Deal with Scottish Golf Club inches closer to completion for LinksDAO
LinksDAO, a decentralized autonomous organization (DAO) for golf enthusiasts, has taken one step closer to purchasing a Scottish golf course.
In the next three to four weeks, pending due diligence, the DAO expects to become the owner of Spey Bay Golf Club, an 18-hole golf course on the northern coast of Scotland.
LinksDAO CEO Jim Daily told CoinDesk, “We are extremely excited about this development for our membership, greater community, and friends across web3.”
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A Scottish golf course is one step closer to being purchased by LinksDAO, a decentralized autonomous organization (DAO) for golf enthusiasts.
In the coming weeks, the collective expects to take ownership of Spey Bay Golf Club, an 18-hole property located on the northern coast of Scotland.
We’re excited about this development for our members, web3 community, and friends, and hope to close within the month,” LinksDAO CEO Jim Daily said.
In spite of the fact that the deal has not yet been fully closed, LinksDAO declined to disclose the value of its offer. According to the property’s listing, Spey Bay’s seller listed the property for $905,000, but Golf Digest reports the deal will close higher, but without specifying a figure.
DAO will purchase the project with $10.5 million in profits from its non-fungible token (NFT) project that sold out early last year and an equity funding round.
Daily reports that the community is still working on the details of the course’s membership structure, a process that will involve more than 5,000 members of the DAO.
The community’s voice has been integral to this project’s success so far and will continue to be so as we define our physical locations,” said Daily.
Daily declined to comment on whether that process would involve a community vote.
LinksDAO will be making its first property purchase if the Spey Bay deal goes through. While the organization has agreements with several clubs in the U.S. that its players can access, 80% of whom are in the U.S., the organization does not yet have a club of its own. In addition to looking at dozens of properties, the company hopes to purchase a club in the U.S. as well.