James Russell, who is also a member, will take over ownership of the Cordova, Tenn., club through his company, CC Holdings Inc., in the short term in order to give members time to recapitalize the club. The vote was approved unanimously on September 16.
The members of Colonial Country Club in Cordova, Tenn., have approved the sale of the club by a unanimous vote, the Memphis (Tenn.) Business Journal reported.
The 127 members who voted on September 16 approved the sale to one of its own. James Russell, a member and owner of DynaSteel, is the president of CC Holdings Inc., the holding company which will own Colonial in the short term, the Business Journal reported.
Russell said his ownership was simply giving the members time to recapitalize the club, the Business Journal reported.
Colonial was the original home of the St. Jude Classic, until the tournament moved to the TPC Southwind in 1989. Its South Course is the home to the PGA Tour’s first 59, shot by Al Geiberger in 1977, the Business Journal reported.
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