After years of lengthy financial work, Chambersburg Country Club is now celebrating a new ownership structure.
Chambersburg Country Club, Scotland, Pa., has announced that effective October 3rd, 2011 it became a member owned and member financed club. A financial group, consisting mainly of club members, has completed an extensive financial transaction that will ensure the club’s future.
Over 80 members participated in buying the mortgage from the financial institution that originally held the club’s mortgage, with the entire process taking nearly two years. The new favorable mortgage terms insures the financial viability of the club going forward.
“This is a truly historic effort by a special group of members. There are not many places whose membership would be so devoted to put this much time and effort into saving a Franklin County landmark,” says Club President Page Etchison. “In tough economic times, for the club’s members to join together to ensure its future is amazing. We have over 50 employees, host over 20 charity outings, and are the golfing home to over 400 members. This transaction ensures that these groups will be able to continue their relationship with the club for years to come.”
“In a time when many clubs are taking drastic measures such as turning public to survive, or unfortunately shutting their doors completely due to financial concerns, what our membership has accomplished is remarkable,” says Golf Course Superintendant Gregory Byrne. “It is great to be a part of a facility with so much support from its membership.”
Tell Us What You Think!
You must be logged in to post a comment.