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New Ownership at Chechessee Creek

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David Lott:
Ownership of Chechessee Creek has passed from original developer Chafin-Light to David Proctor, a principal in New York headquartered Jane Street Capital. The transaction closed about January 1 and has not been publicized in the media.

The course remains open as a private non equity investor owned club. Beyond setting a dues structure for the current year, Mr. Proctor has not announced other plans for the club. He apparently has no background in the golf business, but has been a successful investor. Jane Street describes itself on its web site as "a quantitative proprietary trading firm that operates around the clock and around the globe." The web site indicates over 200 employees.

I am told that Proctor was a member of the club. He apparently acquired the operation on his own without other investors. Members I have talked to say that Proctor was "low-key" and well liked and by other members and staff. The previous staff remains in place.

Purchase price was not disclosed to members. The club's structure was such that this information can remain confidential. The dues figure quoted to me seemed reasonable but I have not repeated it here because I am not sure the information is reliable. I have also been told that initiation fees have been eliminated for now, but I am not certain of that information either.

The purchase removes a major uncertainty but creates some others. I would describe members I have talked to (a limited sample) as pleased but curious about the future.

Bart Bradley:
I met Mr. Proctor on my trip to Chechessee last month.  He is a very kind and genteel man.  I wish him and the club the very best of luck.

Bart

David Cronheim:
I've had a chance to play ccc and I couldn't have been more impressed by the operation and tha facility. It's a wonderfully serene place where time seems to stand still, except of course that you can walk the course in about 2.5 hrs. I wish new management all the best.

Tiger_Bernhardt:
I have a good friend who is a Member. i certainly hope this is a good story for the clubs future.

David Lott:

--- Quote from: Tiger_Bernhardt on February 06, 2012, 06:33:41 PM ---I have a good friend who is a Member. i certainly hope this is a good story for the clubs future.

--- End quote ---

New owner with a fresh point of view, a track record of innovation and success, deeper pockets and a consequent ability to have a longer term horizon. These are all positives. The old ownership were quality people but constrained by the mess in the real estate industry, which is their principal business.

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