Browsing Golf Industry NewsVIEW ALL

Horsham Golf Club’s future looking brighter after debt halved

POSTED ON September 2, 2019 @ 6:06 pm

Club president Leo Delahunty shared the news with club members at an annual meeting last night.

“We’ve been able to, through one way or another, reduce our debt from $1.4 million to a figure less than half of that,” he said.

“That’s happened because of arrangements and identified ways forward between the golf club, our current financiers and some new financiers who are offering the opportunity for a tenure of facilities at very low-interest rates.”

“The members were very pleased with the result. But, the reality is, and we and said that to them, we’ve still got a significant amount of debt and we’re mapping out a 10-year repayment program on that,” Delahunty said.

“Hopefully, it can be done inside that time, but whatever we do, we must address the issue of that debt, and it will be repaid on an annual basis.”

Horsham Golf Club president Leo Delahunty. Picture: SAMANTHA CAMARRI

Horsham Golf Club president Leo Delahunty. Picture: SAMANTHA CAMARRI

Members were also told of the club’s improving operational performance, with membership increasing by 29 per cent and a “cash operating surplus, in excess of a couple hundred thousand dollars, for the first time in many years.”

“The membership growth has meant more activity and a greater buzz around the club, and it’s back to a level where it is more sustainable,” Delahunty said.

Delahunty said the community support was vital in securing the club’s future.

“The other thing that was really quite critical in reducing the debt was the fact that we can now bring in that community fund money that we raised in November/December. That was really quite critical in dealing with our debt,” he said.

“I think we need to be really clear that none of this would’ve worked without that significant level of community support.

“The club is particularly grateful to its members and the greater community for contributing in the way that they did.”

Travis Miller at last year's Western Open, held at the Horsham Golf Club.

Travis Miller at last year’s Western Open, held at the Horsham Golf Club.

It was also announced that Steven Copley would fill the role of club manager left vacant by Paul Riley’s departure in April.

Copley, who will start in mid-August, had served a month-long tenure as acting manager at the club earlier this year.

Delahunty was hopeful the string of announcements would strengthen the club’s position moving forward.

“Everybody knew that the club was battling financially. Everybody knew there was a big cloud over the club,” he said.

“We’re very confident that the cloud has been lifted and the club has a really bright and sustainable future.”

Source: The Wimmera Mail-Times

Comments are closed.


CLICK HERE TO Sign Up for the GIC Newsletter for all the latest Industry News.

Grow the Game Central Golf Recruitment Central Golf Marketing Central

Maximise your sales: The New Pro-Shop Solution App...

Manage your Pro Shop like a Pro: ProShop...

Cybercrime – Is your golf business insured?...

New technology, new business practice The internet and...

The Royal Sydney Golf Club to Implement New Championship Cou...

The Royal Sydney Golf Club is pleased to...

SEEK: Golf Operations Assistant – Indooroopilly GC (Brisban...

Indooroopilly Golf Club (IGC) is one of Australia’s most highly respected private golf clubs with 36 Holes, situated on a 131 hectare...

SEEK: General Manager – Toowoomba Golf Club Middle Ridge (Q...

The position of General Manager reports to a Board of Directors and is responsible for the overall delivery of the Club’s strategic...

New Zealand Golf’s Sustainability Pledge...

The golf bodies of New Zealand have today announced their unified support for a new national initiative that will drive the sport’s...

New Zealand Golf switches sides in Chamberlain Park golf course s...

The governing body of golf in New Zealand now opposes the redevelopment of an Auckland golf course, despite supporting earlier plans. A business case...

Golf Saudi Summit: Major new golf business event announced...

Yesterday saw the announcement of an all-new global golf business event, the Golf Saudi Summit, that will bring together...

Australia among first to roll out world handicap system in 2020...

The World Handicap System (WHS) is ready to be launched from January 2020 and will provide golfers with a...

Anderson Leads AGIF Contingent at PGA of GB&I International ...

Asian Golf Industry Federation (AGIF) Vice President Rudy Anderson will make a keynote presentation at next week’s PGA of...

Best of Times for TPC Kuala Lumpur

TPC Kuala Lumpur has celebrated another feather in its cap as Malaysia’s Best Golf Course at the sixth World Golf...

Superstar panel to entertain at the Schweppes National Conference...

As part of the 2019 GMA National Conference, the Schweppes Dinner will be held on Tuesday 8th October in...

International Recognition for Strathfield GC with award for Clubh...

The American Golf Inc Magazine announced this week that Strathfield Golf Course has been nominated third place in the...