Friday, September 30, 2016

Arnold Palmer, 1929-2016, september 30, 2016

     “To place a president of the United States in proper historical perspective might take several generations, but to evaluate the impact of Arnold Palmer on golf we need not wait. He has meant more to the game than anyone, ever, in every conceivable way.”  
     -- Nick Seitz, editor at large, Golf Digest

     Arnold Palmer, the champion golfer whose full-bore style of play, thrilling tournament victories, and magnetic personality inspired an American golf boom, attracted a following known as Arnie’s Army, and made him one of the most popular athletes in the world, died on Sunday evening in Pittsburgh. He was 87.  
     -- New York Times

     His immense talent on the golf course was undeniable; it helped him win more than 90 professional events during his career, including four Masters titles, two British Opens, and a U.S. Open championship. But Palmer’s charisma stemmed from the way the Western Pennsylvania native connected with almost everyone he met, with an authenticity that truly made him a champion of the people. It was that likeability that made him a legend.  
     -- Forbes

     “No one has had a greater impact on those who play our great sport or who are touched by it. It has been said many times over in so many ways, but beyond his immense talent, Arnold transcended our sport with an extraordinarily appealing personality and genuineness that connected with millions, truly making him a champion of the people.”  
     -- Tim Finchem, commissioner, PGA Tour

     Palmer was a golf icon, but his reach spread far beyond just the sports community. Palmer was one of the first true golf celebrities and was among the first golfers to take advantage of his popularity by launching businesses tied to his name.  
     -- CBS Sports

     He was a part owner of the Pebble Beach Resort in California and principal owner of the Bay Hill Club & Lodge in Orlando, the site of the annual Arnold Palmer Invitational tournament on the PGA Tour.  
     -- New York Times

     Along with his incredible golf career, Palmer became one of the top golf course architects in the country with Palmer Course Designs launching in 1972.  
     -- CBS Sports

     PGA Tour Commissioner Tim Finchem said without Palmer there would be no modern-day PGA Tour, no senior tour, and certainly no Golf Channel, the television network devoted solely to golf that he helped create.  
     -- Forbes

     He was the first athlete to receive three of the United States’ civilian honors: the Presidential Medal of Freedom, the Congressional Gold Medal, and the National Sports Award.
     -- New York Times

     “He was the king of our sport and always will be.”
     -- Jack Nicklaus 

     From 1958 through 1964, Palmer was the charismatic face of professional golf and one of its dominant players. In those seven seasons, he won seven major titles: four Masters, one United States Open, and two British Opens. With 62 victories on the PGA Tour, he ranks fifth, behind Sam Snead, Tiger Woods, Jack Nicklaus, and Ben Hogan. . . . But it was more than his scoring and shotmaking that captivated the sports world. It was how he played. He did not so much navigate a course as attack it.
     -- New York Times

     Palmer was . . . the PGA Tour’s leading money winner in 1958, 1960, 1962, and 1963 and its player of the year in 1960 and 1962. In 1968, he became the first golfer to earn more than $1 million in career prize money on the PGA Tour. The award for the leading money winner each year is now named for him.  
     -- New York Times

     Palmer had a literal army of supporters, a legion of fans known as Arnie’s Army, and popularized the game in ways no golfer before him had. He was not only a transcendent sports star but a business and philanthropic icon who ushered golf into the television era. The charismatic and competitive Palmer not only helped make golf popular outside the country club set with his everyman appeal, but he was one of the first golfers to build a global brand and established a charity foundation that will continue his philanthropic legacy for decades to come.  
     -- Forbes

     “He was the prototype for all of today’s high-earning sports men and women, and one of the few people you can truly say changed the world of sports business.”  
     -- Nigel Currie, sponsorship consultant, NC Partnership

     Palmer won $3.6 million in prize money during his 52 years on the PGA Tour and Champions Tour but 240 times that from appearances, endorsements, licensing, and golf course design. His estimated $875 million in career earnings ranks third all-time in sports, behind only [Michael] Jordan and [Tiger] Woods.  
     -- Forbes

     “He established the sports marketing industry as we knew it. It became a much more sophisticated exercise. It became a real business with real money.”  
     -- Alastair Johnston, chairman, Arnold Palmer Enterprises

