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.
In the meantime, the DAO is undergoing its “due diligence” phase before it officially puts pen to paper, CEO Jim Daily said in a Twitter Spaces eveon 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 they’re not planning on revealing the purchase price until the contract is signed.
LinksDAO put in the highest offer over “several other potential buyers,” the report added.
LinksDAO — self-described as a “global group of golf enthusiasts” that is on a mission to build the “world’s greatest golf community” — put in the bid following a community vote that saw 88.6% of 4,300 LinksDAO members vote in favor of putting in an offer.
If the deal closes, it would be the DAO’s first golf course purchase.
The DAO is still “working through the details” of the course membership structure and hasn’t confirmed what benefits would 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 “playable.”
“It’s good, it’s going to be getting a lot better soon and we think it’s going to be great by this time or springtime next year.”
If the deal is closed, Besvinick said that the DAO would keep the course open until it starts renovations.
Links is seeking advice from several architects to remodel the golf course, because it has “suffered from weather and erosion issues over recent decades,” head of strategy Adam Besvinick explained in the Twitter Spaces.
“Improved maintenance will elevate this site significantly,” he added.
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 “too special to ignore.”
“Even a price triple the ‘guide price’ would be cheaper than most mediocre courses we have assessed thus far in the U.S.”
Cointelegraph reached out to Links for comment but did not receive an immediate response.