Golfers rally to tackle clubs debt burden

THE new Lang Lang Golf Club committee has taken up the bold challenge of keeping the debtplagued clubs future in the hands of its members.

The committee, voted in at the clubs annual general meeting on Saturday, 12 August, is devising a member share scheme as a means of paying off debt without having to sell up to outside investors.

New club president Rob Walker said the former committee had done many good things for the club but had struggled to operate under the strain of existing debt.

As a potential solution, the committee had entertained the possibility of selling the club to a private investor, and had been preparing to have members vote on whether to accept an offer of sale.

But Mr Walker said he and other members preferred to look for a way to hold on to the club and stood for election to take up the challenge.

We dont say for one minute it was not a good offer; its just not a path we wanted to go down unless its completely necessary, he said.

What were trying to get out to the public is (the club) will survive and we have planned to go ahead with a member share plan.

We believe if we can clear the debt we can operate at a profit and improve the place.

Pakenham chartered accountant and club member Brian Paynter is currently working with a solicitor on the logistics of a scheme, which he hoped could be put to members soon.

Mr Paynter said he had absolute confidence that a financially workable solution could be found.

He said expressions of interest declared to date were already enough to pay off a substantial portion of the debt, which he said stood at around $360,000.

We need to move on as quickly as possible, the main reason being weve still got existing debt.

If we can get a formalised, complete document to the members within four weeks, it will enable us to raise the funds within eight to 12 weeks after that, he said.

Mr Paynter said the Lang Lang Golf Club was a great community asset that, once lost, would not be replaced.

I first played there with my father, and there would be many members who could say that.

Theres no reason we couldnt continue Lang Lang Golf Club for generations, he said.

But Mr Walker said the club could not go forward unless members showed interest and got involved in the scheme, a message echoed by Mr Paynter.

We want to keep (the club) in the members hands and were giving them a vehicle to do that.

Its going to be hugely dependent on the members putting up their hands to extend the funds, Mr Paynter said.