     When Mr. Palmer began playing golf professionally, in the 1950s, few athletes were endorsing products, and those that were usually did so for nominal fees and free samples, often cigarettes. Then, in 1958, Mark McCormack, a golf fan with a hunch that professional athletes could be stars off the field as well, began pitching golfers on the idea of letting him represent them in their business dealings. Mr. Palmer was reluctant at first. “I wasn’t looking for an agent,” Palmer said in a recent book, Players: The Story of Sports and Money, and the Visionaries Who Fought to Create a Revolution, by Matthew Futterman. “I had my wife. She was handling everything.” But in the fall of 1959, Mr. Palmer agreed to work with Mr. McCormack on an exclusive basis. Mr. McCormack wanted to sign a contract, but Mr. Palmer preferred a handshake. That handshake, legend has it, was the foundation of one of the most lucrative partnerships in the history of sports.  
     -- New York Times

     Palmer once told McCormack: “I made clear ... from the beginning that I didn’t feel comfortable pitching a product or service I wouldn’t use or didn’t think was very good. That just seemed dishonest to me, and I was pretty sure the public would see right through it.”  
     -- Daily Mail

     A ubiquitous pitchman for more than a half-century, he hawked nearly 50 products and services, from Johnston & Murphy shoes to Ketel One vodka, transforming the celebrity endorsement from a novelty to an industry. At the same time, he carefully cultivated his personal brand, forming his own company, creating a logo, selling products and equipment adorned with his signature, and paving the way for modern stars with diverse business interests like Serena Williams and LeBron James.
     -- New York Times

     “He was the starting point for the creation of the modern sports world. Arnold Palmer is going to be making money long after we are all dead.”  
     -- Matthew Futterman, reporter, Wall Street Journal

     The late Mark McCormack, who represented Mr. Palmer in his business affairs, in his book Arnie wrote that he “had little heart for business dealings.” That was an ironic assessment because Mr. Palmer became the first sports star to turn into something of a corporation. Forbes magazine calculated his earnings in 2015, more than 40 years after his last PGA Tour win, at $40 million, saying his drinks line, including the eponymous iced tea-lemonade drink, was about one-quarter of revenue for AriZona Beverage Company.
     -- Wall Street Journal

     “Last year we sold half a billion containers with Arnie’s face on it.”  
     -- Don Vultaggio, founder, AriZona Beverages

     In the 1990s, the New York Times reported that an Upper West Side wrap restaurant was trying to rename the drink the Tiger Woods “for a new generation.” This effort does not seem to have caught on, and the wrap place has closed.  
     -- New York Times

     Every retired iconic athlete seemingly wants to copy the “Arnold Palmer” model where they license their name and the royalty checks roll in, but few can match the original. Palmer was one of a kind.  
     -- Forbes

     “He meant so much to so many people from all walks of life, and is the embodiment of what can happen if you work hard and always treat people well.”  
     -- Mike McCarley, president, Golf Channel

     On Monday, St. Martin’s Press said it would move up the publication date of Mr. Palmer’s final book by two weeks, to October 11. A Life Well Played: My Stories rocketed up the best-seller list on Amazon to crack the top 50.  
     -- New York Times

     “He was a drinker but never seemed drunk. He was a winner but never seemed cocky. He was richer than many nations but came off like a guy who had a Christmas Club savings account. He had charisma pouring out of his ears, manners enough for entire towns, and swimming pools of testosterone. He flew his own planes, jiggered his own clubs, and drank his vodka straight. He loved people like he loved his next breath and golf even more than that. Golf just got lucky.”
     -- Rick Reilly, Golf magazine

Friday, September 23, 2016

Vital Signs, september 23, 2016

     It’s not just “the system” that’s rigged. It may be that the tests of skill at Donald “the Candidate” Trump’s charity golf tournaments are rigged as well.
     In 2010, according to the New York Daily News, Trump denied a $1 million prize to the apparent winner of a hole-in-one contest that took place at his club in Westchester, New York. This year’s Republican presidential nominee found a catch in the rules for the contest, and the catch was that a winning shot had to travel at least 150 yards. How far did the winner’s shot go? Not quite 140 yards, reportedly. Trump likes to claim that he always surrounds himself with the best people, but in this case the hole evidently wasn’t set up in accordance with the contest’s rules.
     What we’re talking about here is an outrage and an insult to the golf industry. The people who participate in hole-in-one contests dream of making near-impossible shots and taking home nice prizes. Why even hint that they’re being cheated? Will they continue to support our charity events if they believe that there’s something shady going on?
     Our business is full of people who would’ve swallowed hard, congratulated the winner, and pulled out a checkbook. Why didn’t Trump? Instead of making himself accountable, he looked for a loophole that offered an escape. He chose to force a lawsuit and then agree to a settlement that allowed him to pay just a fraction of what the contest promised. It’s regrettable that one of the most powerful people in golf looks like a guy who plays his customers for fools or suckers.
     Is this an example of Trump’s brilliant business sense or a form of fraud? And when it comes to determining Trump’s future in golf, should the answer to that question even matter?

