Loch Lomond sale will not alter Scottish Open status

Published on Tuesday 4 November 2008 23:28

ALTHOUGH the 'For Sale' signs now hang over the exclusive terrain of Loch Lomond golf club, the European Tour insisted yesterday that a change of ownership will not effect the staging of the Barclays Scottish Open in 2009.

Both the Tour and Loch Lomond golf club own 50 per cent of the Scottish Open title. This means any prospective purchaser of Scotland's most highly regarded inland course would also inherit an equal share in ownership of the home of golf's national championship.

According to Peter Adams, the championship director of the Scottish Open, the Tour are confident the next staging of one of their most prestigious events won't be disrupted.

Adams said last night: "The European Tour and Loch Lomond golf club are joint venture partners in the Barclays Scottish Open and we do not envisage any change in that arrangement. We are assured that the new management team will continue to operate Loch Lomond golf club to the same world-class standards and we look forward to the next edition of the Barclays Scottish Open which will bear the same hallmark of quality that we have come to expect.

"In the event that Loch Lomond Golf Club comes under new ownership then naturally we will review the situation at the time."

News of the sale of Loch Lomond emerged at the weekend after Lyle Anderson, the Arizona businessman who owns the club, disclosed in a letter to members that he was unable to renegotiate his debts with the Bank of Scotland. Weekend reports alleged these may run to many millions.

Anderson wrote: "I am confident the bank shares my view that Loch Lomond Golf Club is one of a kind in the world. I have explored many alternatives, including restructured loan arrangements and potential sources and terms for additional equity. Regrettably, I have been unable to conclude arrangements for a restructured credit facility with the bank and have been unable to raise new equity or debt."

There's an agreement running until 2012 between Loch Lomond, the Tour and sponsors Barclays which was designed to keep the tournament on the bonnie banks for at least another four years. The deal, agreed between the sponsors and the co-owners of the title in 2006, was expected to ensure continuity of backing for an event which has involved Barclays for the past eight years.

Gulfstream and Standard Life were the previous sponsors. One of the European Tour's most prestigious events since the 1980s, the Scottish Open has been held on an annual basis at Loch Lomond since 1996.

The club, which also owns the links at Dundonald in Ayrshire, was thought to be worth up to 200 million. However, it may command a lower price in a recession. Leisurecorp, the Dubai based company which owns Turnberry, have been credited with an interest in acquiring Loch Lomond. Last month, David Spencer, the golf chief executive of Leisurecorp, told The Scotsman the company has no plans over the coming year to buy any more courses or hotels in Scotland. That said, he also acknowledged that Leisurecorp feel "very comfortable" in Scotland and wouldn't rule out additional investment in the home of golf over the longer term.