The struggling Gaillardia Golf and Country Club has been placed into receivership at the behest of its creditors.
Oklahoma County District Court Judge Patricia Parrish moved to appoint Ford Price, managing partner of the Oklahoma City real estate firm Price Edwards & Co., as receiver for the exclusive country club on Thursday afternoon.
In a letter to members, Price reassured members that Gaillardia would remain open. 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.”
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 immediately returned on Friday.