The Owen Sound Golf and Country Club is closed.
The Board of Directors and President Bob Nicol sent out an email last night about the decision to the club and layoff all staff — effective immediately.
It states the decision was made as a result of the golf club’s insolvency — something that has been rumoured for the last month.
Nicol tells Bayshore Broadcasting News they simply ran out of money.
Nicol confirms the 91 year old golf course owes the Bank of Montreal over one million dollars — and the bank is no longer available to help the club financially.
Nicol says they have paid their 40 employees and their suppliers — but they don’t enough have cash to continue to pay them.
The financial situation will be explained at a members meeting tonight at 7 PM at the Bay Room of the Bayshore Community Centre.
The club’s lawyer and Bill Courage and BDO Dunwoody will also be in attendance.
Nicol hopes to talk about the future of the 91 year old golf course.
He explains time is of the essence because it would take a lot more money to re-open the golf course if months pass without maintenance.
Nicol confirms this day has been feared for awhile since they have seen their membership numbers drop by about 400 people in the last 10 years.
He adds there are more golf courses in the region and the economy has put a dent in the recreational spending of residents.
