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Rossdale Buying Capital Golf Club

Rossdale capital purchase

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#1 golfnut12

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Posted 13 November 2018 - 06:00 PM

Anyone at the meeting last night at Rossdale golf club. Believe they are wanting to buy Capital. Good luck rezoning aspendale to pay for it. Look at what just happened to kingswood. 7000 objections so Kingston council backtracked and backed the community. Wonder where the supposed cash is coming from.

#2 *Mouldy

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Posted 13 November 2018 - 06:16 PM

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#3 golfnut12

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Posted 13 November 2018 - 06:32 PM

That’s my thoughts. Record loss of close on 700k last financial year. Just smoke and mirrors to deceive new members into a pipe dream.

#4 PerryGroves

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Posted 13 November 2018 - 08:30 PM

I presume they are selling Rossdale and moving to Capital, putting money in the bank and ensuring their membership survives? 

 

Complaining nimbys wont really stop state governments.



#5 golfnut12

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Posted 13 November 2018 - 08:45 PM

That’s what they said with kingswood. Council backed down and sided with the 7000 objectors. Crown won’t accept less than 80mil. Aspendale land only worth 65-70mil. They made a loss of 700k last year. Where is the other 10mil going to come from and also in a depressed housing market now. Pipe dreams to entice members to join. I can see unicorns running down the streets!!!

#6 PerryGroves

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Posted 13 November 2018 - 08:53 PM

Nut, you are clearly in possession of a lot more knowledge than me, I'm trying to think as a director of a golf club that sounds like its in trouble.

 

If you cant build on Capital how can it be worth more than Rossdale's land?



#7 golfnut12

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Posted 13 November 2018 - 09:14 PM

Crown purchased capital from Lloyd Williams 5 years ago for 67mil. It would’ve appreciated. 80 mil just a figure that I would think crown would probably accept. I also think Kingston council would be more inclined to rezone capital than Rossdale due to less resistance from residents. Just keep thinking of the backlash from Dingley with kingswood.

#8 PerryGroves

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Posted 13 November 2018 - 09:21 PM

Not meaning to be an arse but Crown aren't known for making the greatest decisions, the ASX is certainly higher than 5 years ago, Crown is 30% lower.

 

Did old Lloyd stich 'em up and assuming they wanted to sell (appears other assets are on the chopping block) would they get a buyer at 50% of purchase price



#9 golfguy33

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Posted 13 November 2018 - 09:24 PM

1/ Rossdale would be lucky to have 200 members atm x $2k each average per annum ?

 

2/ The developer that supposedly gave Rossdale $2.7 mil plus the gst last year for part of the car park, it only happened as a paper exercise. No monies have changed hands at this point.

 

3/ Can't manage a golf club on those figures. 

 

4/ You wonder how these rumours get any traction ?

 

Jon...

ps: Capital is in the flight path from Moorabbin airport, so not much wriggle room for housing development ! 


Edited by golfguy33, 13 November 2018 - 09:27 PM.


#10 golfnut12

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Posted 13 November 2018 - 09:30 PM

Agree. They are talking this up in another attempt to drum up memberships. Get the members in by selling a story of being members at capital and then hey presto, sorry guys the deal fell through.

#11 madness

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Posted 14 November 2018 - 05:54 PM

I'm assuming the land is owned by the club. No individuals will profit from any move. Just a club struggling to support itself financially. If so I don't understand why members get so attached and carry on like it is their personal property they are holding onto. I've enjoyed playing Rossdale in the past but it is nothing special. There must be a dozen clubs within a half hour drive who would love more members and welcome them with open arms. Not too many waiting lists nowadays. Donate the land to the community and find somewhere else to play as many of their past members have obviously done. 



#12 Littleman

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Posted 14 November 2018 - 10:07 PM

I think there is more chance of mouldy making it to single figures than this deal occurring
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#13 Spade

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Posted 15 November 2018 - 08:23 AM

Golfnut, Andrew,

Once developer buys the land , it’s not up to the Club to get permits etc or get neighbourhood approval. Bybthe time that happens , members will becwalking down the 4th rated course in Australia.. no smoke & mirrors here.
Save Kingswood pffft.. members from there are walking the fairways of Peninsula

#14 long and straight

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Posted 15 November 2018 - 08:45 AM

Hey Guys (Golfnut12 / others) it looks to many that you may have had a long close relationship with Rossdale which at some stage turned sour. (Possibly ex board member?) I encourage you as previous supporters to move past this and to try and get behind Rossdales' future proofing, in what ever form that takes. 

 

Wouldn't it be good for your descendants to be able to see you name up on the honour board in 50-100 years time! 

 

As per your post below back in March 2016 where you claimed the club was dead in the water and encouraged the land sale, the cub has since had some modest member increases and the course has never looked or played better while retaining that same friendly and welcoming atmosphere which I suspect you may have previously been an intimate part of? 

 

Rossdale has a clear plan with a cohesive membership base which every Vic Golfer should support. Surely no reasonable person wants to see any long term club fail, particularly if you had once been committed to its success?

 

Don't look back, only strive to get better!

 

 

Golfnut12 post March 2016.

The reason there are people sticking the boot in is that the current BOD at Rossdale came out when they were part of the Save Rossdale moronic group stating that they had all these grand plans for saving the club. Since July 2015 when they were in their words" voted in by the majority of members" 52% to be precise gave them the mandate to stay at Aspendale and act on their plans, HAVE DONE NOTHING and if anything have completely disenfranchised members that have been there for over 40 years. 

They are getting what they deserved, but I can guarantee that not one of these idiots will admit fault, they will apportion blame onto the previous board. 

The captain left due to having no support from the BOD and to the point that there were emails being sent between BOD members that SHOULD'VE included the Captain but did not and also statements that the BOD had approved certain issues for members, when in fact they had not, basically lying to the membership base.

 

One other fact is that the new Captain that has just been appointed unopposed is all pro stay and in fact has been suspended by the club previously once and currently has a suspended sentence hanging over his head.

 

The club is totally dead in the water, Roll on roads and houses in the next 2 years.

 

One other interesting fact is that the Arrogant President went down to Patto River a couple of weeks ago claiming to their BOD that and I quote' you are in severe financial stress and should move up to Rossdale" they absolute arrogance of the guy.

 

No Idea.



#15 golfnut12

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Posted 15 November 2018 - 09:58 AM

Spade, 

 

Whose Andrew???

 

You've missed the point I think?? Current board went to the LOCAL COMMUNITY claiming years ago that Rossdale was the Community Club. Even put together a Save Rossdale Page to drum up community support to stay put in Aspendale to stop the developers circling. 

 

But now that they are so far in debt with no sign of improvement, offering cheap deals to prop up membership numbers, they are now prepared to turn to the community that has supported the club over the past few years and say stuff you all, we will look after ourselves.

 

So hypercritical, but then again i would think nothing less of the current board and management. 

 

It's like trying to shoot fish in a barrel with a shotgun, fire away and hope that you hit a good idea and can pull wool over the eyes of the jaded members.

 

In regards to Kingswood the point I have been trying to make is above, if you and the members are more than happy to look the local community in the eye and tell them that you have lied about protecting the local community from development then good luck to. I hope you can sleep well at night.

 

Good luck also getting a bank to lend you 60 odd million dollars with only book value equity of 8 mil for Rossdale and operating losses of 700k last financial year. Especially in today's financial climate.


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