I thought it was an interesting discussion, but there was a piece missing for me. Specifically, when talking about "where the money goes" on expensive club renovations, they didn't really talk about the underlying problem -- which is that there isn't really a place in the market for "middle class golf clubs" anymore.
Clubs that aren't Top 100 courses need to become upscale, lifestyle country clubs that offer a lot of amenities (and some prestige), or they're gonna be in financial trouble. There doesn't seem to be much of a market for a decent golf club with few other amenities and low initiation/dues. Those clubs, at least where I live (in CA) are dying (even in the golf boom).
So hiring the big designer and doing the big project is, at least in part, an attempt to leapfrog up a tier or two in the club hierarchy more than it's about bunker drainage and fairway corridors, etc.
Just a thought while I was listening to the episode, which I really enjoyed.
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