     Want to know what generosity really looks like? Train your eyes on Gary Player, whose 16-year-old charity golf tournament has reportedly raised $62 million for underprivileged children. The goal: $100 million.

     Before the year completely slips away, I’ve got to post the most important numbers related to golf construction in 2015. The final score, according to the National Golf Foundation: 177 closings, 17 openings. The number of closings has surpassed the number of openings in every year since 2006. And for what it’s worth, the NGF reportedly expects this year’s results to be similar to last year’s.

Sunday, September 18, 2016

The Week That Was, september 18, 2016

     Just months after a New York City-based hedge fund bitterly complained of ClubCorp’s “billion-dollar debt burden,” “lax course maintenance,” and “bad customer service,” a disgruntled minority shareholder wants the self-described “world leader in private clubs” to sell some -- or maybe all -- of its golf properties.
     In an open letter, FrontFour Capital Group LLC argues that the sale of “a select number of non-core, lower-returning clubs” would enable ClubCorp to pay off some of its debt and, in the process, boost the value of its under-performing stock. FrontFour’s most cherished desire, however, is that ClubCorp completely maximizes its value by pursuing “any and all strategic alternatives, including an outright sale of the company.”
     All these gripes about ClubCorp’s financial performance should serve to remind us of an unfortunate truth: ClubCorp, which went public in 2013, is today only incidentally involved in the golf business. Like the equity investment groups that now own so many golf properties, its primary responsibility is to its shareholders, few of whom have any genuine interest in golf or the golf industry. Their only concern is maximizing the return on their investments.
     Under pressure from groups like FrontFour, ClubCorp’s top executives are nowadays obliged to think almost exclusively in the short term, training their attention on their balance sheets and passing on choices that might, in the long run, benefit both ClubCorp and golf. This is not a prescription for making ClubCorp great again.

     For what it’s worth, FrontFour Capital Group’s open letter indicates that ClubCorp owns the land at 126 of its 160 golf and country-club properties, for a total of roughly 30,000 acres. (Translation: 238 acres, on average, per venue.) FrontFour also says that ClubCorp’s land is, according to a recent appraisal, worth about $1.5 billion.

     Don’t be surprised if Greg “the Living Brand” Norman soon picks up a design commission in Cuba. Blasting News says that West Palm Beach, Florida-based architect, apparently capitalizing on his Australian citizenship, “recently visited Cuba several times and has become involved in investment opportunities on the island.” Sadly, no details were reported. The news service also says that Norman will be “the guest of honor” at next month’s Great Golf Tournament of Cuba, “a high-profile event” (for Cuba, at least) that’s being played for the eighth time. It’s worth noting that two previous honorees at the two-round tournament, Ernie Els and Tony Jacklin, have at one time or another been linked to design projects in the island nation.

     The PGA Tour has branded its first Tournament Players Club in Southeast Asia. The venue is TPC Kuala Lumpur, a club outside Malaysia’s national capital that previously operated as Kuala Lumpur Golf & Country Club. In a press release, a spokesperson for the tour called TPC Kuala Lumpur “an excellent facility with world-class amenities” that can potentially “serve as a catalyst for more TPCs to emerge in Asia.” The club, which has been around since the early 1990s, features a pair of 18-hole, Robin Nelson-designed golf courses, and it’s hosted several professional events, including the European Tour’s Malaysian Open. It’s owned by Sime Darby Property, the nation’s biggest real-estate developer, and it believes that its affiliation with the PGA Tour will make it “the paradise for golfing and leisure.” The TPC network now consists of 31 properties in the United States and others in Colombia (TPC Cartagena at Karibana) and Puerto Rico (TPC Dorado Beach).

