Cairo Country Club members voted unanimously Tuesday to sell assets
On Tuesday night 55 of the Cairo Country Club’s 82 equity members voted unanimously to sell the assets of the club to a group of local investors.
Total club membership, including all categories, currently stands at 156.
The vote this week clears the way for existing club members and other interested parties to purchase shares of stock in a limited liability corporation being formed that will purchase the assets of Cairo Country Club, Inc. and continue its operations following the reorganization.
Club President Louie Chastain said the unanimous vote was a “positive step forward” and would create an atmosphere to make the 18-hole championship golf course viable.
Like hundreds of country clubs and golf courses nationwide, Cairo Country Club has suffered financially over the last several years. A sour economy has compounded the country club’s financial issues.
Within the next 60 to 90 days, according to Chastain, the new corporation will be organized and stock sold. The assets of Cairo Country Club, Inc. will then be sold to the newly formed entity and the club’s major creditors, Thomas County Federal and United National Bank, along with other smaller creditors will be paid off.
Chastain says that during the transition the country club will continue to operate like normal.
The CCC president says that groups planning to host events or tournaments at the country club can be assured the golf course will be open for business and the ballroom and other facilities available for lease.
Existing equity members Robert (Bob) Anderson, Dr. W.R. Spooner, Jimmy Carter, Sonny Marshall, Wyman Richter, Dr. Gary Elmore, Cairo Mayor Richard VanLandingham and CCC President Chastain have agreed to serve on a transition committee that will establish the bylaws of the new entity and oversee the acquisition of the country club’s assets.
President Chastain said Tuesday night’s vote to sell the club’s assets was actually a vote to save the 18-hole golf course. Club members were assembled January 17 for a called meeting at which time the club’s board of directors outlined the financial condition of the club.
Cairo Country Club was founded in 1960 and celebrated its fiftieth anniversary in March 2010. The club was organized by 197 charter members.