Members of the Smurfit-owned Waterford Castle Golf Club have agreed to back a proposed package to buy the club outright for £2 million. The club committee is aiming to raise half the money this weekend by offering shares to 450 individual members at £2,500. This will secure membership for each purchaser when the club takes over the operating company from Smurfit.
With future membership set at a ceiling of 700, an extra 250 shares will be offered at £3,500 a share. First option on these will be given to existing members. The club captain, Mr Tom Drohan, said £500,000 had already been raised through shares sold after a meeting of members on Thursday endorsed the proposal. A £200,000 deposit is to be lodged on Monday.
Smurfit Ireland had been about to close the sale of the club to a third party several weeks ago but agreed to defer the deal to allow the club members to come up with an offer. The 18-hole championship course is on a 311-acre island in the Suir estuary.