SOURCE: Excel Golf

August 05, 2009 09:41 ET

Sarasota's Bruce Cassidy to Acquire a Majority Interest in The Concession Golf Club

Award-Winning Club's New Owner Pledges to Continue Development of Championship Golf and Fine Services

SARASOTA, FL--(Marketwire - August 5, 2009) - Excel Golf, a family partnership operated by Bruce Cassidy Sr., today announced a tentative agreement to buy a majority interest in The Concession Golf Club and bring financial stability to the golf side of the golf and residential development.

Cassidy, of Sarasota, is leading the ownership group, which will concentrate on the acclaimed golf club's continuing development and growing the club's membership. The Concession's 18-hole Jack Nicklaus Signature Golf Course, in association with Tony Jacklin, was ranked number one in Golf Digest's 2006 list of best new private golf courses and in the top 10 in Golfweek's 2009 list of best residential golf courses in the U.S. The club also has earned top rankings in Links Magazine, Travel & Leisure and Golf World.

Excel Golf intends to buy an additional interest in The Concession Golf Club, but not the residential real estate development around the golf course and grounds. Real estate development will continue to be operated by The Concession Land Development LLC, which is owned by Core Development Inc.

Neither Cassidy nor Excel Golf has any control or investment in The Concession Land Development, against which Wachovia recently filed a foreclosure notice. Cassidy said, however, that he expects the success of The Concession Golf Club will have a positive influence on the residential real estate development. The golf club has not been involved in any foreclosure actions.

"I am extremely pleased to announce our group's intentions to acquire a majority ownership interest in The Concession Golf Club, as it is one of the finest new courses in America and deserves the attention to quality and detail that we pledge will drive our management here," Cassidy said. "I have a vested interest in the success of The Concession, not just in golf but also in the real estate development, as I own residential properties here and fully intend on making the golf side of The Concession a big success."

Cassidy is building a home within The Concession. He expects it will be completed in December.

The Concession is named after the famous two-foot putt that Nicklaus conceded to Jacklin during the 1969 Ryder Cup. Nicklaus' concession resulted in the first tie in the Ryder Cup's history, and thus has become acknowledged as one of the finest acts of sportsmanship in the history of professional golf.

Cassidy's and Excel Golf's involvement with The Concession dates to 2008. He formed the entity to hold the interests of Excel Family Partners LP following an investment he made that enabled construction of The Concession's 33,000-square-foot golf clubhouse to begin. The clubhouse's anticipated opening is in the fall.

Cassidy said that according to the terms being finalized, the plan is Kevin Daves, who owns Core Development, will retain a minority ownership interest in the golf business. Daves is the original developer of the residential community and golf club.

"Bruce and I share the same goal of making The Concession one of the best golf clubs in the country," Daves said. "I am very excited that Bruce is bringing his financial resources and business experience to ensure the long-range stability of the club."

Cassidy and Daves expect the transaction will close in approximately 60 days.

Contact Information

  • Contact:
    Bruce Cassidy Sr.
    740-264-1800

    Media Contact:
    Jack Wollitz
    330-492-5500
    Email Contact