Dublin-based developers Dunloe-Ewart have confirmed they have made a £37.5 million offer to buy Balmoral golf course in south Belfast. If it is accepted, senior club members could receive large payments.
Dunloe-Ewart is understood to have put an alternative deal to the club which would include a payment of £22.5 million and the building of a new 18-hole course and clubhouse near Hillsborough, Co Down.
A spokesman for the club yesterday confirmed that it would be up to its relocation committee to make a recommendations to the members, who will make the ultimate decision.
If the sale is approved, the cash payments to the 750 ordinary and associate members are understood to be in the region of £50,000, or if the alternative offer is accepted, £30,000 The club's spokesman would not confirm this.
Dunloe-Ewart is expected to use the 100 acres of prime land to build luxury homes. The chief executive of Dunoe-Ewart, Mr Barry Gilligan, would not comment on the details of the deal yesterday, but said: "I can confirm an offer has been made, but this is a private commercial matter between Balmoral golf course and Dunloe-Ewart and I would not wish to make any comment at this stage."
It is believed that arrangements are in place on a first come, first served basis for around 100 Balmoral members to transfer to the new Stakis Park course at Templepatrick, Co Antrim, near Aldergrove International Airport.
Last year Dunloe-Ewart offered to build a luxury golf and country club with two 18-hole championship courses, £5 million cash and an annual retainer of £125,000 for three years until a new ground was found.
Balmoral Golf Club rejected that offer.