The current owner of the Salado, Texas club wanted to close the course or sell it by October 1, prompting two local investment groups to work on raising $1.75 million to buy the property. The successful group is utilizing the help of local businesses to secure funds to renovate the course and repair some of the holes that were closed after major flooding in the area. The deal is expected to close on July 15.
A group of Central Texas business owners, residents and investors purchased the Mill Creek Golf Club in Salado, Texas last week, with plans to close on the property July 15, the Waco (Texas)-based KWTX-TV News 10 reported.
The group was able to come up with the money to cover the $1.75 million price tag after the owner made it clear he wanted to close the course or sell it by October 1, group member Billy Helm told KWTX-TV.
The for-profit group is utilizing the help of local businesses to secure funds to renovate the course and repair some of the holes that were closed after major flooding in the area, KWTX-TV reported.
Some of the first repairs will be to address erosion issues on some of the currently open holes and make improvements to the pool area. The long-term goal is to have all 27 holes back up and running, Helm said. There are currently 18 holes open at the golf course, KWTX-TV reported.
The timing of the group’s move to buy the course worked out after efforts of another non-profit group fell short. The Mill Creek Golf Club in Salado was $325,000 short of its goal to purchase the course last week. C&RB reported on the nonprofit group’s effort to raise money in time to buy the club (“Group Working to Save Mill Creek GC”).
Even though the group wasn’t able to come up with the money, member Bruce Bolick said he was glad someone purchased the course with the intention to keep it open, KWTX-TV reported.
Checks written to the non-profit for the golf course will be voided and sent back, Bolick told KWTX-TV.
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