Leading Irish golf club is the latest to be bought

Seapoint Golf Links in Dublin, a top 50 golf course in Ireland, has become the latest venue to be purchased by investors.

The consortium of investors was led by Carr Golf, Ireland’s leading golf services provider.

The deal wipes out more than £3 million of legacy property debts owed by the club to US fund manager Cerberus. Cerberus had acquired the loans from AIB, which originally put up the money for the club to carry out clubhouse improvements and other projects in 2007. However, the club was unable to meet its repayment commitments following the financial crash in 2008.

Carr Golf Services had been managing the course, which was effectively insolvent. However, the Carr-led group submitted restructuring proposals in July, which 61 percent of the club’s members voted in favour of in September, which ensured the sale went through.

The completion of the sale discharges the debts and will see an injection of new capital to enhance and improve Seapoint Golf Links, which currently boasts 800 members. The investment will include new machinery, clubhouse refurbishment and upgrades to the golf course, protect local employment and provide opportunities for local junior talent and caddy programmes.

Seapoint Golf Links. Image from Facebook

Speaking on behalf of Carr Golf, and its investment partners Genesis Links Holdings, Alex Saul commented: “Our vision is to help build a thriving, vibrant members club that offers a high-quality links course with world-class service standards, enjoyed by its members and international guests. We will be providing much needed investment to improve the experience for members and guests to the links.”

Jim McMorrow, chairman of Seapoint Golf Links, said: “In 2019, we engaged Carr Golf to support the club in the management and maintenance of our course and club. Earlier this summer we invited a proposal from Carr Golf – comprising clearing our legacy debts, fresh investment in the facilities and continued playing rights for our members – that was supported by the members at an EGM in September. We can now all look forward to a period of much-needed investment in the golf course and facilities that will enhance the member experience for many years to come.”

An agreement between the new owners and the club provides for members’ rights, competitions, tee sheets, committee roles and responsibilities, guest rates and playing rights.

Seapoint Golf Links was originally founded in the early 1990s by a group of local business people, before later being sold to its members.

The deal comes just a few days after The Belfry was sold to Goldman Sachs and Slieve Donard Resort and Spa was bought by Adventurous Journeys (AJ) Capital Partners.