Former Reebok CEO Retakes Ownership of Cape Cod Golf Club From Members
Former Reebok Chief Executive Officer Paul Fireman, who owns New Jersey’s $130 million Liberty National Golf Club, added a Cape Cod course to his collection.
Fireman has reassumed ownership of Willowbend Country Club from the members, 18 years after purchasing the private Mashpee, Massachusetts, facility at a government auction for $8.5 million.
Financial problems led club members to transfer ownership back to Fireman in a unanimous vote last month, a year earlier than a 2007 agreement called for, David Wood, the club’s vice president, said in a statement.
Fireman served as Willowbend’s sole owner starting in 1992 before transferring it back to the members in 2007 after unsuccessfully trying to sell the 27-hole facility for $33 million, the Boston Globe reported.
The club, which counts New England Patriots owner Robert Kraft among its members, will now operate “without the managerial or financial burden falling to the members,” Wood said.
Fireman, who sold Canton, Massachusetts-based shoemaker Reebok International Ltd. to Adidas AG for $3.8 billion in 2006, opened the Liberty National club in Jersey City, New Jersey, in 2005. It hosted the U.S. PGA Tour’s Barclays tournament four years later.
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