“Fay to retire from US Golf Association post” plus 1 more |
| Fay to retire from US Golf Association post Posted: 24 Dec 2010 12:01 PM PST FAR HILLS, New Jersey (AFP) – David Fay is retiring from the US Golf Association after two decades as executive director, a tenure marked by a drive to bring the US Open to public courses and bring golf back to the Olympics. Fay's announcement on Friday came two months after his 60th birthday. A leading authority on the game's rules, Fay started his career in golf as a caddie and joined the USGA in 1978. He became the association's sixth executive director in 1989 and held the post under 12 presidents. Mike Butz, the deputy executive director since 1995, will take over on January 1 pending a search to find a replacement for Fay. "Things are in good order," Fay said in a statement released by the USGA. "Our senior staff leaders, each of whom I have put into place, are highly talented and motivated. "And looking ahead, there are a number of multi-year projects on the drawing board ... which makes this, for me, a good time to move on." Fay was passionate about opening golf to more people. In the 1990s he resigned his membership in the men-only Pine Valley club because he thought belonging would send a mixed message about his USGA role. Fay also advocated golf's return to the Olympics and served as joint secretary of the International Golf Federation (IGF) from 1991. The IGF is recognized by the International Olympic Committee as the international governing body of the sport, which will return to the Games at Rio de Janeiro in 2016. Fay was instrumental in bringing the US Open to Bethpage Black in New York in 2002, making the course that cost residents no more than 50 dollars to play the first public facility to host the national championship. The championship returned there in 2009, one year after it was held at the city-owned Torrey Pines in San Diego. In coming years the US Open is headed to public courses Chambers Bay near Seattle and Erin Hills in Wisconsin. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
| Century Golf Partners purchases former Legends Group golf courses Posted: 23 Dec 2010 03:22 PM PST Century Golf Partners, which has managed five Grand Strand courses previously owned or operated by Legends Group for the past 17 months, has purchased four of the courses and a lease agreement for the fifth from General Electric Capital Corp. According to Century Golf Partners chief executive officer Jim Hinckley, the company now owns Heritage Club in Pawleys Island and three courses at Legends Resort off U.S. 501 in Myrtle Beach – Heathland, Moorland and Parkland – and has acquired a long-term lease to operate Oyster Bay Golf Links in Sunset Beach, N.C. Century owns Arnold Palmer Golf Management, which has been managing the five courses since Aug. 2009. Century Golf's management has been characterized by special programs for local residents and low pricing that includes a current afternoon rate of $32 for 18 holes of golf, a cart, breakfast, lunch and two beverages. "I think our business and marketing strategies will remain consistent," Hinckley said. "I think we wanted to put some programs in to attract local golfers and I think we've been successful." Century Golf Partners owns 45 of the 66 courses it manages throughout the U.S. "We've always liked the golf courses and when we had the ability to purchase we jumped right on it," Hinckley said. "We're excited about it. They are great golf courses, we've got a great staff there and we're happy with the performance so far, so we're happy to be part of the Myrtle Beach community." Century partnered with Peter Ueberroth and private equity firm Contrarian Group to secure their ownership interest. Hinckley said terms and purchase price were part of a confidentiality agreement with GE Capital. GE Capital foreclosed last year on the four S.C. courses and Oyster Bay lease. GE's bid of $10 million for Heritage Club and $33.5 million for the Heathland, Moorland and Parkland courses at Legends Resort at auction in July 2009 held up. GE also purchased the Oyster Bay lease in a foreclosure sale in June 2009. Court documents show GE was owed more than $52 million by Legends Group for the four courses and Oyster Bay lease that runs through 2032. The Contrarian Group is a private equity firm with extensive experience in the lodging, hospitality, travel and golf industries. Ueberroth, chairman of the firm, previously served as commissioner of Major League Baseball, chairman of the United States Olympic Committee and chairman of the 1984 Los Angeles Summer Olympics. "Peter has been a friend for a long time," Hinckley said. "We want to continue to invest together in the golf arena and we felt Myrtle Beach was a great place to start." Century Golf Partners also recently entered into marketing agreements with Woodland Valley Country Club in Loris and Wedgefield Plantation and Golf Club in Georgetown. Those courses now run golf-food promotions similar to those at the other five former Legends Group courses. Hinckley intimated the company might not be done making acquisitions in the Myrtle Beach market. "As a company we're growing nationwide," Hinckley said. ". . . We're going to continue to evaluate the market opportunities. We're very pleased to have a permanent place in the marketplace and excited about the opportunities." -- Read Saturday's edition of The Sun News for more information. This entry passed through the Full-Text RSS service — if this is your content and you're reading it on someone else's site, please read our FAQ page at fivefilters.org/content-only/faq.php |
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