Low-Debt Club with Growing Membership Chooses to Bring in a Capital Partner
For five consecutive years, MacGregor Downs Country Club in Cary, North Carolina, enjoyed net membership growth. The average member age was declining, and nearly 700 kids of the club's members were enjoying the club's offerings. It had almost zero debt and was located in one of America's fastest-growing cities. It hosted a PGA Tour event and numerous USGA qualifiers. So why would members overwhelmingly choose to bring in a capital partner to enhance their beloved club and top-notch golf course?