Craigowan Golf and Country Club shareholders voted nearly unanimously to sell the historic Oxford County course to LH Group Golf Incorporated.
The Wednesday night shareholders only meeting lasted for less than an hour with slightly less than 200 shareholders or their designated proxy in attendance to vote, multiple sources told The Sentinel-Review. More than 250 shareholders, with the club having more than 1,000, mailed in their vote in favour of the sale.
LH Group Golf Inc. officially purchases the course with a bid of $3.2 million after the club was listed at $2.95 million, according to a Feb. 24, 2017 memo, Notice of Special Shareholders Meeting Oxford Golf and Country Club, Limited. The memo also wrote the expected closing date is March 15.
As per terms of their bid, LH Group Golf Inc. said they’d retain or rehire all full-time staff as well as assume all past, present and future liabilities for the financially beleaguered club. Membership rates for the 2017 season wouldn’t surpass the 2016 levels and the estimated $500,000 surplus after they assume the course’s debt will be held in a one year “reps and warrant period” for unknown liabilities and costs with closing the course like insurance, accounting, legal and other fees that arise, the Feb. 24 memo wrote.
