Golspie Golf Club members reject takeover bid by American businessman and instead agree to seek 'partnership'
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An unsolicited bid by a wealthy American businessman to take over Golspie Golf Club has been rejected by members who have made it clear they are not prepared to relinquish control of the club.
The decision to turn down the offer by Joe Masterson (80) of Naples, Florida, comes despite members being told of the huge investment he was prepared to make in the club.
However the club’s management is to make a counter offer to Mr Masterson, who is believed to be semi-retired after making his fortune in the food industry, that he work in partnership with them.
The approach by representatives of Mr Masterson, a member of Royal Dornoch and Skibo golf clubs, to club captain William MacBeath came completely out of the blue and was discussed at an extraordinary general meeting last Thursday.
There was a good turnout from the club’s 400-strong adult membership – it also has 40 junior members – with overseas members joining via Zoom. The two-hour meeting was described as “calm, considered and well-behaved”.
Mr McBeath made an initial presentation when it emerged that he had met representatives of Mr Masterson three times, including once with his solicitor.
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A club member, who asked not to be named, said: “The captain wanted to make it clear that there was nothing sinister about the proposals. Mr Masterson wants to keep it as a local club with the locals at the heart of everything. He wants Golspie to improve and become more professional, generating more business and creating jobs."
Members were told that should he take over, Mr Masterson’s proposed initiatives would include appointing a professional manager – the club cannot afford the post at the moment – and improving facilities including building a new clubhouse with proper showers and better practice and greenkeeping facilities. He would also consider investing in further sea defences and buying land adjacent to the course.
Members have been sent a statement submitted by Mr Masterson.
The takeover would lead to an increase in membership fees, which are currently described as an “absolute bargain”.
“It was a really nice wish list,” said the member. “But at no time during that meeting was there any sense that the members were considering taking this offer any further. The main issue is the loss of control and the fact that you never know what might happen in the future.
“However this has raised longer term issues that the club needs to address. It is not in trouble but it is underperforming in terms of visitor figures and the revenue it creates. Golspie only has five full-time employees, the rest are volunteers whereas Brora Golf club has 25 employees and also has a more sophisticated infrastructure."
The member continued: “The meeting then discussed options and it was agreed that we needed to find out if it was possible to push this back and if he was interested in a partnership, with the club in control.
“During the course of the meeting an alternative proposal was formed - there was no dissent. We will go back to Mr Masterson and tell him the answer to your proposal is no, but what other options might there be, and invite him to have further discussions.
"The general feeling is that this is not going to go any further. We expect it to die off on the basis of the club’s response, but it does make us think that Golspie should consider its long-term future. The club should have a bigger footfall than it has now.”
