| Reserve deal falls through |
| Friday, 03 July 2009 16:54 | |||
|
The deal members of The Reserve at Litchfield Beach, SC, struck to sell its
club to the McConnell Group of Raleigh, NC, has fallen through after
former members brought a class action suit to stop the sale. The
former members claim they are owed a refund of their membership fees
per an original agreement when they joined the club.
More than 93% of the club's current members had voted in favor of the sale. The McConnell Group, which owns other private courses in North Carolina, had pledged to renovate the course immediately upon the sale and to keep the club private for a minimum of 10 years. Reserve members, like members at the other McConnell courses, would have received reciprocal privileges at the group's other clubs, which are within a 3 1/2 hour drive of The Reserve. The Litchfield course was designed by Greg Norman. Other McConnell courses were designed by Nicklaus, Fazio, Palmer and Donald Ross. With the deal now seeming to be dead, Reserve members will likely have to choose among a range of alternatives to keep the well-conditioned course and nicely apportioned club up to snuff. Stay tuned.
|