By Dawn De Busk

Staff Writer

NAPLES — A longtime golf business, one that was in existence at the turn of the century, will be in the process of liquidating assets and closing or being bought out.

On Tuesday, the Naples Golf and Country Club (NGCC) announced the news about the company in a press release, saying that this decision was inevitable — given the past seasons’ revenue reduction and national trends indicating golf play is on the decline.

NGCC is a private business, which has been owned by shareholders and has a board of trustees. On Monday night, the shareholders’ meeting was held.

On Monday, the shareholders supported the closure, voting “to close, liquidate and dissolve the corporation,” according to the press release.

A few weeks before the meeting, the shareholders received a letter from the NGCC Board of Trustees recommending a move in that direction. The letter cited a reduction in golf-play revenues, which appears to be a national trend, as a solid reason for a recommendation to close and liquidate the company.

“The decision for this recommendation was inevitable,” the press release said. “After many years of effort, investment and improvements, the financial viability of the golf course operation has not improved enough and combined with the declining number of golfers visiting and supporting the golf course.”

The exact details of how the closure will occur have not yet been decided, the release said. The company may attract a single buyer or sell off assets.

“The Board will now move forward with determining the best way to liquidate and sell off all of the assets in whole or in part, and to review any further offers that may be received,” the release said.

On Monday night, “the shareholders reviewed and discussed an offer to purchase the entire golf course by a private group. This offer was rejected by the shareholders.”

The Naples golf business started out in 1921 as a nine-hole course. In 2000, the course was expanded, and by putting in another nine holes on the other side of Route 114, it became an 18-hole golf course, according to the business website.