     To position his firm for future growth, one of South Africa’s best-known golf designers is grooming a “signature” architect. Peter Matkovich believes he’s found “the perfect partner” in professional golfer Louis Oosthuizen, who claims to be eager to “explore my passion for golf course design.” Matkovich, who’s said to be responsible for more than 50 courses in Africa, expects the partnership to give his Matkovich Group visibility in new markets, hopefully in nations off the continent. In a press release, he describes Oosthuizen as “a global golfer” who’ll “give us an opportunity to be more global as a company,” adding: “We are now looking at the next 10 to 15 years and the future of our brand.” Oosthuizen scored his first professional victory on a Matkovich-designed track -- Arabella Golf Club on South Africa’s Western Cape -- and says that he loves “the playability of Peter’s golf courses and the fact that they always seem to reach that balance between being a good test but also fun to play.”

     The original version of the preceding post first appeared in the July 2016 issue of the World Edition of the Golf Course Report.

     Annika Sorenstam has increased her investment in Capillary Concrete. The Swedish golf legend is now a 50 percent owner of Martin Sternberg’s 14-year-old company, which has installed its porous bunker liners at more than 400 venues around the world. (Among the notables: Atlanta Athletic Club in Johns Creek, Georgia; Isleworth Country Club in Windermere, Florida; the Honors Course in Ooltewah, Tennessee; the Kings course at Gleneagles in Perthshire, Scotland; and Le Golf National in suburban Paris, France.) Sorenstam became one of Sternberg’s partners in early 2015. She reportedly bought a stake previously owned by Almi Invest, a Swedish venture-capital firm.

Friday, September 16, 2016

The Pipeline, september 16, 2016

     Baja California Sur, Mexico. Robert Trent Jones, Jr.’s golf design firm has been hired to create “a fun, playable course” for a forthcoming waterfront community in Los Cabos, Mexico. The track will be among the attractions at Costa Palmas, a 1,000-acre spread outside the town of Los Barriles, and it’ll be accompanied by single-family houses and vacation villas, a 145-room Four Seasons hotel, a marina with slips for up to 200 yachts, a yacht club, a swimmable private beach, a waterside shopping village, and 18 acres’ worth of farms and orchards. Jones’ layout is said to be a “core” course that won’t be impacted by the surrounding development. Bruce Charlton, the architect who’ll oversee the construction, has called the site “a beautiful dunescape” that his firm will accentuate with “golf holes that will offer dramatic ocean and estuary views.” Jones already has one course in the area, at Cabo Real Golf Club in San Jose del Cabo, as well as two others in Mexico: Estrella del Mar Golf Course in Mazatlan and Riviera Maya Golf Club in Quintana Roo. His 18-hole track at Costa Palmas is expected to open in 2018.

     Grand Cayman, Cayman Islands. Ironwood, a forthcoming upscale community on the East End of Grand Cayman Island, has secured a construction permit for its Arnold Palmer-designed golf complex. The ground-breaking is expected to take place this fall, with an opening tentatively scheduled for early 2018. “We are on the road to making the Ironwood dream a reality,” the community’s developer, David Moffitt, told the Caribbean Journal. The permit allows Moffitt and his partners to build an 18-hole course capable of hosting professional tournaments and a nine-hole “family” course, along with the lakes that will give the tracks visual interest and help to drain Ironwood’s 600-acre property. Moffitt expects Thad Layton and Brandon Johnson, the associates at Palmer’s Orlando, Florida-based firm, to deliver one of the Caribbean’s top-rated courses.

     The original version of the preceding post first appeared in the July 2016 issue of the World Edition of the Golf Course Report.  

    West Point, Mississippi. Now that the much-awaited Mossy Oak Golf Club -- “a full-sensory golf experience,” its owners promise -- has opened, what other courses are in Gil Hanse’s design pipeline? According to Links, the Pennsylvania-based architect figures to open one more course late this year -- a track that Trump Golf will operate in Dubai -- and another in the fall of next year, the Black Course at Streamsong in Fort Meade, Florida. In addition, any day now Hanse expects to break ground on a course in Cobbtown, Georgia, on what he’s described as “one of the nicer pieces of property we’ve ever seen.” And, last but certainly not least, and though he may be wishing on a star, Hanse continues to hold out hope that next year Mike Keiser will actually, finally get started on the long-overdue fifth course at Bandon Dunes. I’m not holding my breath. Hanse told the magazine that the course in Oregon can be “something special,” but these days Keiser may be hedging his bets with ventures in Wisconsin, in Scotland, and on Chicago’s waterfront.

