Chinese investment group Reignwood Investments has purchased the UK’s famous Wentworth Golf Club, home of the PGA European Tour, from WG Acquisition for £135m (US$219m, 170m).
The new owner will take charge of a prestigious property that is the venue of the BMW PGA Championship and which also hosted the first ever Ryder Cup tournament.
The club houses three of its own 18-hole golf courses, a 9-hole par three executive course and a specialist performance lab from golf brand TaylorMade.
The site also features a clubhouse, restaurants, bars, conference facilities and accommodation for guests, while the site is host to a tennis & health club with 13 tennis courts, gym facilities, a spa with seven treatment rooms and two indoor and one outdoor swimming pools.
The purchase comes as the UK sees a steady increase in the number of Chinese investors showing financial interest in the country, with one group of businessmen from the Middle Kingdom recently backing plans for
the creation of a new commercial and retail plaza in the steel city of Sheffield.
Reignwood's acquisition comes as the business seeks to buy up a number of strategic acquisitions across the world as part of an international development plan, with KPMG serving as a lead advisor in the deal. Richard Caring, head of sellers WG and a nightclub tycoon, is to remain a part of the golf club as a non-executive director.
The announcement of the deal has received backing from British chancellor George Osbourne, who said: “Today’s announcement that Reignwood Group is investing £135m in the UK to buy Wentworth, one of our most prestigious golf clubs, demonstrates the growing relationship between our two countries.
“Strengthening co-operation between Britain and China is not only good for China, but good for UK jobs and investment too, which is why it’s a key part of our long-term economic plan.”
The news comes as plans for another major golf development in the UK hit a snag last week, with plans from Judy Murray and the King Group’s Park of Keir coming under
criticism from a member of the local planning authority.
