Mountbellew fundraiser is critical to help stave off vulture fund calling in massive debt
The future of a rural Galway golf club – founded almost a century ago – is under real threat as members desperately try to address a serious financial situation that has developed over time.
Mountbellew Golf Club has debts of almost €900,000 – mainly as a result of major development works and drainage projects that have taken place over the years.
But now the vulture fund which holds the bond on its debt is threatening to call it in – and the members fear the course could face closure or public sale as a result.
Over the next week, the club, which was founded in 1929, is holding a fundraising competition which they hope will contribute towards alleviating the debt that they face and have a number of other initiatives planned.
Club Secretary Ray Moore told the Connacht Tribune that they have been negotiating with financial institutions over the past few months in the hope of ensuring the survival of the golf club and he paid particular tribute to the support they have received from the local credit union in this regard.
Already club members and friends have raised €140,000 and a final push to raise the necessary €175,000 that is now the target to allow the committee to borrow the remainder.
Mountbellew currently has 540 members – but many of these are juniors who will be the mainstay of the club into the future and have to be looked after.
It employs just two full-time staff when the demands of an 18-hole course require several more.
Ray said that only for the commitment provided by volunteers on a week-to-week basis the club – which extended from a nine-hole facility to an 18-hole course back in 2008 – would find it extremely difficult to survive.
The club is currently running a fundraising am-am which has been ongoing for the past week and will culminate on Friday next, July 25 costing teams of four just €100.
Ray Moore admitted this was a critical time for the club as they desperately raise much-needed revenue for their survival fund.
“Without financial support from the golfing community, there is a fear that the club could close,” he warned.
Pictured: Fundraising initiative...Mountbellew Golf Club President Diarmuid McDonagh, Club Captain Aidan Hughes and Club Lady Captain Ann Hyne.