by Bradley Parsons
Staff Writer
Gate Petroleum is one of several parties bidding to buy The River Club, according to company sources. The purchase could bring a needed cash infusion and perhaps bring new amenities to one of Jacksonville’s most exclusive establishments, the club’s president said Monday.
Bill Birchfield said he had been approached since November with “several overtures” to buy the club from its members. The River Club is wholly owned by its membership, and any potential offer would need their approval. Birchfield said the club’s management was going over the terms of the offers and could present the most favorable deal to its members. No specifics were provided, but Birchfield said each member stood to gain at least their share of the club’s value.
“If we have an offer or a deal that we don’t think we can refuse, then we will pass it along to the membership,” said Birchfield.
In comparing the offers, Birchfield said the board would consider the proposed management structure and “the commitment to spending money to rehab the club.”
“If I were the one designing the proposal, that is certainly something I would take into account,” he said.
Birchfield said the prospect of a free–spending owner was an attractive one to the club’s management and members. He said the club had spent relatively little capital since moving to Independent Square 35 years ago. Although the club maintains its exclusive cache with downtown business and political leaders, Birchfield said the club would benefit from money spent in the right places.
For instance, the club’s kitchen is still maintained on the 34th floor in keeping with original plans for a membership dining room on the lower floor. Thirty five years after moving to Independent Square, the dining room is now on the 35th floor, creating logistical problems for the wait and kitchen staff.
“Our kitchen is on the wrong floor,” said Birchfield. “We’ve been in the Independent building for 35 years without any expenditure of capital and without any review of the need for new amenities.”
Birchfield said any deal would have to be approved by a majority vote of the membership. A special members meeting can be called 20 days after notice from the board. Birchfield said there were no current plans to call such a meeting.
Birchfield would not offer specifics from any of the proposed deals. However, Gate personnel confirmed the company’s interest in The River Club. Gate has a history of purchasing prestigious area clubs, buying the Ponte Vedra Inn and Club, the Epping Forest Yacht Club and Deerwood Country Club. Gate subsequently sold Deerwood.
Michael Munz, who is handling the club’s public relations for the Dalton Agency, confirmed the club had several interested suitors although he declined specifics.
“It’s fair to say The River Club is looking for the best alternatives to enhance its goals and operations for the future,” said Munz. “We are looking at a lot of options and once the board reaches a consensus, the membership will be informed of the available opportunities.”
Munz said the club’s future was secure.
“Look for the club to be around for a long period,” he said.