The Bank of Montreal is moving to put the Owen Sound Golf and country club into receivership.
President of the Board of Directors, Bob Nicol, says BMO officials in Toronto have contacted the club and indicated they have started the paper work required to officially take over.
Nicol says once notified, the board of directors would have 10 days to come up with the 1.1 million dollars owed to the bank, or they can accept a take-over immediately by a receiver.
Nicol tells Bayshore Broadcasting News he is hopeful whoever is appointed as receiver will get the golf course running again, because it would be easier to sell.
Nicol says because of the way the course is set up, as a not-for-profit organization, it would be a more complicated process to sell the course compared to having a receiver involved.
He says there has been a lot of interest in the Owen Sound Golf and country club, but no one has stepped up with the cash and made any offer.
The golf course closed Tuesday when they ran out of money.
Over 250 members attended a meeting Wednesday night and they were asked whether they would pay more money — 25 hundred to 3 thousand dollars more — to re-open the golf course for the rest of the season.
Only a dozen people were interested in the idea — as some suggested it would just be good money chasing bad money.
