Troon Golf has already contracted with the prospective buyer, who has not yet been identified, to take over operations of the Cordova, Tenn. property in suburban Memphis. Over 160 acres of the now-closed North Course would be used for residential development, but the South Course, site of PGA tournaments in the ‘70s and ‘80s, will serve as an anchor for a new resort-style property tailored to an active senior community.

James Russell, who is also a member, will take over ownership of the Cordova, Tenn., club through his company, CC Holdings Inc., in the short term in order to give members time to recapitalize the club. The vote was approved unanimously on September 16.