Daily Fee Golf Club

Company Overview

Daily Fee Golf Club - an 18 hole, daily fee golf club located on 160 acres in the suburbs of Chicago.


•  Amenities include a lighted driving range, practice greens, and a clubhouse with a pro shop and restaurant. 

Engagement Overview
•  Deferred maintenance and the economic downturn caused the operations of a Chicago area golf club to decline.
•  The golf club’s revenues declined, leading the club to default on its senior bank debt and its ground lease

•  After its lender foreclosed on the golf club’s operations, FDP was hired to locate a buyer for the golf club’s operations and provide interim accounting services by acting as receiver for the golf club:
•  FDP dedicated a senior accounting professional to updating and compiling cash receipts and expenses for bookkeeping purposes
•  Simultaneously, other FDP professionals were responsible for  locating a buyer for the golf club and selling the golf club’s operations

•  Working in collaboration with the management of the golf club,  FDP accomplished the following:
•  FDP worked with the prior receiver to smoothly transition the accounting function and minimize disruption to the golf club
•  Communicated the ongoing progress of the golf club’s sale to the municipality where the club was located
•  Despite limited information and records, FDP compiled an information memorandum to introduce potential buyers to the golf club
•  Generated several management visits with potential purchasers
Results
•  Created a competitive auction for the sale of the golf club’s operations by generating interest among several parties.

•  Maximized the lender’s recovery by selling the operations to the municipality where the golf club was located.