Stories in both the national newspapers today about ClubLink, and its stock consolidation under the ownership of real estate baron Rai Sahi.
Here’s the take from the Financial Post:
Mr. Sahi’s Tri-White Corp. said it is buying out the golf company’s other major shareholders. The move will give Tri-White 70.7% control of ClubLink.
“I would describe Rai Sahi as a very methodical, patient longterm investor. Look at this investment. When he made it, the stock was worth half of what it is worth today,” said one analyst, who did not want his name used.
Mr. Sahi is paying $13.25 per share, or almost $88-million, to buy about 6.6 million shares from a group that represents the interests of former chief executive Robert Poile, Paul Atkinson, a subsidiary of Southwest Sun, Keofferam Limited Partnership and two numbered companies. Most of Mr. Sahi’s original stock was acquired at less than $7 per share.
So what does this mean for ClubLink members? Now that’s the question. Sahi likes to play golf — he’s a member at Mississaugua G&CC — but he’s also a very astute, aggressive businessman. Here’s what Sahi had to say regarding the future of ClubLink:
He said his long-term goal for ClubLink is to look for some real estate development possibilities on ClubLink’s courses.
“We are looking for expansion opportunities,” he said.
It’ll be interesting to see if he meant “around” ClubLink courses and not “on” them….
Bob Weeks at Score Golf is reporting esteemed Hamilton G & CC pro Rob McDannold will be departing the club at the end of this season. I would have expected that McDannold, who has been with the club since the late 1980s, would have finished his career there. Apparently not.
Interesting to see Eagles Nest — likely my favourite golf course in the city — has instituted a weekend twilight rate for the first time in the club’s history. For those that have long found it too expensive, you can now play after noon until May 15 for $115, and then after 2:30 for the same rate throughout the summer. Eagles Nest is my favourite new modern design in Canada — so try it out and let me know what you think.
Speculation continues about the sale of Mystic GC. I haven’t heard anything definitive, but talk is that a group of golfers from Glendale GC have picked up the course. My sources say this isn’t the case, and it was my understanding there was an extension on offers until the middle of May.