ONE of Donegal’s best known golf clubs will pass into private ownership in the coming weeks.
It comes after members at Narin and Portnoo Golf Club voted to accept a motion that will see New York-based Donegal-born businessman, Liam McDevitt, take control of the club.
Mr McDevitt purchased the loan book from the US investment firm Cerberus when €1.71m of debt the club owed to Ulster Bank was transferred to the vulture fund last year.
Around 170 of the clubs members attended an emergency general meeting on Friday last where members voted by a clear majority (84 to 51 with 46 abstentions) to accept a motion that will pave the way for a deal that will see McDevitt take control of the club.
The settlement will see the members relinquish ownership and control of the entire golf course and all associated facilities and assets to Mr McDevitt’s company, Knather Acquisitions.
The company will in return forgive all outstanding debts owed to it by the club and allow the members to use the golf facilities for the next 100 years at a cost of €1 per year.
A club source said, “Members of the club’s council, including the captain (Kevin Gilgunn) and vice captain (John Callaghan), will meet with Mr McDevitt in the coming days in a bid to thrash out the terms and conditions of the deal.
“We still need clarification on a number of issues but Mr McDevitt has purchased the loan book and now owns Narin and Portnoo Golf Club.”
Receive quality journalism wherever you are, on any device. Keep up to date from the comfort of your own home with a digital subscription.
Any time | Any place | Anywhere
SUBSCRIBE TO CURRENT EDITION TODAY
and get access to our archive editions dating back to 2007(CLICK ON THE TITLE BELOW TO SUBSCRIBE)