NEWS

Famous Donegal golf club is facing closure

Members told club has run out of money

Declan Magee

Reporter:

Declan Magee

Narin and Portnoo now among Ireland's top 30 golf courses

Members at Narin and Portnoo Golf Club.

One of Donegal’s best-known golf clubs is facing closure in the coming days after a proposed takeover was delayed.
Members of Narin and Portnoo Golf Club have been told that the club has run out of money and will be unable to pay staff or creditors.
The club has written to members saying the club “will have no alternative but to close in the coming week”.
Members of the club have approved a sale to Knather Acquisitions, a company owned by Ballyshannon-born US-based businessman Liam McDevitt.
Knather have agreed to ‘forgive’ a €1.7m debt and provide a license agreement to guarantee the future of the club.
But an issue has arisen over land that the club leases and the club, in a letter seen by this newspaper, has told members that it is beginning legal proceedings and will lodge an application at the next sitting of Donegal Circuit Court.
The club’s captain, John Callaghan, and last year’s captain, Kevin Gilgunn, wrote to members on Friday.
They said the issue prohibits the club from honouring its commitments to Knather Acquisitions under the deal to sell the club.

“Due to this final obstacle in allowing Knather Acquisitions to take over the club and give us a fresh injection of cash, the club has now run out of money,” they said in the letter.
Mr McDevitt has acquired €1.71m of debt the club owed to Ulster Bank.
The club’s debt came from the building of a new clubhouse and new holes in 2007. Since then membership has dropped from over 700 to about 350.
The protracted sale has seen the club threatened with the appointment of a receiver.