This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-england-surrey-34591272
The article has changed 6 times. There is an RSS feed of changes available.
Version 1 | Version 2 |
---|---|
Wentworth golf club asks for six-figure membership fee | Wentworth golf club asks for six-figure membership fee |
(about 3 hours later) | |
One of the UK's most exclusive golf clubs is to start charging £125,000 to new joiners. | One of the UK's most exclusive golf clubs is to start charging £125,000 to new joiners. |
Wentworth, which was bought by the Beijing-based Reignwood Group in September 2014, has told existing members they must stump up £100,000. | Wentworth, which was bought by the Beijing-based Reignwood Group in September 2014, has told existing members they must stump up £100,000. |
Annual fees at the Surrey club are also to rise from £8,000 to £16,000. James Wyatt said he and other members faced having to pay "an enormous amount". | Annual fees at the Surrey club are also to rise from £8,000 to £16,000. James Wyatt said he and other members faced having to pay "an enormous amount". |
The golf club said membership pricing "is a private Wentworth club matter". | The golf club said membership pricing "is a private Wentworth club matter". |
'Completely shocked' | 'Completely shocked' |
Mr Wyatt, who learned of the new fees at a meeting on Tuesday evening, told the BBC: "You'll have to pay a debenture of £100,000 and if you want to join as a new member it'll be £125,000. | Mr Wyatt, who learned of the new fees at a meeting on Tuesday evening, told the BBC: "You'll have to pay a debenture of £100,000 and if you want to join as a new member it'll be £125,000. |
"A debenture is essentially a loan note with no interest on it, but there was some doubt as to whether we're looking at what we all think a debenture to be, or if it is really just a payment to the owners to fund their purchase and improvements in the club. | "A debenture is essentially a loan note with no interest on it, but there was some doubt as to whether we're looking at what we all think a debenture to be, or if it is really just a payment to the owners to fund their purchase and improvements in the club. |
"On top of that you'll have to pay annual subs of £16,000. | "On top of that you'll have to pay annual subs of £16,000. |
"People were completely shocked." | "People were completely shocked." |
He said the debenture scheme and increase in annual subscriptions would come in to force in April 2017. | He said the debenture scheme and increase in annual subscriptions would come in to force in April 2017. |
The golf club is on the Wentworth estate, in the heart of the Surrey stockbroker belt. | |
Its large houses are home to Middle Eastern royalty, international business tycoons, professional golfers and celebrities. | |
The six-figure cost of membership would make Wentworth the UK's most expensive golf club, although some other exclusive venues worldwide reportedly cost more. | |
Analysis: Peter Alliss, BBC golf commentator | |
It's unheard of [the debenture plan], in this country anyway, and unheard of in the whole of Europe I would think, although years ago in the Far East and some clubs in the United States have had this sort of thing. | |
Whether it will work in Wentworth I really don't know. I'd like to see the reaction from the members, because this is a very bold step. | |
The idea, I'm told, is the club wants to have a very good relationship with those who have houses on the estate, but a lot of them are from overseas, from Asia and Russia and other places. | |
It's a jigsaw puzzle at the moment and I wonder how many pieces will fall into place. | |
A spokesman for the Virginia Water-based club said: "We will be discussing our new membership categories, including prices, directly with our members." | A spokesman for the Virginia Water-based club said: "We will be discussing our new membership categories, including prices, directly with our members." |
He said the club would "invest heavily to significantly enhance and improve its three championship courses". | He said the club would "invest heavily to significantly enhance and improve its three championship courses". |
Mr Wyatt added: "Money needs to be put into the club, and the money needs to come from somewhere. | Mr Wyatt added: "Money needs to be put into the club, and the money needs to come from somewhere. |
"Last night we found out that the money is coming from members' pockets." | "Last night we found out that the money is coming from members' pockets." |