The Pellucid Perspective - May 2018 - 16

THE LAST WORD

It is, after all, all about the money

T

he revelation last month that Concert Golf Partners is in negotiations
to sell 16 of its 18 private clubs to
ClubCorp was further proof that golf
course owners have at least one thing in
common with professional sports free
agents. Namely, when they say it's not
about the money, and they're more interested in the fans, lifestyle or being part of
something special over the long run, rest
assured that it's about the money.
As he and his partners carefully accumulated their portfolio of private clubs,
Concert principal Peter Nanula was frequently quoted as assuring club members
that he and his fellow investors were in it
for the long term. As recently as late last
year, Nanula said his group had no intention of selling any of its properties, and
their business model was to "buy incomeproducing properties that we intend to
own forever." Apparently "forever" is more
accurately defined by the number of zeros
on the offer sheet than the calendar in the
golf business, just as it is in most professional sports.
The magnitude of ClubCorp's private
club empire provides a convenient parting
gift to members of the clubs being sold
by Concert and those which were previously held by Sequoia Golf before they too
were acquired by ClubCorp several years
ago. Both Nanula and former Sequoia
Golf CEO Joe Guerra have been quoted
as pronouncing ClubCorp the best fit for
their club members in terms of financial
resources, reciprocal access within ClubCorp's network of more than 200 clubs
and other benefits accruing to a company
of ClubCorp's size.
At first glance, it would appear that
ClubCorp now has a clear field to pick
off clubs that fit its target profile without
competition, which may depress sale prices. On the other hand, with the Concert
Partners apparent financial success as a
guidepost, one prominent industry broker
said that there are reportedly a couple of
small groups or partnerships who appear
to be interested in acquiring the type of
debt-plagued but otherwise viable clubs
that have historically been targeted by
both ClubCorp and Concert Golf Part-

16 The Pellucid PersPecTive

ners. Those new buyers could then repeat
the journey from "We're here for the long
haul" to "You'll be much happier with
ClubCorp" with their new acquisitions.

Course bogeys inclusivity,
diversity and humanity
Last month, Grandview Golf Course
in York County, PA created a teachable
moment in reverse for the golf industry in
its attempts to expand the game's appeal
to population subsets outside the ranks of
middle aged and older white males. The
story has received fairly wide dissemination since it occurred, but for those who
aren't aware of it, the gist of the incident is
as follows. A group of African American
women were playing the course on a Saturday morning, having received permission to go out as a fivesome after a lengthy
frost delay. Apparently they were no more
than two holes into their round when a
man named Steve Chronister approached
them and falsely identified himself as an
owner of the course. He told them they
were playing too slowly and they needed
to keep up with pace of play. Two of the
women were told by a course pro moments later that their pace was acceptable.
After skipping a hole and later completing
9 holes, three of the women, still upset by
the incident and Chronister's demeanor,
left the course. The two remaining members paused for refreshments in the clubhouse and were subsequently approached
by Chronister and his son Jordan, who actually is an owner of the course along with
his wife, J.J. The younger Chronister was
reportedly very aggressive, and told the
two women that they had overstayed their
break between nines, and that he would
refund their "membership" and they should
leave, adding that he had already called the
police. The police did indeed arrive shortly
thereafter, but left after determining that
no action was necessary on their part.
J.J. Chronister has since issued an apology to the women, who are part of a group
called Sisters in the Fairway, but the fact
that the group of women were the only
African Americans on the course and
that by several accounts were not, indeed,

playing too slowly makes it hard to chalk
up the male Chronisters' behavior to anything much short of overt racism and discrimination.
The Chronister males' behavior is
wrong on numerous levels, including the
inherent advantages of attracting underrepresented minority golfers to one's facility. After all, when viewed in the light of
participation statistics by race and gender
for the golf industry as a whole, a fivesome
of female African American avid golfers
is almost akin to a unicorn sighting. Those
women should be nurtured and catered to
if for no other reason than the opportunity
they represent to introduce friends to the
facility.

