Athlone Golf Club is back in members' ownership
Athlone Golf Club is back in the ownership of its members.
The club had been placed into receivership late in 2023 but has now confirmed that it has concluded negotiations with its lender and the receiver.
The deal to allow the club to retake control was completed with the assistance of a loan from Bank of Ireland. The club said it was very thankful for the support of the bank.
The financial difficulties arose after the club obtained a loan from AIB in early 2000 for major course development and improvement works, which were fully completed.
Earlier this year, the club outlined: "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.
Negotiations have been ongoing in the intervening period and were successfully concluded in recent months.
The agreement comes at a time when the club is on a significant upward curve.
Over recent years, the club has been hosting a very successful Get into Golf programme, focused on introducing the game to new participants.
This has been accompanied by a renewed focus on junior members, which has seen some 220 juniors participate in introductory programmes.
Confirmation of renewed certainty over the future of the club will also be welcomed within the Athlone business world as the club has traditionally brought significant revenue to the town.
Athlone's central location combined with the club's scenic setting and respected 18-hole course means Athlone Golf Club is a magnet for societies, groups and outings from across the country, yielding spin off revenue for the town's accommodation and hospitality sectors.
Indeed this weekend, the club is hosting the All Ireland AIG Women’s Junior Cup and AIG Men’s Junior Cup finals, taking place on Friday and Saturday, September 6 and 7, with practice on Thursday.
The event sees teams from 16 clubs from throughout the country compete across the men's and women's finals.
Stressing that it was now entering into a new chapter in its history, the club emphasised that it is open for both new members and societies.
The club's restaurant, operated by chef Piotr Gluszek, is also going from strength to strength and has expanded its clientele beyond club membership and golf course users.
Open seven days a week, it has extensive breakfast, lunch and dinner menus.