First Liberty Bank has offered the country club a short-term loan to help with operating costs.
“There is no denying the club has been facing financial difficulties for some time,” Price said in the letter. “I will have access to additional funds through First Liberty Bank to deal with club operations on a go-forward basis and have every reason to believe these funds will be adequate to properly operate the club in a first-class manner throughout the duration of the receivership.”
Price said Friday that he had already received nearly 100 emails and phone calls offering words of encouragement and support for him taking control of the country club.
First Liberty Bank and Bank of the Ozarks have both moved to foreclose on Gaillardia in recent weeks for defaulted mortgages on the country club.
Gaillardia's owner, the Little Rock-based private equity firm Herrington, Inc. led by CEO Phil Herrington, has owned Gaillardia since 2002.
A call to Herrington's office was not returned on Friday.