NEW: Metacomet in “Financial Difficulties” Say Faxon and Others, Club May Be Sold for Development
GoLocalProv Business Team
NEW: Metacomet in “Financial Difficulties” Say Faxon and Others, Club May Be Sold for Development
“We would like to inform the Membership that we have entered discussions toward the possible sale of the Club property,” says the email signed by Faxon, Steve Napoli, Brendan VanDeventer, Tim Fay and Karl Augenstein.
“It is probably not a surprise to our members that our first calendar year was financially difficult, with our losses higher than in the Club’s two prior years,” according to the email.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLAST“Our high hopes and primary intent were to grow the Club’s Membership to levels necessary to support the club with minimal 'Outside' play and to maintain the Club as a private club. Based on the golf dynamics of the club and the state, and the downward trends of the golf industry, in general we do not see a path toward our ability to do that as a private or even semi-private club," said the email.
Golf was first played at the club in 1901 and the closure would be a blow to Rhode Island's golf heritage. The course was designed by the legendary Donald Ross.
“Since our November meeting, we have been approached by several development groups interested in acquiring the property, one of which we have chosen to proceed with. Part of the discussion involves this group potentially keeping the course open for the balance of the golf season as a public course. Based on the current discussions, if this transaction were to be completed, it would likely be finalized by the end of June or July of this year,” according to the email.
As GoLocal wrote on Monday, some of the most prominent golf courses in Rhode Island have gone into bankruptcy or been sold at auction due to financial distress over the past three years.
The country clubs face a range of challenges all during a so-called boom economy.
As GoLocal first reported in 2017, one of the most prominent clubs whose membership was a who’s who of prominent Rhode Islanders — Agawam Hunt Country Club — declared bankruptcy.
Then, Rhode Island’s premier club and residential property — Carnegie Abbey — was forced into an auction and sold in December of 2018.
Now, it is Metacomet Country Club announcing that it is for sale. It was less than a decade ago that Club + Resort Business reported that “Brad Faxon is one of several investors in an agreement to purchase the Metacomet Golf Club in East Providence, R.I. The group is working with Gil Hanse’s design team with hopes of bringing the Donald Ross design back to its glory and returning it to status as one of the state’s best courses.”
The Last Season
"It is our intention to come back to you within the week with a “Pay as you go” monthly billing program beginning March 1st. For those of you who have paid dues in advance, we will return your prepaid amounts within the next few weeks. We have discussed with this group a preference to maintain a “monthly dues” level and still provide protected tee times on Friday afternoons and weekend mornings. We cannot commit this to you, but it is a keen point of interest. There will be no further monthly food and beverage minimums," according to Faxon's email.
"We will attempt to be as timely as possible in advising you as more details get resolved and as this situation develops," the email concludes.