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Cost Rises As Capel Bids for Golf Course

Wed, 31 Oct 2007

The cost of Capel Developments’ attempt to buy the Clontarf Golf Club in Dublin continues to rise, and is now valued at €95 million. The offer had previously been valued at €15 million, though the bidders have now upped their offer to the club to €20 million, whilst also promising €100,000 to each full voting member, a pledge which will cost the company a total of €75 million.

Although the offer is dependent on the company securing rezoning for the existing golf course, the club will receive €1.5 million from Capel Developments regardless of rezoning. As well as having a long-term lease on 64 acres of the course, the Clontarf Golf Club owns the other 10 acres, and is hoping to lure of large cash payments, a links course and a new clubhouse will be enough to get members onside.

Having already paid €70 million for the Portmarnock Hotel and Golf Links, Capel Developments is hoping to build a new clubhouse.

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