One of Donegal’s best-known golf clubs is set to pass into private ownership after a vote by members

One of Donegal’s best-known golf clubs is set to pass into private ownership after a vote by members.

Members at Narin and Portnoo Golf Club had been divided on whether to accept an offer from New York-based Donegal-born businessman, Liam McDevitt.

Mr McDevitt, whose father is from the area, has acquired €1.71m of debt the club owed to Ulster Bank.

Before that, the debt had been passed on to Cerberus, a US private equity firm specialising in distressed investing.

Mr McDevitt owns the debt and the loans are secured by the club’s assets.

Around 170 of the clubs members attended an emergency general meeting on Friday where members voted by a clear majority to accept a motion that will pave the way for a deal that will see McDevitt take control of the club.

Members will have to vote again after the details of a  final settlement have been worked out. The settlement will see the members of the club relinquish ownership and control of the entire golf course and all associated facilities and assets to Mr McDevitt's company, Knather Acquisitions. The company will in return forgive all outstanding debts owed to them by the club and its members and allow the members to use the golf facilities for the next 100 years at a cost of €1 per year.