In February 2000, a group of individuals expressed an interest in purchasing the Marco Yacht and Sailing Club. They had heard that certain corporations were also interested in the Club and wanted to see if the Marco Island Yacht Club could be member owned. May 2001, four private individuals presented a good faith deposit of $100,000.00 toward the purchase price of $5,500,000.00. That price included the footprint of the Club, ten slips, and a perpetual right of way to the parking lot and entrance.
A meeting was called of all of the Marco Yacht Club boating leaders and other interested parties. $160,000.00 was raised at that meeting and a plan to raise the additional money was developed. The founding club members decided that it would be important to buy the yacht club debt free. Letters went out to the members of the Sailing Association, the Power Squadron, the Coast Guard Auxiliary, the Marco Bay Yacht Club, the Marco Cruise Club and the Marco Island Yacht and Sailing Club.
All members of these clubs were offered the opportunity to become Charter Members of the new club by paying $25,000.00 each. As Charter Members of the Marco Island Yacht Club they would have equity ownership in the club. Clearly the interest in a “memeber owned” yacht club was shared, as within twenty-three days the two hundred charter memberships were sold! A second deposit of $500,000.00 was due on August 13, 2001.
A Steering Committee was formed, which appointed other committees to participate in the due diligence period to go forward with the purchase. The Steering Committee directed the purchasing process to the closing on August 27, 2001. They continued to direct the club after the closing until the Board of Directors officially took over the operation of the Club and its assets on November 1, 2001.
