Decentralized autonomous organization (DAO)-operated golf startup LinksDAO has become the new owner of Spey Bay Golf Club in Scotland after successfully winning a bid to buy the listed course for just over $900,000.
After winning the bid, DAO has signed an exclusive agreement with the vendor and will try to officially close the deal in early April.
We won the bid.
We bought a GOLF COURSE!!!
– Links (@LinksDAO) March 16, 2023
In the meantime, it’s undergoing a “due diligence” phase before officially putting pen to paper, according to to CEO Jim Daily at Twitter Spaces held on March 16.
While the initial listing was over $900,000, a report from Golf Digest suggests the final sale price will be much higher. The CEO of Links Daily said he does not plan to announce the purchase price until the contract is signed.
LinksDAO submitted the highest bid over “several other potential buyers,” the report added.
LinksDAO – self-described as a “global group of golf enthusiasts” with a mission to build “the world’s largest golf community” – was put in bid after community choose which saw 88.6% of the 4,300 members of LinksDAO vote to bid.
If the deal closes, it will be DAO’s first golf course purchase.
We have signed an exclusive agreement to purchase the Spey Bay Golf Course on the Moray coast in the north of Scotland! Thank you for @GolfDigest to cover the purchase. Read more https://t.co/rAcfrvJsIe
– Links (@LinksDAO) March 16, 2023
The DAO is still “working on the details” of the course’s membership structure and has yet to confirm what benefits will be provided to holders of LinksDAO tokens who wish to access the golf course.
As for the current condition of the golf course, Besvinick described it as “playable”.
“Good, it’s going to get better and better and we think it’s going to be good around this time or spring next year.”
If the deal closes, Besvinick said he will keep the course open until renovations begin.
The Links is seeking advice from several architects to renovate the golf course, which has “suffered from weathering and erosion problems over the past decade,” chief strategy officer Adam Besvinick told Twitter Spaces.
“Good maintenance will elevate this site significantly,” he added.
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Daily and Besvinick explained in the community’s proposal to buy the course that the high ceiling to low price ratio of the Scottish course makes it “very special to be noticed.”
“Even triple the ‘guide price’ will be cheaper than the average course we have assessed so far in the US”
Cointelegraph reached out to Links for comment but did not receive an immediate response.