Warrenpoint GC’s members could lose £4k
20th November, 2011 by Colin Victor
Members of Warrenpoint Golf Club in Northern Ireland could lose nearly £4,000 on a loan payment they made in 2005.
The club set up a financial scheme six years ago, in which every member invested £4,500 so that the club could buy part of the grounds, valued at £4.1 million, that had previously been leased.
Members who then left the club were repaid the money in full within six months of their departure.
However, this changed in 2009, when the club discovered it could not afford to pay each member the full amount owed, and therefore offered to pay them £772 per year for five years instead.
However, three former members refused and have taken the club to court. The Newry court was told that if Warrenpoint Golf Club cannot pay its debts and is sold, the most members could expect to get is £524 each – a loss of nearly £4,000.
The case was adjourned until next month.