How Four Influential Valhalla Members Bought Their Golf Club... And Why Not Everyone Was Happy About It

It's about to host the PGA Championship for a fourth time and has also staged the Ryder Cup, but not too many know about the recent ownership saga at Valhalla Golf Club.

Opened in 1986, the Jack Nicklaus design took just 10 years before it was selected to host a Major - the 1996 PGA Championship.

The PGA of America gradually bought full ownership of the Louisville, Kentucky course, which then staged the 2008 Ryder Cup.

The future of the course was in some doubt though when the PGA of America looked to sell the property - which is when four members teamed up to purchase Valhalla in order to “protect Valhalla from profit-driven investors, who would likely develop the critical land surrounding our course."

The quarter of owners, who were all members of the club, were led Jimmy Kirchdorfer, the CEO of a local business and also included former NBA player Junior Bridgeman, hotel owner Chester Musselman and former Yum! Brands CEO David Novak.

According to the Valhalla website, the club members took the unusual step as they "could not bear the thought of Vahalla being sold to a group that wasn’t local to Kentucky and did not appreciate the rich history the club has accumulated over its short existence".

What they called 'Chapter Three' of the golf course's history involved their "vision for Valhalla is to become a premier club in the country with a golf experience unlike any other in the world". 

Not everything has gone smoothly though, as an article in Golf Digest reported, the new owners ruffled a few feathers among the membership by asking they waive their rights to fee refunds if they leave.

“Every great club must eventually be able to stand on its own,” the new owners told membership according to Golf Digest. 

“To do this, the operating expenses must be funded by the member dues and other daily revenue. All capital requirements must then be funded from initiation fees. Valhalla has never been successful at this model, and we are taking steps now to resolve these issues, to ensure the longevity of the club.”

Some members left, such as Steve Humphrey who said the new owners were trying to make the club more exclusive - and thereby able to charge more for new members to replace those leaving.

“I didn’t care for the direction they were going,” said Humphrey. “The feeling was they wanted to turn Valhalla into a sort of Augusta. I don’t want it to be a showplace. For me, it’s just a golf club.”

And while ownership insisted that making money was not the object of the exercise, some members disagreed, although the majority seem to be happy with hos Valhalla is moving forward.

“I’m a numbers guy,” long-time Valhalla member Mark Switow told Golf Digest. “That’s what I do for a living. 

"There were over 140 people that were impacted by this and 120-some out of 140 said yes. A lot of people opted to stay in, and a few people opted out.

“I will say on the record I’m really happy with the change of ownership, in that it’s a members-first club. To me, the story is the renaissance of the club. Not that it was bad before, but it’s going to be really good now.”