     County Wicklow, Ireland. An ancient golf club in south-suburban Dublin, a property that prides itself on its history and location, is considering an offer to relocate. Greystones Golf Club, which was established in 1895 and considers itself to be “one of Ireland’s most prestigious private members clubs,” may sell its home in Greystones and establish a new residence just a couple of miles away, in the town of Delgany. The move would be funded by a local development group that wants to buy the club’s increasingly valuable, 127-acre property. Greystones has more than 1,000 members and, given the praise they heap upon their property, it’s hard to imagine that any of them would ever want to leave. The club believes it has “an idyllic location” and that its 18-hole, “Harry Colt-inspired golf course” is not only “one of the finest inland courses in Ireland” but “a masterpiece in tactical design” featuring “almost mystical” greens that are “reputed to be the best and fastest in the country.” A move isn’t imminent. Ross Robertson, Greystones’ secretary manager, told the Irish Times that the club is in the “very, very, very early stage” of weighing the pros and cons of the proposal. Still, money talks, and it’s possible that the developers have made an offer that will be hard to refuse.

      The original version of the preceding post first appeared in the July 2015 issue of the World Edition of the Golf Course Report. 

     Umm Al Quwain, United Arab Emirates. The first golf course in the Middle East’s least-known emirate will be part of a community that aims to set what the Khaleej Times calls “new heights in destination living.” The community is called Firdous Sobha, and it’ll take shape on uninhabited Al Sinniyah Island in Umm Al Quwain. Preliminary plans for the 1,215-acre waterfront community include a to-be-determined number of villas and apartments, four or five resort-style hotels, a marina, boutique stores, entertainment venues, a wellness center, a collection of man-made canals and lagoons, and a variety of recreational amenities including a golf complex consisting of an 18-hole course, a nine-hole, par-3 course, and a practice center. Sheikh Rashid bin Saud bin Rashid Al Mualla, the emirate’s crown prince, believes the community will transform Umm Al Quwain into “an active tourism and commercial destination.” Goodness knows, the emirate could stand to raise its public profile. Measured by population, Umm Al Quwain is the smallest of the seven United Arab Emirates (2010 population: 65,000), and unlike Dubai, its glitzy neighbor, it reportedly doesn’t have even one mega-mall or large international resort. Lonely Planet says it has a “retro feel” and offers “a taste of the UAE as it was in the pre-oil days.”

     South Yorkshire, England. If their plans are approved, a group of hoteliers in South Yorkshire expect to open England’s second European Tour-branded community by late 2019 or early 2020. The to-be-named spread will take shape on 500 acres at Rossington Hall, an ancient hotel in Doncaster, and its featured attraction will be a tournament-worthy golf course that will bear the “signature” of Neil Coles, a former star on the European Tour. The course will be flanked by 500 single-family houses and a practice center with a nine-hole course. The hoteliers, a consortium led by Gary and Michelle Gee, are being advised by Troon Golf, which will manage the facility, and by European Tour Properties, the tour’s real-estate subsidiary. Rossington Hall is expected to become one of the tour’s “destination” communities, a collection of high-prestige spreads in Dubai (Jumeirah Golf Estates), France (Le Golf National), Germany (Golf & Country Club Fleesensee), Spain (PGA Catalunya Resort), and other nations. Today, the chain’s sole property in England is London Golf Club in Kent. Coles thinks that the property at Rossington Hall has “tremendous potential as a European Tour tournament golf course.” Almost certainly, he’ll co-design the track with an in-house architect from European Golf Design, a firm that’s co-owned by the European Tour.

     The World Edition of the Golf Course Report profiled the proposed Rossington Hall venture in March 2016 and May 2015.

     New South Wales, Australia. Tom Doak’s Renaissance Golf Design has been hired to inject some fresh life into a historic tournament venue in suburban Sydney. The commission comes from Concord Golf Club, which is looking to regain the prominence that has in years past enabled it to host three Australian PGA Championships, an Australian Women’s Open, and nearly a dozen state open championships. Concord hasn’t hosted a significant professional event for more than a decade, however, and it believes that improvements orchestrated by Doak, one of the world’s most prominent “naturalists,” will give it “a key point difference in the Sydney golf club marketplace.” The renovation, to be overseen by Renaissance’s Brian Slawnik, is scheduled to begin in the fall of 2017 and conclude in the spring of 2018. The scope of the upgrades is still to be determined, but a press release indicates that Doak will personally re-work the layout’s greens.

