Daily Flogging: Sea Island for sale?

Thursday January 28th, 2010

The doom and gloom continues in golf. Last week, Sea Island (Ga.) was awarded a PGA Tour stop on this year's Fall Series schedule. This week, the Sea Island resort is about to go up for sale. Golfweek reports on an article in The Atlanta Business Chronicle that says the company that owns the resort will hire an investment bank to review its options, including a new owner.
The resort completed a $500 million expansion in 2008. Last summer, Sea Island restructured $400 million in debt and announced plans to sell off
18,000 acres in October. The Chronicle quoted Bill Jones III, the resort's chairman, as saying, "We know we can't dig out of this financial situation by ourselves," at a meeting of 500 club members, according to an unnamed attendee.
The new McGladrey Classic, with tour player Davis Love as tournament host, is expected to be played Oct. 7-10 regardless of the financial issues.

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