LinksDAO, a golf startup run by a decentralized autonomous organization (DAO), is poised to become the new owner of Scotland's Spey Cove Golf Club after winning a successful bid to purchase the course for an initial price of just over $900,000.
After winning the bid, the DAO signed an exclusive agreement with the supplier and will officially close the transaction in early April. Meanwhile, DAO CEO Jim Daily said on Twitter Spaces on the evening of March 16 that the DAO is going through a "due diligence" phase before it can be formally implemented.
While the original listing price was just over $900,000, a report from Golf Digest suggests the final sale price is expected to be higher. Links CEO Daily said they do not plan to disclose the purchase price until the contract is signed.
The report added that LinksDAO outbid "several other potential buyers."
LinksDAO which bills itself as a “global group of golf enthusiasts” with a mission to build “the greatest golf community in the world” entered the bid after a community vote, with 88.6% of the 4,300 LinksDAO members voting in favor of the offer. If the deal goes through, it will be the first time a DAO has purchased a golf course. The DAO is still "working on" the details of the course's membership structure, and has yet to confirm what benefits will be offered to LinksDAO token holders who wish to enter the golf course.
As for the current state of the golf course, Besvenik described it as "playable." "It's good, it's going to be a lot better soon, and we think it's going to be good by this time or next spring." If the deal goes through, Besvinick said the DAO will keep the stadium open until it begins renovations.
Links is seeking advice from several architects to renovate the golf course because it has "suffered from weather and erosion issues in recent decades," explained head of strategy Adam Besvinick on Twitter Spaces.
"Improved maintenance will significantly enhance the site," he added. The Daily and Besvinick explained in their community proposal to buy the course that the Scottish course's high cap-to-low price ratio makes it "too special to ignore".
