The Canfield, Ohio property, which will officially change hands on August 1, was bought by a group of 70 members who raised $3 million through the sale of 120 shares. Planned improvements include a new roof, a large outdoor bar, additional outdoor dining, enhancements to the parking lot and pool, and upgrades to the kitchen. “Our goal is to restore ‘Tippy’ to its status as the premier club in the Mahoning Valley,” said Joe Thomas, owner of a local Golf Headquarters store and an investor in the company that was formed for the acquisition.
A group composed of 70 members of Tippecanoe Country Club has raised the sufficient capital to purchase and make improvements to the Canfield, Ohio property, principals told the Business Journal Daily.
“Some of the prominent leaders in the community who have been here a long time helped pole vault this,” said Joe Thomas, owner of Golf Headquarters in Boardman and an investor in Tippecanoe Acquisition Co. Inc. That entity will officially take over on August 1, he told the Business Journal Daily.
The club’s membership voted overwhelmingly—95 percent—in October 2019 to approve the transaction, Thomas told the Business Journal Daily. He noted that since then, the group has worked to iron out some of the paperwork associated with the acquisition.
Thomas said the group raised $3 million, despite the coronavirus pandemic, through the sale of 120 shares, the Business Journal Daily reported. It has the capacity to sell 200 shares total in the club, he added. Previously, the club was funded solely by membership dues and fees.
The process began nearly two years ago, when members became aware that the club wasn’t bringing in enough revenue to invest in new capital projects, Thomas told the Business Journal Daily. Instead of selling the club to another entity, the membership opted to approve sale to Tippecanoe Acquisitions. Since May, the club has attracted another 20 new members, he said.
He said that once word circulates that Tippecanoe is on solid footing and will begin improvements, memberships should increase. The goal is to attract a total of 275 golf memberships, the Business Journal Daily reported. There are about 200 today, while another 150 hold social memberships that have access to dining, the pool and tennis courts.
Thomas said one of the reasons for the acquisition was to maintain the appeal of Tippecanoe, the Business Journal Daily reported. By capping golf membership at 275, for example, it allows members to play without undue delays, while they are also able to enjoy dinners without making reservations, he said.
Among the improvements slated for the club include a new roof, a large outdoor bar, additional outdoor dining, enhancements to the parking lot and pool, and upgrades to the kitchen, Thomas told the Business Journal Daily. Club dues would not increase for at least two years, per the agreement, he said.
The club opened in 1921 and features a golf course designed by renown course architect Donald Ross, the Business Journal Daily reported.
Since the membership vote, play on the course has increased 25 percent compared to last year, said Mike Spiech, the club’s PGA Head Golf Professional. “This is a top-notch course,” he said. “It’s a golfer’s dream to play fast and firm.”
Spiech told the Business Journal Daily the new ownership group provides a rare chance to award members with accessibility and maintain the integrity of a private club. “I think it’s going to promote new membership and promote the excitement,” he said.
Thomas also said that clubs such as Tippecanoe appeal to new business executives who might be relocating to the region, the Business Journal Daily reported.
“The new Lordstown battery plant is just one example of the exciting job-creating development coming our way,” he said. “Our goal is to restore ‘Tippy’ to its status as the premier club in the Mahoning Valley. This was always the place to be.”
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