Bullish on bunker rakes
For those readers despairing of parlaying their knowledge of the golf industry
into a killing in the market on golf-related
stocks, despair no more. The eagle-eyed
Harvey Silverman, who obviously has very
broad golf related settings on his Google
Alerts app, sent along a report from an
Irish outfit called Fact.MR which forecasted a bumper year for ... bunker rakes.
The report's author cites a rise in worldwide golf projects and improved technology in several bunker rake product lines as
evidence pointing to strong sales of bunker rakes. Stay tuned for next month's indepth analysis of the ball washer market.

Oh you tease
The just completed Players Championship left the Tiger legions conflicted once
again. Should we be ecstatic that after surviving the cut on the number, Woods went
out and shot a personal best 65 at the TPC
Sawgrass layout on Saturday and had Tigermanic hearts aflutter early Sunday before once again flaming out, or in this case
drowning, in the home stretch. We are left
to wonder if this is the best we can hope
for between now and the Champions Tour
- a few glimpses of the old Tiger, followed
by the reality that what we're watching IS
an old Tiger. Time will tell, and probably
tell on us and Tiger.
-Jim Dunlap
May 2018



Table of Contents for the Digital Edition of The Pellucid Perspective - May 2018

TOC
NGF 2017 industry report released: facts served “sunnyside up”
Baylands Golf Links a win-win-win proposition times two?
Club manufacturer service frustrates green grass customer
April golf weather impact: A sea of red but March utilization hits 60%
Detroit fortunes looking up; golf market to follow?
It is, after all, all about the money
The Pellucid Perspective - May 2018 - TOC
The Pellucid Perspective - May 2018 - NGF 2017 industry report released: facts served “sunnyside up”
The Pellucid Perspective - May 2018 - 3
The Pellucid Perspective - May 2018 - 4
The Pellucid Perspective - May 2018 - 5
The Pellucid Perspective - May 2018 - Baylands Golf Links a win-win-win proposition times two?
The Pellucid Perspective - May 2018 - 7
The Pellucid Perspective - May 2018 - Club manufacturer service frustrates green grass customer
The Pellucid Perspective - May 2018 - 9
The Pellucid Perspective - May 2018 - April golf weather impact: A sea of red but March utilization hits 60%
The Pellucid Perspective - May 2018 - 11
The Pellucid Perspective - May 2018 - 12
The Pellucid Perspective - May 2018 - Detroit fortunes looking up; golf market to follow?
The Pellucid Perspective - May 2018 - 14
The Pellucid Perspective - May 2018 - 15
The Pellucid Perspective - May 2018 - It is, after all, all about the money
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202101
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202012
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202011
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202010
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202009
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202008
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202007
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202006
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202005
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202004
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202003
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202002
https://www.nxtbook.com/nxtbooks/pellucid/perspective_202001
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201912
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201911
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201910
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201909
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201908
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201907
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201906
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201905
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201904
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201903
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201902
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201901
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201812
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201811
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201810
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201809
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201808
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201807
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201806
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201805
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201804
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201803
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201802
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201801
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201712
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201711
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201710
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201709
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201708
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201707
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201706
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201705
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201704
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201703
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201702
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201701
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201612
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201611
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201610
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201609
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201608
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201607
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201606
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201605
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201604
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201603
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201602
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201601
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201512
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201511
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201510
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201509
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201508
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201507
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201506
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201505
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201504
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201503
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201502
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201501
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201412
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201411
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201410
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201409
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201408
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201407
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201406
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201405
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201404
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201403
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201402
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201401
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201312
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201311
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201310
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201309
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201308
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201307
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201306
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201305
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201304
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201303
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201302
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201301
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201212
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201211
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201210
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201209
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201208
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201207
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201206
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201205
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201204
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201203
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201202
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201201
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201112
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201111
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201110
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201109
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201108
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201107
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201106
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201105
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201104
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201103
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201102
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201101
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201012
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201011
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201010
https://www.nxtbook.com/nxtbooks/pellucid/perspective_201008
https://www.nxtbookmedia.com