The Concession Golf Club may soon have a new majority owner.
Excel Golf, a family partnership operated by Sarasota resident Bruce Cassidy Sr., today announced a tenative agreement to buy a majority interest in the club.
Cassidy will be leading the group, which will focus on the continued development of the club and growing its membership while brining financial stability to the golf side of the golf and residential development.
Excel Golf intends to buy additional interest in The Concession Golf Club but not in the residential portion of The Concession, which will continue to be operated by The Concession Land Development, LLC and owned by Core Development.
Cassidy and Excel Golf will not have any control or investment in The Concession Land Development, against part of which Wachovia filed a foreclosure notice recently. However, Cassidy said he expects the success of The Concession Golf Club will have a positive influence on the residential real estate development. The golf club has not been involved in any foreclosure actions.
“I am extremely pleased to announce our group’s intentions to acquire a majority ownership interest in The Concession Golf Club, as it is one of the finest new courses in America and deserves the attention to quality and detail that we pledge will drive our management here,” Cassidy said. “I have a vested interest in the success of The Concession, not just in golf but also in the real estate development, as I own residential properties here and fully intend on making the golf side of The Concession a big success.”
Cassidy is building a home within The Concession. He expects it will be completed in December.
Cassidy’s and Excel Golf’s involvement with The Concession dates to 2008. He formed the entity to hold the interests of Excel Family Partners LP following an investment he made that enabled construction of The Concession’s 33,000-square-foot golf clubhouse to begin. The clubhouse is expected to open this fall.
According to the terms of the sale, Kevin Daves, who owns Core Development, will retain a minority ownership interest in the golf business. Daves is the original developer of the residential community and golf club.
“Bruce and I share the same goal of making The Concession one of the best golf clubs in the country,” Daves said. “I am very excited that Bruce is bringing his financial resources and business experience to ensure the long-range stability of the club.”
Cassidy and Daves expect the transaction will close in about 60 days.
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