LinksDAO, a decentralized autonomous organization (DAO) for golf enthusiasts, is one step closer to purchasing a Scottish golf course, the group announced on Thursday.
The DAO has signed an exclusivity agreement with the owner of Spey Bay Golf Club, an 18-hole property located on the northern coast of Scotland. The collective expects the property will come under its ownership in the next three to four weeks, pending due diligence.
“We’re extremely excited about this development for our membership, greater community and friends throughout web3 and hope to close on the property within the month,” LinksDAO co-founder and head of community Cooper Sherwin told CoinDesk.
LinksDAO declined to disclose the value of its offer, noting that the deal has not yet been fully closed. Spey Bay’s seller listed the property at $905,000, according to the property’s listing. Golf Digest has reported that the deal is expected to close higher, however, without naming a specific figure.
Money for the purchase will come from two sources: an equity funding round and $10.5 million in profits the DAO reaped from its non-fungible token (NFT) project that sold out early last year.
It remains unclear how often the DAO’s members will be able to access the course, and at what cost. The community is still “working through the details” of the course’s membership structure, a process that will include the community’s more than 5,000 members, LinksDAO CEO Jim Daily told CoinDesk.
“The community’s voice has been an integral part of the success of this project thus far and will continue to be as we form our physical locations,” said Daily.
Daily declined to comment on whether or not that process would include a community vote.
If the Spey Bay deal goes through, it will mark LinksDAO’s first property purchase. The organization has agreements with several clubs across the U.S. that can be accessed by its players, 80% of whom are located in the U.S., but the DAO does not yet have its own club. It is currently looking at dozens of properties with the hopes of purchasing a club in the U.S. as well.
