Since the new financial plan was put into place, 20 new members have joined and the club will host an open house to the public July 28 to entice new members.
Watertown (Wis.) Country Club is on solid financial ground after internal refinancing, the Watertown Daily Times reported.
Rick Lieblang is a club member who led the internal refinancing effort.
“This refinancing package, which wouldn’t have been possible without the full cooperation of our financial partner, M&I Bank, part of BMO Financial, and our dedicated club members, brings a level of certainty to the future of the club,” Lieblang said.
“We were elated that M&I was willing to work with us to make this package a reality,” Liebland added. “And then 30 club members became investors, holding the outstanding loan at the club. One of the key factors was we were able to lower the club’s interest rate on the loan to 3 percent, less than half what we were paying.”
The club is now operating in the black for the first time in years. after uncertainties due to a gradual slip in membership. The membership has already increased by about 20 people as a result of the financial arrangement, the Times reported.
Shaun Finley, PGA Golf Pro and Club Manager, said the improved financial structure has also allowed the club to do some renovations by remodeling the member locker room and redecorating the Mulligan’s Room restaurant and other areas of the club. Drainage around holes 2, 7, 8, 10 and 18 has improved as well, which will minimize the course’s downtime, the Times reported.
The club also purchased 40 golf carts after leasing them for years. An expansion of the junior golf program and making the program available to non-members is in the works. The junior program now has 85 members, the Times reported.
“We hope to be much larger than that next year with the addition of non-member juniors,” Finley said.
The club will host an open house for public on the weekend of July 28. Special rates will apply that weekend to entice new members, and current members will not be required in foursomes, the Times reported.
“Our hope is to get as many people as possible to enjoy our course that weekend,” Finley said. “We’re convinced that once they see all the improvements and play the course, they will be interested in becoming a member.”