I agree with Jim here, 100%. He didn't invest in Ballyneal, he joined, and the club has every opportunity to come of this better and more healthy. Any smart owner would want to keep the members and keep them very happy.
Rob Rigg is on the mark too, as is Don.
No one here knows what is really going on there, other than the mortgagor wasn't paid. I can imagine several scenarios where the members can still recoup (part or all of) their investment and still enjoy the club, a place they obviously like very much.
Many people look for blame. If that is you, blame the economy. Its ravaging the entire industry.
The destination golf model is alive and well and those who make the choice are pleased to have done so. At Dismal, we don't charge an arm and a leg to join, and our dues are probably alot less than your home club, and we will have two of the best courses, lodging and culinary in the business. It works but it ain't easy. We have happy members, most of whom are big fans and, dare I say, friends. It isn't hard to get to a handful of times a year, and thats what they were built to serve. These aren't national membership clubs, they are national destination clubs. A different animal entirely.
I would caution against members buying the club. There is a huge difference between being a member and being an owner - just ask the good men who were part of Dismal V2. Ownership is a million details. If the deal was fair to both the lender, members, we would love to have a look if we are welcome by all involved. Ballyneal has great people and great members - thats a recipe for success but I can assure you, nobody will make a killing. This is a labor of love and love of the game.
Lets all wait to see how things shake out before we throw dirt on a fine club or a great concept. Yes, the course is very good, but every great club has great people.
Ballyneal will survive and remain a great club. We are cheering for her and will do anything we can to help. That's what neighbors do.