(SANTA FE, NM – May 5, 2010) – Representatives of The Club at Las Campanas and of Las Campanas Limited Partnership today reached final agreement on the debt-free transfer of ownership and full operational control of The Club to its members, effective today. The agreement concludes negotiations that began nearly a year ago, when Representatives of the Bank of Scotland (Now Part of Lloyds Banking Group) assumed control of various Lyle Anderson Company real estate holdings, including Las Campanas Limited Partnership and The Club at Las Campanas.
Bob Buddendorf, Club Board Chairman, said: “This is the final action we needed to help ensure the continuing success and growth of The Club and of the entire Las Campanas community. Last October Las Campanas Limited Partnership and the Las Campanas Homeowners Water Cooperative signed a contract with Santa Fe County which provides an adequate and continuing supply of drinking water for the residents of this area. Today’s agreement means that The Club–which is the focal point for the Las Campanas community–will operate in a sound, independent and business-like manner for the enjoyment and benefit of all our members.”
The turnover to member ownership and control originally was to take place at the end of 2010, and members began initial preparations to assume ownership almost five years ago. The transition process was accelerated last spring, however, when deteriorating national economic conditions led to the Bank’s takeover of Anderson’s operations. Since that time The Club has established stand-alone accounting, human resources and information technology functions. The Club also developed a stand-alone cost-centered budget, which for the first time allocates revenues and expenses to each of its major activity centers–golf, tennis and spa, dining and catering, and the Equestrian Center. A line-of-credit also has been arranged with a local bank to handle normal operating needs.
Buddendorf continued: “The Club has since its inception operated by the developer, primarily to promote the sale of real estate within the Las Campanas community. Financial accountability and operating controls left a lot to be desired. That all has changed. We now have financial discipline, a formal budget and, of particularly importance, a highly experienced General Manager/Chief Operating Officer, Jim Muldowney. We also just recruited a first-class Executive Chef in Bruce Ross, who has clearly established himself as one of the leaders in private-club dining and catering operations. Bruce comes to us from the Tower Club in Dallas. We now have an effective management structure and a very involved member elected Board governing our activities in accordance with our Bylaws and Board Policy Manual.
“Our focus today is on satisfying the social and recreational needs of our members and on being responsible and contributing members of the Santa Fe community. The successful transfer of ownership and the improvements we’ve already made have created significant momentum for us.
“We are fortunate to have one of the best clubs in the entire Southwest, located in one of the most attractive and culturally-rich cities in the world. Given our diverse and friendly members as “ambassadors” for our Club, we want to be sure that prospective members and residents know about our great facilities, and our talented and dedicated staff. Thanks to today’s turnover agreement, I believe the future for The Club at Las Campanas and for the residents of the Las Campanas community has never been brighter or more promising.”
The Club’s two Jack Nicklaus Signature golf courses will continue to be irrigated primarily by effluent provided under a contract between The Club and The City of Santa Fe and Las Campanas Sewer Cooperative. The Club has also been working with the course architects to develop new and more efficient irrigation methods.
The Club at Las Campanas is a full-service private club, offering exceptional golf, equestrian, tennis, spa/fitness and dining amenities, serving approximately 800 members. The Club is located within Las Campanas, one of the leading residential communities in Santa Fe. Development of the Las Campanas community began in 1991, encompassing 4,700 acres of residential and recreational land, with provisions for as many as 1,700 home sites.