We noted in a recent post regarding the plans for a line of golf clubs made completely in Michigan that our state has been ranked the fourth best state for golfing by Golf Digest. Now comes more golf-related news. The Dearborn private golf club TPC Michigan has been purchased by ClubCorp Holdings Inc., which is the largest developer and owner of golf and business clubs in the U.S.
The Dallas-based company, which purchased the club from Heritage Golf Group, says its business planning includes investing $1 million into the club. TPC Michigan, which has been in business since 1990, is part of the TPC chain of golf courses, both private and public, designed to host major golf tournaments. The Dearborn club played host to the Seniors Players Championship beginning in 1991. That PGA Tour's tournament continued there until 2006.
ClubCorp has also purchased North Carolina's TPC Piper Glen. The total purchase price for the two clubs is $6.8 million. Reportedly, the company paid $3 million for the Michigan club. These recent acquisitions make nine courses purchased by the company just in the last year, and a total of 160 clubs in the U.S., Mexico and China. It owns two other clubs in Michigan -- Skyline Club in Southfield and Oak Pointe Country Club in Brighton.
TPC Michigan has had a rocky time in recent years. It was purchased in 2007 by Heritage Golf Group from PGA Tour Golf Course Properties, the original developer. However, it experienced financial problems several years later. A receiver was appointed by a court to oversee operations and also to help orchestrate a sale for both TPC Michigan and TPC Piper Glen.
When a company already owns businesses in Michigan, its legal team is likely experienced with state laws and regulations. This generally makes the transaction proceed more smoothly and quickly. That's good news for the Michigan economy and in this case, for its golfers.
Source: Crain’s Detroit Business, "TPC Michigan sold; new owner plans to invest $1M in Dearborn golf club" Bill Shea, May. 18, 2014