Wimbledon Park GC sells up...

[Blue in Munich]

https://www.bbc.co.uk/sport/tennis/46561439

Probably inevitable given that their lease expires in 20 years, members have a choice between a £85,000 windfall or nothing further down the road...

Worst thing about it for any other local club members is that Piers Morgan will be looking for a new club

 

[Deleted member 18588]

https://www.bbc.co.uk/sport/tennis/46561439

Probably inevitable given that their lease expires in 20 years, members have a choice between a £85,000 windfall or nothing further down the road...

Worst thing about it for any other local club members is that Piers Morgan will be looking for a new club

Let's hope that wherever he applies there is an interview required.

After all he is bloody awful at them.

 

[Imurg]

No brainer really.....
£85k goes a long way...

 

[Bigfoot]

It pays for many years golf, even if you live in that area!

 

[Grant85]

That does seem like a good deal for members. Especially if the land was only leased.

 

[Robster59]

You can't blame the members at that price, especially considering the club only has a finite life as it is on leased land.

 

[woofers]

So the tennis club are buying back the remaining years on the lease of the land they already own?
Is this windfall a taxable benefit to the members ?

 

[HomerJSimpson]

A good deal for members and an improved offer that for most "ordinary" members will make a significant difference. There are so many clubs in that neck of the woods most should find if easy enough to find a new place to call home. A shame as I liked playing. I can remember their head pro, Dean Wingrove when he was doing his PGA's as an assistant at Royal Wimbledon

 

[Deleted member 1418]

I played it a lot as a junior and to be honest thought it was ok but nothing special. If you had the money in that area - and given a lot of the houses there is an obscene amount - then you'd join Royal Wimbledon.

Still my second cousin works there and is also a member so he's going to get a nice little windfall!!

 

[HomerJSimpson]

I played it a lot as a junior and to be honest thought it was ok but nothing special. If you had the money in that area - and given a lot of the houses there is an obscene amount - then you'd join Royal Wimbledon.

Still my second cousin works there and is also a member so he's going to get a nice little windfall!!

It would never scare a top 100 list but I enjoyed it. Always a nice needle when we played them in club matches as they saw us very much as the paupers. I imagine Royal Wimbledon will get a lot of applications but think many will be disappointed.

 

[Grant85]

So the tennis club are buying back the remaining years on the lease of the land they already own?
Is this windfall a taxable benefit to the members ?

I can’t imagine it wouldn’t be a capital gain.

Seems it would be difficult to work out the purchase price, but this doesn’t negate the fact that that CGT is due.

 

[IanM]

Interesting thread topic... how much would you sell out your club for?

Most folk offered 85k would have to grab and run.....

 

[Grant85]

Interesting thread topic... how much would you sell out your club for?

Most folk offered 85k would have to grab and run.....

I’d imagine so.

However it depends on how accessible alternative venues were.

If you got to the stage, as I believe many areas in America are at, where an urban course is more valuable for development land and so affordable golf regularly means a long drive for most folk who aren’t paying thousands a month, then I’d be happy to put up more of a fight.

 

[Deleted member 1418]

Interesting thread topic... how much would you sell out your club for?

Most folk offered 85k would have to grab and run.....

Yep - I'd definitely take the 85k!! My home course isn't the best but the land is worth an absolute fortune to property developers given the area we live in.

Plenty of other options for me given that there are at least half a dozen courses within a 10-15 minute drive.

 

[TheJezster]

I can definitely see why they have finally accepted the offer. It is after all, a lot of money, probably more than most have paid into the club over the years too, so a profit made from playing golf!!

Lot's of other local clubs, and I hope that we at Wimbledon Common see a fair few of them looking for new clubs too. We have a thriving ladies section, so might attract a few and it would be great for a few of the younger members to join too.

Interesting times..

 

[SwingsitlikeHogan]

Group of us discussed this very thing on Saturday. One feeling that had fairly wide agreement was that it would depend upon the representation and control the members were given by the new owners.

I would be very reluctant to sell my share as I consider myself a custodian of the club and course - and not an owner having any rights to sell up. But for £85k? Now that would be a problem - especially if it happened tomorrow as I doubt I'll be a member in 2 yrs time.

 

[Canary_Yellow]

I guess for most clubs, and I’m really only excluding those in central-ish London, the outcome of selling the land would be to build a new course and club elsewhere. As opposed to giving the cash back to the members.

A club in norwich did exactly this recently.

London is different because finding land anywhere near the location of the membership isn’t realistic.

 

[Bunkermagnet]

I think it's a no brainer take the money. The club only leases the land (from the AELTA ) and has only 20 yrs left, and seeing as at tennis time the course is used as a car park I dont see any other outcome from the moment the option was given to them.