Stone Tree says it’s very much still interested in the historic Owen Sound Golf and Country Club.
But it appears the 91 year old course is headed to receivership.
The volunteer Board of Directors resigned Tuesday night amid criticism from a small group of members and the fact the job of finding a new investor just got too big.
Former President Bob Nicol tells Bayshore Broadcasting News they were just getting in the middle of the process.
Nicol says now an investor can negotiate strictly with the Bank of Montreal to assume the club’s 1.1 million dollar debt and the ownership.
Stone Tree Director of Operations Michael Todd tells Bayshore Broadcasting News they are still very interested in the 91 year old club.
Todd notes they have worked tirelessly over the last week to try to finalize a deal and they still believe they can make a positive impact at the golf course.
Todd states they have also received tremendous support from members of the club.
Nicol says they found out during their negotiations with Stone Tree that the board may not have full authority to finalize the process.
Add to that the series of calls from potential investors and the criticism — and Nicol says it was just too much for the eight volunteers.
A club member called on the board to resign because of the club’s financial trouble.
Nicol points out a receiver will not be a bad thing because the Stanley Thompson designed course could then re-open sooner.
Nicol adds it has been a stressful and difficult time for the eight volunteers of the board and they walked away feeling it was in the best interest of the golf club.
