Michael Smurfit, the former chairman of Smurfit Kappa Group, says he is now the sole owner of the Kildare Hotel, Spa and Country Club – the K Club – where the Ryder Cup was held in 2006.
Last month it emerged that Dr Smurfit had agreed to pay more than €40 million for 49 per cent stake in the club from developer Gerry Gannon, in order to achieve full ownership.
The sale was negotiated through the National Asset Management Agency, which is overseeing loans and assets held by Mr Gannon’s development group.
A spokesman for Dr Smurfit said yesterday he could confirm that Nama had no loans or other involvement with the K Club.
Dr Smurfit, in a statement issued on his behalf, said: “On behalf of the K Club, I would like to record my sincere appreciation for the understanding and support of our members, customer and guests during an uncertain and difficult period. I would also like to thank our staff and management for their dedication and commitment during this period.”
He said his objective now was to make the K Club better and stronger in the years ahead and to provide world-class standards for guests and members.
The businessman said he intended to enhance the quality of The K Club and its infrastructure.
The club has been incurring losses for the past five years, losing in excess of €2.5 million last year. Turnover peaked at €22 million in the year after the Ryder Cup; it is thought to have now slipped to about half that figure because of a fall-off in golfers and reduced green fees.