Sunday, September 11, 2016

The Week That Was, september 11, 2016

     The world leader in private clubs -- a phrase I can’t use without noting that it’s trademarked -- will soon be building relationships and enriching lives -- darn it, there goes another trademarked phrase -- in suburban Columbus, Ohio. ClubCorp has acquired Heritage Golf Club, a 22-year-old venue that features an 18-hole, P. B. Dye-designed golf course. I’m sure that a $934 million company doesn’t need any advice about how to write a press release, but ClubCorp’s announcement says that Heritage’s golf course was “shaped in the famous Dye tradition of illusion and deception with undulating greens, signature railroad ties, and numerous sparkling lakes.” Those phrases bear a striking resemblance to a description published by GolfNow: “The layout is one of illusion and deception with large, undulating greens and the Dye signature railroad ties.” Could the similarity just be a coincidence? The same writer, maybe? ClubCorp views Heritage as “a perfect complement to our other clubs in the Ohio market.” The company’s other clubs in “the Ohio market” -- or in what most people would simply call Ohio -- are Firestone Country Club in Akron, Silver Lake Country Club in Silver Lake, and Quail Hollow Country Club in Concord.

     The developers of Bear’s Club, a venue in Jupiter, Florida that lists Jack Nicklaus as one of its managing members, has paid a $400,000 fine to settle a lawsuit brought by the federal government over violations of the Clean Water Act. The suit alleged that the club had improperly filled an acre of wetlands. Earlier this year, the developers’ lawyer acknowledged that his clients had made “minor alterations to the golf course” and complained that “the federal government should have better things to do than fool around with this nonsense.” As part of the settlement, Bear’s Club also promised to preserve seven acres of wetlands at a nearby nature preserve.

     Regarding Jack Nicklaus’ expected takeover of Cold Spring Country Club, on New York’s Long Island: Not gonna happen. Gary Melius, the owner of the historic Oheka Castle estate that serves as the club’s home, told Newsday that he doesn’t expect to close the deal. He described the venture, which would have involved a redesign of Cold Springs’ Seth Raynor-designed golf course, as “dead.” Newsday also reports that Melius’s representatives are now pitching the opportunity to Donald “the Candidate” Trump’s company.

     Speaking of deals going sour, the expected sale of Accordia Golf Company is, at least for now, off the table. According to Reuters, the Japanese golf operator’s market value has “surged in recent weeks,” thanks in part to the disclosure of the pending sale, so Seoul, South Korea-based MBK Partners, the prospective buyer, lost its bargaining position. Funny thing, though: As soon as investors heard that the transaction had gone south, the price of Accordia’s stock fell by 12 percent. So maybe MBK isn’t completely out of the game.

     A few weeks ago, an entity controlled by the Shangri-La hotel group opened Sri Lanka’s first “resort” golf course. The “eco-friendly,” Rodney Wright-designed track is the centerpiece of Shangri-La’s Hambantota Resort & Spa, a 145-acre spread along the island nation’s southern coast that includes a beachfront hotel, the obligatory spa, tropical gardens, and a collection of eateries. Wright apprenticed with Kirby Griffiths & Associates and then joined the late Robin Nelson to create Nelson & Wright Golf Course Architects. Together, the duo co-designed several courses in Hawaii, their home base, as well as Bali Golf & Country Club in Nusa Dua, Bali. On his own, Wright has produced courses in Seychelles (Lemuria Championship Golf Course on Praslin Island) and Mauritius (Tamarina Golf Estate & Beach Club on Tamarin Bay). According to the Daily Mirror, the resort in Hambantota hopes to “promote happiness among the visitors,” and Shangri-La says that Wright’s 18-hole layout, which was routed through a former coconut palm plantation, will “cater to even the most seasoned golf enthusiast.”

     The original version of the preceding post first appeared in the June 2016 issue of the World Edition of the Golf Course Report.

     Correction: In a recent post, I incorrectly stated that Bay Club Company’s two recent golf acquisitions, Fairbanks Ranch Country Club and Golf Club at Boulder Ridge, are “the first golf properties” in the company’s portfolio. In fact, Bay Club has owned StoneTree Golf Club in Novato, California since the fall of 2014. Doug Nickels, a regular reader, pointed out my mistake, and I thank him for notifying me. Of course, I should have known about Bay Club’s purchase of StoneTree, seeing as how I wrote about it when it happened.