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By its Parent Company ClubCorp |
 May
15, 2006 - Pinehurst Resort announced today that its parent company, Dallas-based
ClubCorp, has engaged Goldman Sachs as its exclusive financial advisor
to explore strategic options, including the possible sale of the company.
If the decision is made to sell ClubCorp, the Dedman family will acquire Pinehurst, and the balance of ClubCorp's assets will go to another buyer. The Dedman family, which already owns 70 percent of Pinehurst would effectively increase its ownership and control of Pinehurst to 100 percent, according to its agreement with ClubCorp. "We believe it is important to preserve and enhance Robert Dedman Sr.'s legacy of stewardship at Pinehurst," said Bob Dedman Jr., ClubCorp's chairman. "We look forward to further improving the quality of the Pinehurst experience for both our club members and resort guests." After acquiring the resort in 1984, the Dedman family and ClubCorp oversaw the efforts to infuse new life into the aged resort, restoring its golf courses and hotels to their original glory. Don Padgett II will continue to lead the Pinehurst management team which will operate the resort. Pinehurst and ClubCorp have also established a multi- year strategic agreement that provides continued benefits for ClubCorp members. "We are excited about the future and the opportunity that ownership by the Dedman family presents," said Padgett, president of Pinehurst. "By partnering with ClubCorp, their members who frequent the resort will continue to enjoy its privileges for many years to come." About Pinehurst Resort
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| Contact:
Janeen Driscoll
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| Also See: | Donald Padgett II Appointed the New President of Pinehurst Resort / May 2004 |