Featured Golf News
Cape Cod's Willowbend CC Returns to Paul Fireman
Effective January 1, 2011, Paul Fireman will reassume ownership of Willowbend Country Club in Mashpee, Mass. At that time, a transfer will be made from the current membership equity arrangement. The transaction was approved following a landslide vote by club members.
Fireman, former CEO of Reebok International, originally purchased the private club in 1992 and served as sole owner from 1992 to 2007. In 2007, he sold the club to its members in an equity membership agreement.
The sale included two provisions. The first required that Fireman would be financially responsible for the club for the first four years. The second provision was a "put" option, which stipulated that at the end of the fourth year, members could opt to transfer the club back to Fireman by a two-thirds vote of equity members. The vote took place this fall, a year earlier than required, and passed overwhelmingly.
"Looking at the economic landscape, there was a sense from members and from Paul Fireman that it would be prudent to move the put option up a year," said Willowbend Country Club executive vice president David Wood.
"This ensures that the club can continue to operate as one of the region's top private clubs for years to come without the managerial or financial burden falling to the members. Paul's leadership will ensure financial stability and vitality for Willowbend well into the future."
"Since purchasing the club, my goal has always been to maintain Willowbend's quality and reputation as one of the finest country clubs in the region," Fireman said. "I have always had a deep personal connection with Willowbend, and I know that is a sentiment shared by our membership."
In addition to Willowbend, Fireman owns and operates Liberty National Golf Club overlooking Manhattan. He and his wife, Phyllis, are avid philanthropists, working to fight homelessness in Massachusetts through One Family and the Paul & Phyllis Fireman Foundation.
Willowbend Country Club, which overlooks Shoestring Bay, features a 27-hole course, eight Har-Tru tennis courts, an Olympic-sized pool, and a fitness center and spa. Willowbend offers fine dining in the Grille Room, located within the 46,000-square-foot clubhouse, and which hosts functions for up to 300 people. For more information, visit www.willowbendcountryclub.com or call 508/539-5000.
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