I gave an update on this topic in late November. (see http://renofinehomesblog.com/2007/11/25/clubcorp-purchase-of-arrowcreek-country-club-moves-forward/) I stated that the main issue holding up this deal was a lawsuit filed by 14 of the country club’s equity members. In December ClubCorp, Terra Brook (the current owner of ArrowCreek Club) and 13 of the 14 litigants settled their suits. However, there was 1 hold out from the original 14. My understanding is that a verbal agreement has been reached with the remaining litigant so that the purchase can move forward. Obviously ClubCorp wil still have to complete their due diligence before a final deal can be executed.
This is a big win for the country members and the community as whole. ClubCorp is a top notch golf course oeprator and currently owns (or manages) some of the finest courses in the country including Hilton Head, Firestone Country Club, and Barton Creek Country Club. They have a very strong reciprocal program within their extensive network where members can play by paying cart fees only (and a small annual program fee).
ClubCorp has an outstanding reputation in the golf community; this change should bring more members and home buyers to the ArrowCreek community.