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The decentralized autonomous organization (DAO)-operated golf startup, LinksDAO is primed to become the new owner of the Spey Bay Golf Club in Scotland after successfully winning a bid to buy the course initially listed for just over $900,000.
After winning the bid, the DAO has entered into an exclusivity agreement with the vendor and will look to formally close the deal in early April.
We won the bid.
WE’RE BUYING A GOLF COURSE!!!
â Links (@LinksDAO) March 16, 2023
In the meantime, it is undergoing its âdue diligenceâ phase before it officially puts pen to paper, according to CEO Jim Daily in a Twitter Spaces held on March 16.
While the initial listing was a tick over $900,000, a report from Golf Digest suggested the final sale price is expected to be higher. Links CEO Daily said that theyâre not planning on revealing the purchase price until the contract is signed.
LinksDAO put in the highest offer over âseveral other potential buyers,â the report added.
LinksDAO â self-described as a âglobal group of golf enthusiastsâ that is on a mission to build the âworldâs greatest golf communityâ â put in the bid following a community vote which saw 88.6% of 4,300 LinksDAO members vote in favor of putting in an offer.
If the deal closes, it will be the DAOâs first golf course purchase.
We’ve entered into an exclusivity agreement to purchase Spey Bay Golf Course on the Moray coast of northern Scotland! Thank you to @GolfDigest for covering the purchase. Read more https://t.co/rAcfrvJsIe
â Links (@LinksDAO) March 16, 2023
The DAO is still âworking through the detailsâ of the course membership structure and hasnât confirmed what benefits will be provided to LinksDAO token holders who wish to access the golf course.
As for the state of the golf course right now, Besvinick described it as âplayable.â
âItâs good, itâs going to be getting a lot better soon and we think itâs going to be great by this time or Spring time next year.â
If the deal is closed, Besvinick said that theyâll keep the course open until they start renovations.
Links is seeking advice from several architects to remodel the golf course, because it has âsuffered from weather and erosion issues over recent decades,â head of strategy Adam Besvinick explained in the Twitter Spaces.
âImproved maintenance will elevate this site significantly,â he added.
Related: Types of DAOs and how to create a decentralized autonomous organization
Daily and Besvinick explained in its community proposal to purchase the course that the high ceiling to low price ratio of the Scottish course made it âtoo special to ignore.â
âEven a price triple the âguide priceâ would be cheaper than most mediocre courses we have assessed thus far in the U.S.â
Cointelegraph reached out to Links for comment but did not receive an immediate response.
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