There has been plenty of speculation about what is happening at Coppinwood, the course east of Toronto that was designed by Tom Fazio and has been open for three seasons. A bold project, the club needed upwards of 300 equity members to make its numbers work and struggled to get much beyond 150. Among the owners were Paul McLean of Maxium, a golf financing company that works with more than 600 clubs, his partner Syd Menashy, and others, including Rush guitarist Alex Lifeson.
Clearly the ownership group felt that if they built the best course in Canada, it would attract members from all over the GTA. But when the course opened, reviews consistently said it was very good, but not great, with several average holes on the front nine.
What happened next is anyone’s guess given the economy. But a source close to the deal tells me that 16 members have agreed to acquire all the equity in the club, putting it on a solid footing financially. The deal has not yet been concluded and decisions on how the club will run have not been determined.
“It’ll remain a private course, that’s for sure,” said the source.
Rumors have been circulating that Coppinwood will reemerge as a different sort of club, with drastically reduced initiations that don’t include equity. That is unclear at the moment and my source says it has not been decided. The source added there were no other offers for the club and this was a club-driven solution.