Group buying assets of Cairo Country Club to meet next week

A group of local citizens banning together to purchase the assets of the Cairo Country Club, Inc., have raised sufficient capital to finalize the transaction as early as April 30.
Cairo Recreation, LLC, has been established and over $1,000,000 in stock purchased by investors to ensure the continued operation of the 18-hole golf course and associated facilities.
Members of the Cairo Country Club, Inc., approved the sale of the club’s assets in January. Like country clubs across the nation, Cairo Country Club has been impacted by the sore economy and a related loss of membership.
Compounding the club’s financial situation was the accumulation of more than $700,000 in debt the club owes to Thomas County Federal and United National Bank.
Now that the stock in Cairo Recreation, LLC, has been sold, the newly formed entity is in position to close on the purchase of the assets of Cairo Country Club and pay off the debt.
An organizational meeting has been scheduled for next Thursday, April 26, at 7 p.m. at the clubhouse.
At this meeting the operating agreement of the limited liability company will be presented, discussed and adopted. An executive board will also be elected and the floor will be opened for a question and answer session concerning the operation of the new company.
The new firm is expected to begin formal operations of the golf course on May 1.
Officials close to the process report that most, but not all, of the available units have been sold.
Cairo Country Club was organized in 1960 and celebrated its 50th anniversary in March 2010. The original 197 charter members paid $200 each as an initiation fee to form the club.

Leave a Comment