The writing appears to be on the wall for the Arnprior Golf Club.
Facing a slew of debt nearing $700,000, according to multiple sources, and under mounting pressure by creditors, the Board of Directors and debenture holders at the 91-year old golf club have short time to find a solution to their issues. As one of those creditors appears to be the Canadian federal government, the pressure is on for an urgent fix.
At a meeting of debenture holders on Tuesday night at the club in Sand Point, Ontario the full weight of the situation was brought forward.
Apparently the club has not been able to secure financing solutions that would ensure their ownership remains with the debenture holders.
As such, the club is considering sale offers and proposals which will be presented and voted on at a debenture holder meeting this Friday evening.
Sources say the business was recently appraised at $1.2 million.
We’ve been informed that the club has received two letters of interest from prospective buyers, both with local ties. They are not currently in the golf industry but have been very successful in other business segments – one in the automotive business, the other in the food industry.
Word is that both parties would continue the golf club business and would look to invest in upgrades for the club.
“It’s the only way forward,” one debenture holder, who wishes not to be named, told Flagstick.com. “A sale is the only solution. It makes sense and the club can have a fresh start with a new owner and still be a great part of this community.”
Built on 200 acres overlooking the Ottawa River, the first nine holes at the Arnprior Golf Club were designed by 1909 and 1914 Canadian Open Champion Karl Keffer and opened in 1924. The course was expanded to 18 holes in 1988.
We’ll have more details as this story rapidly develops but it appears a historic Ottawa Valley golf club could start the 2015 golf season under new, and private, ownership.