correctness. I wish the good people of Boston and Boomer a great season.

political correctness?

[John Kavanaugh]

Our blogger friend of gloom is still singing his song of demise. I fear his heart has turned to black rock. I have not seen AP go so wrong since it was proudly worn on the sleeve of a one time Masters leader.

[Howard Riefs]

Boston Golf Club became member-owned as of January, according to the local paper.  Glad to see it's in better standing.

http://www.wickedlocal.com/hingham/topstories/x760608076/Boston-Golf-Club-in-Hingham-now-member-owned?zc_p=0#axzz1qVwZvzMj

“The big news is that the members pooled their resources and acquired the property last January. This is the rebirth of a natural gem of a course,” BGC President Jack Ryan said. “We worked out a great solution and saved the property as a golf course.” He declined to disclose the purchase price.

Prior to the members acquiring the Club, the property was reportedly under agreement last fall between then-owner Hillshire Realty Corp. and a Hingham developer. At the same time, business magnate, television personality and author Donald Trump expressed an interest in buying BGC.

Club members were offered a chance to buy the property up until last August, but that did not occur by then. Last November, there appeared to be a growing sentiment among the membership that if there was another chance to acquire the club but for a lower price they might want to explore it.

When the opportunity arose, club members raised enough money “to save the course,” Ryan said.

[Howard Riefs]

The Boston Globe recently ran an article on the new life of Boston Golf Club:

"A group of five men - four Boston Golf Club members plus an unexpected ally - purchased the land the club and course sat on, eliminating the long-term lease that had become the club’s anchor, which was pulling it toward bankruptcy and beyond. It’s turned into the ultimate mulligan, an equity club now owned by its members - assuming they rejoined - and suddenly able to plot its future without fear of forced, unwanted change."

http://articles.boston.com/2012-05-03/sports/31540132_1_private-club-equity-club-young-club

The article reveals a few interesting developments:

Pony-up again: "It’s also not invitation-only anymore, since Boston Golf Club would like to increase its membership to more than 200 (it’s currently at slightly more than 100). Once the deal went through in January, any former member could rejoin at a cost of $30,000 - the initiation fee for new members is slightly higher, but also brings an equity stake - with the understanding that if the club remains healthy, there will be another capital call down the road. And while the majority of former members have re-upped, some have not, stung by the heavy financial losses incurred." Initiation was previously $125,000.

Trump on line 2: "The tipping point, looking back on it, might have come when Trump expressed interest in purchasing Boston Golf Club. 'I think it galvanized people,' said Aliski, the club’s vice president. 'Maybe we won’t be able to pull it off, but we have to try to do something so that the members can maintain this golf course.' "

[Dan Byrnes]

I found the part about an additional future capital call interesting?  Wish them the best. 

Dan

[Sean Leary]

I found the part about an additional future capital call interesting?  Wish them the best. 

Dan

I would assume that would be to get their 6.5 million back.

Always amazes me that the name Boston Golf Club was never taken until this course was built. I guess NYGC was never taken either.

[Dan Byrnes]

Oh.  I didn't think of it that way, I figured they were selling memberships for the 30k for that?  So 30k upfront and another x amount to own 1/200or whatever of it and pay back the original investors. The place I imagine is running a good sized operating deficit with the number of members.  However the land alone in tht area likely justifies the investment.

Dan

[Kevin_Reilly]

Changes, including carts and cart paths, are planned.

I've never seen Boston GC, but sorry to hear that a walking-oriented club might be forced to make changes for the sake of membership growth.

[Sean Leary]

Changes, including carts and cart paths, are planned.

I've never seen Boston GC, but sorry to hear that a walking-oriented club might be forced to make changes for the sake of membership growth.

Kevin,

Agreed but it is the reality.....