Dedman Family to Sell ClubCorp not Pinehurst

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Family-owned ClubCorp Inc., owner and manager of more than 170 golf courses and private clubs, is putting itself up for sale.
 
But there is one asset the Dallas-based ClubCorp won't sell - the legendary Pinehurst Resort in North Carolina.
 
'That will allow us to continue my father's legacy there and our family's legacy there,' chairman Robert Dedman Jr. told The Dallas Morning News in an exclusive interview Friday.
 
A statue of ClubCorp founder Robert Dedman Sr., who died in 2002, stands next to the 18th hole at Pinehurst No. 2, the resort's most famous course. It was the site of two recent U.S. Open Championships.
 
ClubCorp, a year away from its 50th anniversary under Dedman family control, has hired Goldman Sachs to take bids for the company.
 
ClubCorp's board of directors began discussing a sale 18 months ago and decided last week to pursue alternatives. Dedman, who said that the company will take up to six months to evaluate offers, said that part of the reasoning for the sale was that the family wants to further its charitable legacy in North Texas.
 
Much of ClubCorp's revenue and holdings are in private golf courses like Brookhaven Country Club in Farmers Branch.
 
The company's 2005 revenue of $1.04 billion was up 8.5 percent from 2004. It has also seen membership growth in each of the last four years, said chief executive John Beckert, who plans to remain with the company.
 
Clubcorp hopes to sell the company in one piece. 'We don't anticipate offering individual clubs for sale,' Dedman said.
 
In a series of meetings around the country, executives will reassure current ClubCorp members that they'll still have access to Pinehurst.
 
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