Paul Fireman, former CEO of Reebok International, is resuming ownership of Willowbend Country Club in Mashpee, Mass. on January 1.
Fireman, who also owns Liberty National Golf Club in New Jersey, originally purchased the private club in 1992 and served as sole owner from 1992 to 2007.
In 2007, Fireman sold the club to its members in an equity membership agreement. The sale included two provisions. The first required that Fireman would be financially responsible for the club for the first four years. The second provision was a “put” option, which stipulated that at the end of the fourth year, members could opt to transfer the club back to Fireman by a two-thirds vote of equity members. The vote took place this fall, a year earlier than required, and passed overwhelmingly.
“Looking at the economic landscape, there was a sense from members and from Paul Fireman that it would be prudent to move the put option up a year,” said Willowbend Country Club Executive Vice President David Wood. “This ensures that the club can continue to operate as one of the region’s top private clubs for years to come without the managerial or financial burden falling to the members. Paul’s leadership will ensure financial stability and vitality for Willowbend well into the future.”
Willowbend Country Club, one of the premier private clubs and golf courses on Cape Cod, features a 27-hole championship course, a 46,000 square foot clubhouse, an Olympic size pool, and state of the art fitness center and spa.
“Since purchasing the club, my goal has always been to maintain Willowbend’s quality and reputation as one of the finest country clubs in the region,” Fireman said. “I have always had a deep personal connection with Willowbend, and I know that is a sentiment shared by our membership.”