30th July 2008
Financial Corp to Take Over Pete Dye Golf Club
Financial problems have prompted the sale of Bridgeport's Pete Dye Golf Club, based in West Virginia.
In a letter to the club's members, club President James J. LaRosa, announced the sale to Textron Financial Corporation.
The letter says the current economic downturn is forcing the sale.
The letter goes on to say that Textron Financial has retained Davis Love Golf Management to serve as the club's new general manager.
We contacted the LaRosa family, who did not wish to comment.
A representative from Textron has confirmed that it is in talks with the current owners, but had no comment beyond that.
According to Textron's website, it is "the largest golf finance company in North America".
What the changes mean for the Nationwide Tour stop at the course remain to be seen.
The Tour held its biggest stop of the year at the Pete Dye Golf Club earlier this month.
The Players Cup was the first tournament in tour history to have a $1 million purse.
The current nationwide tour contract with the Pete Dye Golf Club runs through the 2011 season.
Executive Tournament Director Tim McNeely says he and the club have not had any substantive conversations yet.
He also said ownership of golf courses does change hands and that it does happen on the Nationwide Tour and PGA Tour, so this is not a unique situation.
From: State Journal, West Virginia
