Paul Maholm, who pitched for four National League teams over a nine-year career, has joined with a local homebuilder to acquire the 98-year-old club, where he has been a member. Before leaving Mississippi State University to pursue his pro career after being drafted in the first round of the major league baseball draft in 2003, Maholm had spent three years in the school’s PGA Golf Management program. “Golf was always my fallback plan,” he says.
The transaction for the management firm’s acquisition by an affiliate of certain investment funds managed by affiliates of Apollo Global Management, LLC, was expected to close on or about September 18th after its approval at a special stockholders meeting a day earlier. Upon the closing, stockholders will be entitled to receive $17.12 per share in cash.
The award came three years after Richard Wood, a 67-year-old member of Canyon Gate CC in Las Vegas, ate bacon-wrapped scallops that were served with a toothpick that he swallowed, leading to a ruptured large intestine, infection and a series of other surgeries. The main argument in the case was not about who was at fault, but rather the food itself. “One of the responsibilities of the establishment [is] to ensure [food’s] safety,” Wood’s attorney said.
Steve Timms, President and CEO of the Houston Golf Association, referred to the massive flooding in the region as “a 500-year event.” Golf Club of Houston, Champions Golf Club and River Oaks Country Club are all underwater as the storm continues to dump rain. While the focus now is on rescuing victims from floodwaters, golf courses […]
A report by the Dallas Morning News considers whether Apollo Global Management’s $1.1 billion acquisition of the Dallas-based owner/operator of clubs could be a positive for the industry, with Jay Karen, CEO of the NGCOA, noting that, “A company would not invest so heavily if there was not a bright spot.” As C&RB reported on […]
Through the all-stock deal with the private-equity firm, which is expected to close in the fourth quarter of this year, shareholders will receive $17.12 per share in cash, a premium of about 30.7% over the management firm’s closing stock price on July 7. “With the support of the Apollo funds, we are confident that ClubCorp will be able to continue building on its success,” said Chairman John Beckert.