DALLAS, March 3, 1998 - The International Group of ClubCorp announced today that it has acquired a 23 percent interest in PGA European Tour Courses PLC (PGA ETC) from Thompson Investments, Ltd. The transaction is valued at more than $10 million (USD). PGA ETC is a company that owns and invests in flagship, tournament golf venues in Europe. It is listed on the London Stock Exchange and trades under the symbol (PGA). ClubCorp will also have two seats on the board of directors of the company.
Thompson Investments accepted the ClubCorp offer after consulting with the two other primary shareholders. Primary shareholders of PGA ETC are PGA European Tour, which owns 18.9 percent and International Management Group (IMG), which owns 19.3 percent. Approximately 38 percent of the shares are in the hands of the public.
"ClubCorp is pleased to be the partner of choice of PGA European Tour and IMG," said Robert H. Dedman, Jr. president and chief executive officer of Club Corporation International. "Our company expects to complement the expertise and skills of PGA European Tour and IMG with the 40 years of successful experience we have had in operating tournament-caliber facilities while building quality relationships with tournament sponsors, players and host course owners."
PGA ETC owns and manages high profile golf courses in England, Sweden, and Portugal which are the sights of internationally prominent golf tournaments. In England, PGA ETC owns a 50 percent interest in the famed Woburn Golf Club near London, the home of the British Masters, as well as two other tournament courses near London, Collingtree Park and Stockley Park. The PGA ETC-owned property in Sweden is the home of the Scandinavian Masters. In Portugal, PGA ETC owns the Quinta do Lago golf courses on the Atlantic coast, which have been the sight of numerous tournaments such as the Portuguese Open and the Johnnie Walker Euro Classic. With a tournament-quality course built to Ryder Cup standards near Barcelona, Spain, currently under development, PGA ETC will continue to be an active developer and acquirer of properties in the future.
Thompson Investments has been instrumental in the development of PGA
ETC into the premier European golf-related company. Mr. Dedman added,
"ClubCorp appreciates Richard Thompson's significant accomplishments in
establishing the strategic direction of PGA ETC, which will ensure its
successful future as a
leader in European golf."
Club Corporation International owns or manages over 220 golf-related properties and private clubs worldwide, including renowned properties such as Pinehurst Resort and Country Club (North Carolina), Mission Hills Resort and Country Club (California), Indian Wells (California) and The Homestead (Virginia). The Company is also known for its numerous and unequaled affiliations with prestigious major tournaments ranging from the U. S. Open to the Bob Hope Chrysler Classic to the LPGA's Nabisco Dinah Shore. Founded in 1957, ClubCorp has operating revenues in excess of $840 million and assets in excess of one billion dollars. The company serves over 250,000 members and employs more than 20,000 employees. The International Group of ClubCorp is a wholly owned subsidiary of Club Corporation International of Dallas, Texas.