Save Sligo Golf.com

GWU PROFESSOR OF FINANCE EXPOSES SLIGO FINANCES _ MORE ...

SaveSligoGolf.com recently asked George Washington University Finance Professor Minor Sachlis to review the documents we have compiled since 2007.

He found no disagreement with our findings, and in fact, he expounded on our core concepts that not only is Sligo Creek Golf Course profitable and an important part of the "community," he believes the urgency of returning Sligo to a "natural state" (i.e. no golf) is part of a bigger plan by the County to "reclaim the land for condos" when the market improves. Below is his report:

 

"I've reviewed the 8 inches of paperwork that [you] gave me, and it was as feared of government work: Voluminous, impenetrable and uninformative. I saw the economic analysis on your web page, SaveSligoGolf.com, and the "allocated expense" items are the kinds of things I'd look for - it looks to me as though Sligo has made a cash flow profit over the years covered {and likely before then}. The thickness and obtuseness of the reports I've skimmed through reflect the stupid heaviness of the overhead heaped on Sligo that makes it a "loser" to be closed, in the County's viewpoint. Given the economics explained on the SaveSligoGolf.com page, I have little to add to the financial/economic analysis; and I think the golf-based economics are a small part of the County's decision to close Sligo: Selling condo rights a few years from now is the real reason {see below the letter I sent to the Institute for Justice}.

 

Possible tacks to argue for Sligo's continuation as a golf course seem to me to be:

1. Cash flow economics: It returns more cash to the County than it consumes.

2. Economic Diversity: It likely attracts more players of low-to-middle economic status than other County courses;

3. Future golfer development potential: It likely attracts more beginning players, being a shorter course, than other County courses {we all know that from watching the players in front of us};

4. Community contribution: The First Tee program at Sligo is what the government should do - Tiger may even weigh in on the County's hard - heartedness in cutting access to a nice golf course, with nice people, so close to D.C.

5. Demographics: As the baby-boomers retire, Sligo's a natural place to play golf inexpensively, and may well show better revenue growth over the next 10-20 years than other MC courses.

6. Pure economics: The intermediate step {reverting Sligo to a "pure park" status} on the way to re-zoning in the future to part-condo is just PR bullshit while they wait for the condo market to recover. Why not just keep Sligo as a golf course until the County wants to "reclaim" the land for condos - it'll still earn a cash flow profit, from both the golf course and the increased value of the land. Is the County willing to forgo some $300,000/year cash flow profit from Sligo, for 3 to 5 years, to have the superficially "good" PR of returning Sligo to "nature"?

Find below the letter I wrote to the Institute for Justice."

Please note: SaveSligoGolf.com does not reveal publicly its legal strategy or that of others.

                                                                           Respectfully,

 

                                                                            J. Minor Sachlis

                                                                       [personal info. redacted]

                                                                      Assoc. Prof. - Finance {Ret'd}

                                                                     George Washington University

 

SaveSligoGolf.com applauds Professor Sachlis for his honest opinion and exercising his First Amendment right to free speech. Professor Sachlis was not paid for his analysis and the views expressed above are a demonstration of his legal right to free speech in action and are his own.