Greg Norman buys Valderrama

SPANISH businessman Jaime Ortiz Patiño has agreed to sell in principal the Soto Properties company to world famous Australian golfer Greg Norman. The company is the owner of the Valderrama golf course and the transaction was announced by Banif, a subsidiary of Grupo Santander.

Valderrama in Sotogrande is rated as one of the best golf courses in Europe. It was constructed in 1974 eleven years after the land was acquired by Patiño.

In 1997 the course hosted the Ryder Cup, the first time the major golfing event was held on mainland Europe.

Sr Patiño is now in his eighties and although still highly active has obviously decided it is time to pass the Valderrama course on. The transaction should be closed in the coming weeks at a price of around 35 million euros – lower than its valuation but in keeping with these times of crisis.

The new owner is The Stripe Group – the company Greg Norman has dedicated to the high end commercial exploitation of the game of golf and tourism throughout the world. Also under this banner is the Dubai World Championship and the Race to Dubai.

A development programme is expected to be announced once the purchase has been finalised.

The Club de Golf Valderrama owned by Patiño’s son, Felipe Ortiz, remains in his hands for the next 40 years. The course is hosting the new Andalucía Valderrama Masters in conjunction with the Andalucía government.

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