Controversial golf club closes but some members could make a fortune!
Swinton Park Golf Club in Greater Manchester closes down after nearly 100 years as question marks remain over its next investor
A golf club in Greater Manchester is closing down after 94 years in service due to financial difficulties during the COVID-19 pandemic, yet a number of its members could be in for a big payout as a result, according to Manchester Evening News.
Swinton Park Golf Club, which first opened for play in 1926, closed down last week following a disagreement between owners and members at a controversial Salford City Council meeting.
According to the report, the golf course is held in high regard for big developers to get their mitts on green field sites in Salford that are primed for housing schemes.
Controversy surrounds the sale of the club because of its seemingly constant tug of war with housing developers in recent years.
Back in 2017 when the the club was on the brink of going under, 22 members made contributions to the club in order to save it, with one member even go as far as raising £700,000 himself to save it. In total, more than £1 million was raised in contributions to keep Swinton Park Golf Club alive.
The report claims that in the two following general meetings that were attended by 155 of the club's members, it was agreed that all members who acquired shares would take over the club.
Despite some brief respite for the club, the report reveals the club was still losing just shy of £65,000 in its first year operating under new ownership, and similar losses continued up until the present day.
"The club was losing £10,000 a month, owed £110,000 in VAT and £150,000 in other debts," reads the report.
Swinton Park GC has received offer after offer for its highly sought-after land, one of which was £5 million from developers Peel, who also claimed to add another £10 million if planning permission was later granted. However, that deal was turned down by the new owners.
Four months later, another bidding war emerged as shareholders voted 'in favour of pursuing' a £30 million offer to buy the club from Bellway Homes, subject to planning permission. Some of the shareholders would have made a small fortune had that deal gone through, but it was met with anguish from other members at the club and so a deal broke down and Bellway backed out.
Then things got even more interesting when Salford City Council voted in favour of giving the golf club special status to put it on a register as a 'Asset of Community Value'. However, before that agreement was even made, shareholders at the club had already decided to go ahead with plans for a new £10 million deal with Your Housing Group Ltd.
That particular group pulled out of that deal last week after a second 'independent' report claimed the club is viable.
Swinton Park Golf Club may now be closed as a result of financial difficulties, but its land is very much of high prize to many developers meaning some of its members could still make a small fortune as a result.
The wait for the next potential investor continues, but surely it will just be a matter of time given its popularity.
