The sale of Crestview Country Club to a California-based golf course management firm was completed Thursday, according to a news release.
Founded in 1921, the pending sale of the formerly member-owned private Wichita country club to Concert Golf Partners was reported in The Wichita Eagle in April.
As a result of the sale, according to the release, Crestview will have all club debt paid off, a lowering of member dues and an injection of over $1 million into various capital projects.
“This partnership ends our debt challenges and ends the era of funding capital improvement projects with member assessments,” said Rich High, Crestview’s president, in the release. “Our club is debt-free and our future is brighter than ever.”
Crestview’s board of directors had discussed various options for funding a number of improvement projects before coming into contact with Concert Golf – which bills itself as a “boutique” owner and operator of private clubs – several months ago.
“We contacted everyone we knew in the golf industry,” said Mike Mueller, a Crestview board member, in the release. “After hearing glowing recommendations of how they have preserved and enhanced other high-end clubs like ours, we chose to partner with Concert Golf.”
As part of the deal, any future financial assessments on club members are barred, according to the release.
In addition to its golf courses, Crestview also is home to 10 indoor and outdoor tennis courts, an Olympic-sized swimming pool and a 29,000 square-foot clubhouse designed, casual dining and entertaining.
Concert Golf Partners Golf CEO Peter Nanula said in the release that the company would “immediately” undertake bunker renovations, the construction of an indoor golf practice area, a splash pad, swimming pool improvements, parking lot resurfacing and a renovation of the clubhouse, including the rear patio deck.
In 2007, Crestview borrowed $4 million and began charging its members to finance clubhouse renovations. Dues and assessments were increased several times with some members leaving, according to the release.
“We already have lots of former members asking if they can come back,” said club member Mike Payne in the release. “Our dues are back down at market levels now, with a written guarantee of no more assessments ever again.”
Last month, the club hosted the Web.com Tour Air Capital Classic. The tournament represented the 16th consecutive Web.com Tour event hosted by the 36-hole country club.
The Crestview board voted unanimously to approve the sale, the release said. Members also needed to vote to affirm the transaction.
Following the finalization of the deal, Ty Krause was named membership director for the club. Concert, based in Newport Beach, Calif., owns country clubs nationwide.