A Medicine Hat golf course revealed they are seeking new investors to help keep the course running.
In a newsletter sent out to subscribers via email, and obtained by CHAT Television, Paradise Valley Golf Course revealed they will be listing the course for sale this week, noting the golf industry has faced challenges in recent years.
“This has led some banks, including ours, to change lending guidelines and eliminate golf courses from their portfolio,” the letter, titled ‘Trouble in Paradise? Turning a Challenge into an Opportunity’ reads.
Paradise Valley is in jeopardy unless we can quickly find a new lending partner or investor. In the meantime, we are being forced to list the course for sale immediately to pay out our business loan.”
Co-owner Dawn Postnikoff, speaking over the phone from British Columbia, says the primary issue impacting golf courses is a decline in usage.
“We’ve worked really hard to bring in additional revenue,” she said. “Rounds have been dropping. There’s a lot of things vying for peoples’ attention these days, and keeping golfers active is a challenge. We’ve looked at food and beverage, we’ve looked at events, we’ve looked at catering, we ran the concession at the curling rink for two years. We’ve always looked at different ways to keep this business successful, rather than just being focused on golf.”
