The U.S. Bankruptcy Court approved 25 asset sales, with the remainder of thetransactions subject to further approval.
Family Golf Centers, Inc. had been the leading operator of full-service golf centers and ice skating facilities nationwide. Keen Realty conducted the auction and oversaw the three-week marketing process that generated offers on substantially all of the 80 assets offered for sale.
More than 450 bidders interested in Family Golfs' income-producing driving ranges, golf courses, ice rinks and family entertainment centers in the US and Canada attended the auction, held at the Sheraton Hotel in New York City.
Additionally, FGC sold its interests in three distinct businesses: Pardoc Vending, Pinnacle Entertainn1ent, and the Campgaw Ski Area. The company withdrew from the auction two assets. First, it withdrew from the auction the sale of its ownership interest in its Canadian operations.Second, it withdrew from the auction the sale of Confidence Golf, a golf club manufacturing and assembly business.
The US sites were either owned or subject to long-term ground leases and were distributed among 21 states: 12 in California, 11 in New York, seven in Virginia (including four Ice Rinks), seven in Ohio, five in Colorado, four in Washington, three in Maryland and New Jersey; two each in Illinois, Michigan, Missouri, North Carolina and South Carolina; one each in Connecticut, Florida, Georgia, Kansas, Massachusetts, Pennsylvania, Texas and Wisconsin.
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