Pegasus Golf Ltd announced the liquidation on March 6 in a social media post, and reassured its members the club would remain open during the process.
“The course, clubhouse, and all day-to-day activities continue as usual, and we’re very much looking forward to seeing you out here enjoying your golf,” it said.
“Your presence on the course genuinely helps keep the club spirit strong during this transition.”
It is understood several employees at the club were worried about their jobs.
The club said the appointed liquidator, Baker Tilly Staples Rodway, has advised that gift vouchers cannot be issued or redeemed at this time.
The liquidator's report said secured creditors are owed more than $6 million, while Inland Revenue is owed about $360,466 in GST and PAYE.
The club's unsecured debts include $204,235 owed to IRD, $211,086 to trade creditors, and more than $2.25 million in related party loans.
The company also held about $48,333 in cash in the bank at the time of liquidation. The value of its other assets has not yet been confirmed.
The liquidators said it was too early to determine the likely recovery for creditors and the final outcome of the liquidation.
As part of the process, creditors have been asked to lodge any claims by April 20 to ensure they are considered in the distribution of the remaining assets.
It is understood the receivers entered the property this week and removed equipment.
The Pegasus Golf and Sports Club's attached resort is also in liquidation and was put up for mortgagee sale in November last year. It consisted of 6 hectares of land intended for an ambitious $100 million resort development.
The club was offered for sale by the mortgagee in February.
The property was owned by Auckland businessman Xiangming (Sam) Huo, who purchased it in 2018 for $14.8 million.
Canterbury Golf general manager Blair Minton said the liquidation was "devastating news" for the club.
It is one of the top courses in Canterbury, hosting the Club Car Classic event on the Charles Tour in October.
The 18-hole, 80-hectare property has also hosted multiple major golfing events, including Ladies European Tour rounds in 2010, 2011 and 2012, the NZPGA tournament in 2019, and a leg of the Sir Bob Charles Tour in 2020.
“They're one of the traditional championship standard courses. It's devastating news for everyone involved," Minton said.
Bayleys national director of hotels, tourism and leisure, Wayne Keene, is managing the sale.
Keene told The Hotel Conversation the offering represents a rare opportunity to acquire a freehold championship golf resort with immediate operational scale and long-term development upside.
“Freehold championship golf resorts with established operations and clear development pathways are exceptionally rare.
“Pegasus offers a compelling combination of income, land-hold scale and future flexibility that we expect will resonate strongly with offshore investors.”
The property has hosted a number of national and international tournaments and is supported by a comprehensive range of facilities including a refurbished clubhouse, driving range, practice greens, pro shop, gymnasium, tennis courts and food and beverage offering.
The property is on a prominent site off Pegasus Boulevard, the township’s main arterial route. The Pegasus and Ravenswood areas continue to experience residential and commercial growth.
