Palmer investment group to acquire Mid South Golf Course

PINEHURST, N.C. -- An investment group headed by Arnold Palmer has announced that it has signed a letter of intent to acquire the assets of the Mid South Golf Course, a layout that Palmer's course design company created in the early 1990s.

"I've had a keen interest in Pinehurst ever since my father used to take me there to play," Palmer said. "Given the strong golf traditions of the area, and Mid South's wonderful location and high quality, I'm very excited about the opportunity to have my own personal connection to Pinehurst. I'm proud of the work we did on the golf course and only hope to improve it over time."

This sentiment was echoed by Mid South managing partner Bill Perry, whose original investment group, Mid South Investors, will retain responsibility for real estate development surrounding the golf course.

"We view this partnership as an exciting new era in the further evolution of the Mid South Club," Perry said. "The course couldn't be in better hands than Arnold's, and we now have a wonderful opportunity to concentrate fully on real estate development."

The sale and transfer is expected to be completed in early 2004. Effective immediately, all inquiries regarding memberships should be directed to the Palmer Group.

January 3, 2004