Monday, 1 February 2016

They don't like being beaten at their own game...

From The Telegraph:

Members of one of Britain’s most prestigious golf clubs have threatened legal action against their new foreign owners over plans to introduce a £100,000 fee.

Reignwood, the Chinese conglomerate that bought Wentworth, in Surrey, for £135  million, also wants to reduce the number of members from 4,000 to 800.

Those invited to rejoin the club will be charged a one-off payment of £100,000 while annual fees will rise from £8,000 to £16,000.

Well played Reignwood! If 800 people are dumb enough to rejoin for £116,000 up front, then Reignwood has recovered three quarters of its initial outlay of £135 million.

If this had happened to anybody else, they'd have my full sympathy, but in this case the plaintiffs are all city financiers and people who live in multi-million pound mansions surrounding the course. Serves them right for not buying up the golf club themselves i.e. 4,000 members @ £33,750 each.


Pablo said...


James Higham said...

Saw that two weeks ago.

Mark Wadsworth said...

P, indeed.

JH< yes, the story has been rumbling on for ages but the court case is new.