The Week That Was, may 29, 2016

     Something smells fishy in Myrtle Beach, and the stench is emanating from the relationship between Founders Group International, a major presence in the Grand Strand’s golf industry, and its Chinese-controlled affiliate, Yiqian Funding. Although the parties are supposedly separate and distinct entities, it’s looking increasingly likely that FGI will be forced to sell some of its golf assets as a result of the financial troubles currently being experienced by Yiqian, which is being investigated for alleged fraudulent business practices. The Myrtle Beach Sun News reports that Dan Liu -- he’s one of FGI’s principals, a founder of the investment group that funds FGI’s purchases, and possibly the chairman of Yiqian -- blames Yiqian’s troubles on “the actions of a few employees” and competitors that “have been fabricating stories of the alleged fraud,” and he insists that the company “has done nothing illegal that he is aware of.” Nonetheless, he’s set out to “sell property to relieve the monetary shortage” at Yiqian, specifically “property in the U.S.” This is a strange and complex story that will almost certainly take months to unravel. If you’re wondering, FGI’s assets include 22 golf courses, a group of golf villas, 200 lots for single-family houses, more than 300 acres of raw land, a tee-time call center, and two companies that organize golf outings.

     Two of the oldest private clubs in Milwaukee, Wisconsin have laid the foundation for a merger. The boards of Tripoli Country Club, which was founded in 1921, and the University Club of Milwaukee, a city club that’s operated since 1898, have hammered out an agreement that will be voted on by their members this fall. In a press release, the properties described themselves as “two of the area’s most admired and historic private clubs” and said the merger would offer “the highest-quality experience and amenities available in the region to our combined 800 members.” What’s more, unlike other properties that have joined forces in recent years, Tripoli and the University Club claim to be “operationally and financially sound.” Tripoli features an 18-hole, Tom Bendelow-designed golf course. The University Club describes itself as a place where “the best and the brightest convene to build business connections, enjoy member camaraderie, and foster a deeper sense of shared community.”

      The leaders of Royal Troon Golf Club are metaphorically twisting arms to avoid losing the Open Championship. Royal Troon’s captain has written a letter to the club’s 800 members, politely urging them to vote in favor of accepting women as members lest they end up like their counterparts at Muirfield: True to their single-sex traditions but banned from hosting one of golf’s most coveted professional events. “We care very much for the reputation of Royal Troon Golf Club, and it is important that the club, much like the wider game, reflects the modern society in which we exist,” wrote Martin Cheyne, who noted that he and other club officials have been listening to “the public discussion surrounding the club.” Royal Troon will host this year’s Open, and, as the members of Muirfield have learned, the R&A is no longer inclined to award the event to men-only clubs.