Athlone Golf Club in debt restructure talks with receiver
Athlone Golf Club has confirmed that it is involved in debt restructuring negotiations with a receiver appointed late last year.
In a statement to the Westmeath Independent, the club said it had recently shared news with its members that it is "actively participating in negotiations over the settlement of its loan with Everyday Finance DAC and their receiver".
Providing a background to the issue, the club said it had obtained a loan from AIB in early 2000 for significant course development and improvement works, which were fully completed.
"The 2008 financial crisis presented difficulties for the club and AIB agreed to restructure the loan, which was due in full in 2019. The Covid crisis in 2020 created further financial challenges for the club. AIB subsequently sold the loan to Everyday Finance DAC at an undisclosed discount and a receiver was appointed in November 2023," it said.
It went on to outline that it is "actively engaging with the receiver with a view to a restructure of the debt".
A spokesperson for the club said: "The management team is committed to working closely with the appointed receiver to explore all options for the future of Athlone Golf Club to preserve its legacy and ensuring a positive outcome for all involved parties."
The club said it continues to operate as normal ensuring that members, guests and visitors to the course and restaurant can enjoy the facilities and services as usual.
Indeed, it's understood that activity levels at the club have been high in recent years since the end of the pandemic.
The Westmeath Independent also understands the club recently wrote to members seeking advance membership fees of either €5,000 or €10,000 or a donation to help finance an agreement with lenders.
Athlone Golf Club, founded in 1892 is one of Ireland’s oldest golf clubs and is located in the Hodson Bay area since 1937.
The club is fully owned by the members and continues to be a vibrant hub for members and guests.
Located on the western shores of Lough Ree, the area is renowned as a leisure destination and has amongst its offering Athlone Golf Club, Hodson Bay Hotel and Conference Centre, Baysports water sports centre, and a marina facility.
The area is recognised as having high amenity and natural heritage value.
As such, the shoreline with Lough Ree is a designated Natura 2000 Special Area of Conservation.