Chicago Sun-Times: Loop club in financial hardship

[Tweed]

http://www.suntimes.com/output/business/cst-fin-club03.html

"The Chicago Athletic Association, one of downtown's elite private clubs for dining and recreation, is sliding toward financial ruin and might sell at least part of its Michigan Avenue space.

The situation poses difficult choices for a club that dates from 1890 and has a connection to names written large in Chicago's history. While its membership covers a broad professional class, its base has been Chicago's Irish network in politics, law and other fields.

Financial reports indicate club operations have lost around $100,000 annually all but one year since 2000 despite stopgaps such as selling artwork and mortgaging its property. Several members, speaking on condition of anonymity, said losses have worsened recently and that the board has considered bankruptcy.

They said some board leaders have engaged in financial mismanagement and are pushing to sell everything to a developer."

I didn't care about this place until I learned it was mainly for Irish. That's awesome. I want it to survive so I may be invited some day.

[seventythree]

1. it's happening all over the state

(downstate, at least) country clubs are in trouble because middle management is disappearing, driving down membership, and the ones who started them are dying off. Kind of bugs me however, that an expensive, exclusive club can declare bankruptcy. Meanwhile, in the South as the wealthy retirees head there, country/golf clubs seem to be thriving. I can hardly believe what they are costing. An equity share in the southern clubs, like around Naples, can run 150,000 to 250,000.