For
LuLu Country Club, the worst of times might finally be coming to an
end.
On
Tuesday, Paul Muller, president of
the financially strapped club, sent a letter to members that said a "long-term
lease agreement" appeared to be "imminent" with RAM Golf Management, a
Florida firm that has been running Yardley Country Club since March.
While
LuLu,
which is celebrating it centennial anniversary in 2012, had hoped to find a
buyer to assume the club’s $2.2 million in debt, plus invest $500,000 or more
in clubhouse renovations, Muller was
upbeat about the potential agreement with RAM.
"The
basic thrust is that, under the terms to be set forth in a long-term
lease-management agreement, RAM is
willing to invest significant funds, to be used for working capital, necessary
investment in specific Greens equipment that we currently lack and urgently
need, and capital improvements to the clubhouse," Muller wrote to members. "The
golf course will remain as the club’s greatest asset, and its conditions have
our complete focus."
LuLu is the oldest Donald
Ross design in Philadelphia.
Background
stories and interview with Muller here.
If
the deal goes through, Muller wrote,
LuLu
members would also have a "fully reciprocal" golf membership at Yardley.
While
nothing is finalized, the tone of Muller’s
letter sounded confident that they are close. "The details of the agreement are
being worked on around-the-clock," wrote Muller. "We are of course prepared to act
immediately."
"It
is hoped by all parties that this arrangement, once fulfilled, will remove any
uncertainly as to the future of our club, and that a true multi-club
arrangement will help create real enthusiasm for new members, non-member
events, and golf outings.
Reached
for comment Wednesday, Muller emailed,
"I think the letter says it all."
