Golf course files bankruptcy
October 28, 2009 by Aaron Kremer · 6 Comments
The Federal Club, a $9 million Arnold Palmer golf course and upscale housing development in Hanover County, has filed for Chapter 11 bankruptcy protection.
The course, which opened three years ago, lists assets of less than $50,000 and liabilities of between $1 million and $10 million, according to the bankruptcy filing. The company owes $4.96 million to unsecured creditors, many in Richmond. Read more
Monday Q&A: Ray Tate’s new game
September 14, 2009 by Aaron Kremer · 1 Comment
For the rest of the month, BizSense will be running periodic stories about the business of sports. Please send us related news tips.
Eight years ago, Ray Tate, a former head football coach at the University of Richmond and a longtime entrepreneur, helped assemble 625 acres in Hanover County and spent $9 million building The Federal Club. The private country club opened three years ago as one of the only courses around with bentgrass, a mark of quality for golf nuts.
But then the economy turned south, and sales of home lots slowed dramatically. Read more
