Bumper green fee receipts have lifted cash funds at Lahinch Golf Club in Co Clare to a record €4.7 million, according to the latest report issued to members.
Chair John Gleeson said in his update for the first six months that green fee income for whole year is expected to beat the club’s estimate of €2.7 million.
“Our green fee tee times are virtually sold out for the season,” said Mr Gleeson in the report. “The revenue generated provides much-needed funds for our capital projects, provides employment for our staff and contractors and is vital in supporting the local business community.”
A round at Lahinch’s old course for non-member golfers is priced at €275 for this year’s high season, which began in mid-April and runs to the end of September. The course is especially popular with US golfers.
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“Our finances are in a very healthy state with a record €4.7 million cash held by the club,” Mr Gleeson told members. He said the total includes €1.4 million in prepayments.
Mr Gleeson cautioned, however, that the club has plans for the cash.
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“However, with our contingency fund of €2 million, irrigation project costing €2 million, clubhouse improvements essential and the upgrading plans for the castle course also requiring consideration, the club will need these funds and more to complete its ambitious plans.”
Mr Gleeson told members the club council would continue to manage the club’s finances “in a very careful and prudent manner”, adding: “We most certainly do not have a philosophy of ‘We have it so let’s spend it.’”
Mr Gleeson said sales at the club golf’s shop at the end of June were €625,000 (ex VAT) which, he said, was ahead of projections. He said annual subscriptions received to date totalled €1.13 million, with spending of €1.6 million for the first six months of this year also in line with expectations.
Club membership at Lahinch, which staged the Dubai Duty-Free Irish Open in 2019, is much sought after. Earlier this year, the club concluded its first membership election in six years, which was limited to spouses/partners of members and permanent local residents.
Mr Gleeson said the club council “acknowledges that some excellent candidates were unsuccessful in a very competitive but open and fair election process”. The council will look to hold a further election at the end of 2024, subject to a full analysis of tee time availability on the old course, he added.
