Oakmont Golf Club Members Support Sale to OVA

Last Updated: 08-06-19

Staff Report

Oakmont Golf Club members voted almost unanimously Tuesday, Aug. 6 to approve the sale of their golf courses and facilities to the Oakmont Village Association. The transaction is still subject to the results of an Oakmont  community vote which ends Thursday, Aug. 8.

By a 185 – 1 vote — with one abstention — the club agreed to accept the OVA board’s letter in intent to purchase the club’s two courses and golf facilities for $1.2 million and assumption of its $2.4 million loan.

“Now we get through the next 60 days of due diligence,” OGC President Gary Smith said in announcing the results.

The OVA has asked its members to approve a 30.6 percent dues increase, from $75 to $98 a month. Of the $23 increase, $17 would be directed to golf-related expenses —  $7 to cover OGC debts and assume the loan, and $10 to a reserve fund for golf operation.

OVA expects to lease the club to a private golf operator, Advance Golf Partners. AGP would lease the golf and restaurant facilities and immediately contribute $1 million for upgrades, but wants funds from the $10 portion of the dues increase to backstop its operation.