Membership buy-out gets green light at Loch Lomond

"The directors of Loch Lomond Golf Club have been working over the last several months to evaluate the various expressions of interest for the acquisition of Loch Lomond Golf Club and Dundonald Golf Course," read a statement issued by the club last night.

"After careful consideration of all of the offers received, we are pleased to announce that the directors have elected to move forward with an offer put forth by a committee of members on behalf of the membership body of Loch Lomond Golf Club.

"Philip Gund and Stephen Marotta, the directors of the club, will be working with the committee to finalise terms. In the interim, the courses continue to be in excellent shape and open to members."

Rumours have abounded since Gund and Marotta, who work for a New York-based re-financing company, were asked by the Bank of Scotland to seek potential buyers.

The Bank had taken control due to the debt situation at the club after Anderson encountered financial problems with one of his projects in America.

The De Vere Group, which owns the neighbouring Cameron House Hotel, including The Carrick course, had been reported to be in the driving seat earlier in the summer, while the Cadbury family and Peter de Savary were also said to be interested.

However, the members now look set to gain control of the exclusive club and, when it first went up for sale, it was being estimated that would cost them 100million. Leading the move at that time was former Hibernian chairman, Ken Lewandowski. He is no longer directly involved with the members' committee, having become disgruntled due to the fact things were taking too long to proceed.

However, Lewandowski, the club's former Scottish captain and still a close friend of Anderson, last night welcomed the announcement that progress was finally being made.

"It is good on behalf of the members and it is the right thing that the directors are entering into an exclusive agreement with the members' bid to purchase the club. But we still need to know the terms. I saw the last bid but I don't know if the terms are still the same," he said.

"Members will be asked to pay a lump sum towards this but I didn't know what that is going to be. I came off the Members' Association because I didn't think things were moving fast enough and I don't know what has crystalised it. However, I still think there are bridges to cross."

If the price is still the same, it would mean the 800 or so members, the vast majority of whom are reputedly in possession of large personal fortunes, would each need to put up 125,000.

At one time, it was believed eight or nine parties from the Middle East, Europe and the US were interested in buying the club.

The Bank of Scotland put the running of Loch Lomond into the hands of Marotta, Gund, Budd and Dzera on 20 October 2008 and appointed Marotta and Gund as the directors.

In the past couple of years, staffing costs have been reduced but, at the same time, management have striven to maintain a high level of service.

Now senior managers will be waiting to see what the future holds for them with the members in charge.