Golf Club in huge debt
THE Gympie Pines Golf Club voted to go into voluntary receivership at a special meeting on Saturday after it was revealed the club owed more than $170,000 and had no way to repay the debt.
Members of the club voted overwhelmingly to place the club into receivership after another motion to raise the outstanding funds by the way of a member levy was defeated.
The Gympie Pines Golf Club and owner of the golf course Golfing Residential Gympie GRG failed to come to an agreement on a lease before Easter after GRG demanded unpaid rent on the property.
Gympie Pines Golf Club members managed to raise nearly $130,000 to pay outstanding debts, but the money was only to be released upon GRG agreeing on a registered lease with the club, this didn’t happen.
At Saturday’s meeting chaired by Gympie Pines Golf Club President and GRG representative John Towler, members expressed their concern about unaudited financial statements showing debts in excess of $170,000, missing financial records in the hands of local accountants, the lack of minutes, and the performance of GRG appointed managers Club Source.
Other members were upset their 2009 membership would not be honoured by GRG saying they would continue to play golf on the course. Mr Towler responded by saying he would call the police to evict offending members.
One question the club did get clear information on was who had control of the club’s finances before October last year.
Mr Towler confirmed golf management company Club Source had control of the club’s finances during that time and receivers would investigate its role in the club’s demise.
After the meeting a new Cooloola Golf Club was formed.