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Sale of York Downs

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  • Sale of York Downs

    Given that the membership now has a second offer north of $300,000,000 is there anyone who would disagree that the other private courses in the GTA would benefit if they sold and there were 700 members looking for a new private club?
    Helping Canadians to earn fixed returns of 8% with 133% security to back their cash and registered investments

    What's in the bag?
    SLDR - Matrix Black Tie x
    3 metal Mizuno Tzoid
    5 metal Ping K15
    7 metal Tour exotic 21 degrees
    Ping s55 5-PW
    Wedges 52* - 56* - 60*
    Scotty 2.6 Newport

  • #2
    Re: Sale of York Downs

    True but slight correction. The board received the offer.
    In the end they decide which option the members see / vote on. The board has not shown an appetite for selling the club and folding in the past so I doubt that gets to a vote.

    If a proposal for a relocation gets voted down however I think you may then go through this all again, but with the intention to fold.

    Comment


    • #3
      Re: Sale of York Downs

      Originally posted by YDMV View Post
      True but slight correction. The board received the offer.
      In the end they decide which option the members see / vote on. The board has not shown an appetite for selling the club and folding in the past so I doubt that gets to a vote.

      If a proposal for a relocation gets voted down however I think you may then go through this all again, but with the intention to fold.
      Thanks for the clarification

      Given that so much money is on the table it would be easy to see that more tha 70% would want to sell for either a better golf facility or to simply get a cheque...
      Helping Canadians to earn fixed returns of 8% with 133% security to back their cash and registered investments

      What's in the bag?
      SLDR - Matrix Black Tie x
      3 metal Mizuno Tzoid
      5 metal Ping K15
      7 metal Tour exotic 21 degrees
      Ping s55 5-PW
      Wedges 52* - 56* - 60*
      Scotty 2.6 Newport

      Comment


      • #4
        Re: Sale of York Downs

        While I'm certainly not a tax accountant, all this talk about how much money YD members are likely to receive is pretty speculative. Canada Revenue would have to find a way to deal with a not for profit entity delivering equity value to the members. Usually, not for profit entities maintain their assets in not for profit vehicles.

        In my view, this seems like an interesting test case. Anyone know for sure how they (CRA) would handle this if the club decided to sell and close?

        Comment


        • #5
          Re: Sale of York Downs

          What is the source of this rumoured source offer? Who is the new player?

          Comment


          • #6
            Re: Sale of York Downs

            Originally posted by ParMaker View Post
            Given that the membership now has a second offer north of $300,000,000 is there anyone who would disagree that the other private courses in the GTA would benefit if they sold and there were 700 members looking for a new private club?
            I've been giving this some thought, and I agree, from a betterment of golf as a whole in the GTA, it would be better for the club to just sell outright.

            Given the decline in golf, this might be the lifeline that other private clubs have been waiting for.

            PS. The 2nd offer is closer to $400M

            Comment


            • #7
              Re: Sale of York Downs

              Link to the listing for sale by Colliers. Take your empties back to the Beer Store - bids due by July 9.

              Comment


              • #8
                Re: Sale of York Downs

                Originally posted by jmcnaughton View Post
                Link to the listing for sale by Colliers. Take your empties back to the Beer Store - bids due by July 9.

                http://www.collierscanada.com/13740#.U3KEwF44KA0
                Any bets on what the winning offer would be? This is just like buying a house in Toronto, bidding war! No conditions!

                Comment


                • #9
                  Re: Sale of York Downs

                  Originally posted by MizunoEd View Post
                  Any bets on what the winning offer would be? This is just like buying a house in Toronto, bidding war! No conditions!
                  Somewhere close to a million bucks a developable acre.

                  Comment


                  • #10
                    Re: Sale of York Downs

                    So much for the board not being interesting in selling !

                    The not for profit aspect...it's for the operating company. For example a condominium is an example of an operating not for profit. If you buy a condo and sell it 6 years later for 20% more, that's fine. I reckon it's similar here.

                    I think they should dissolve it. Too hard to get everyone to agree on moving...or buying a high end public course and turning it private. Building new makes no sense. You'll need to move to Aurora or further.

                    Tax wise, would it be a capital gain on the cancellation or disposition of your share?

                    Comment


                    • #11
                      Re: Sale of York Downs



                      Comment


                      • #12
                        Re: Sale of York Downs

                        Ouch ....
                        "Don't cry because it's over, Smile because it happened "

                        Comment


                        • #13
                          Re: Sale of York Downs

                          Finance committee very asleep at the switch! When I was on our committee, we probably over-scrutinized every single penny. On the one hand it is unbelievable but, there is so much of this stuff the time, it's not a surprise. It represents probably 1 % of rev/exp over the time frame so if done small enough, easy to escape notice. always gets caught when people get greedier!

                          Of course, these are all just unproven allegations at this point...

                          Comment


                          • #14
                            Re: Sale of York Downs

                            Certainly a failure of corporate governance, a GM's expenses should be reviewed/approved by the Chairman of the Board or Chair or the Audit Committee. Also sounds like they did not have proper procedures for approving expenditures.

                            Comment


                            • #15
                              Re: Sale of York Downs

                              How do these events with the GM affect the ongoing negotiations? I doubt that the GM is involved in the negotiations process.

                              Comment

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