Pawtucket Country Club sold to three members

PAWTUCKET – The Pawtucket Country Club has been purchased by three members for an undisclosed price.
A special meeting was held Tuesday night at the club, where a majority of its Class A members, the previous owners, voted to sell the 113-year-old county club on Armistice Boulevard.
The new owners – David Rampone, Benny Martin and Gary Reis – have pledged to preserve golf course operations and to make capital investments in the facility.
According to a press release issued about the sale, the Pawtucket Country Club, which is in Pawtucket and Seekonk, Mass., is now debt free and repositioned to attract new members.

“As a member of Pawtucket Country Club for the past 28 years, I’m pleased to be in a position to take this action along with my partners to preserve one of Rhode Island’s best golf courses and to protect the traditions that have lasted here for the past 113 years,” Rampone said in a statement.
Rampone said he grew up playing golf at the club, and said the sale repositions its financial standing.

Pawtucket Country Club had a $588,059 deficit and $1 million in long-term debt in the 2012 fiscal year, according to the club’s 990 tax form.

The sale, Rampone said, “also allows us to recruit new members and provide them with assurances that the club is financially sound and they can join without concerns of assessments looming.”

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“The sale marks a new beginning for Pawtucket Country Club,” he added.

This is the latest country club to be sold in the area.
Ledgemont Country Club in Seekonk was sold to Joseph Ruggiero on Jan. 1, 2014, and Crestwood Country Club in Rehoboth was sold to Joseph G. Muniz on January 2012.
Valley Country Club in Warwick was sold in March 2010.

Muniz paid slightly more than $3 million for the 18-hole, private Crestwood.
Prior to their sales, Crestwood had $1 million in long-term debt, Ledgemont had $2.5 million in long-term debt and Valley had $4.91 million in long-term debt, according to their 990 forms.

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