The first purchase of a Scottish golf course by a decentralized autonomous organization (DAO) nears completion after nearly 90% of participants voted in favor of the bid.
LinksDAO placed a bid on a Scottish golf club after 88.6% of the 953 participants voted to bid for Spey Bay Golf Club located in Fochabers, Scotland. Around 8% were against the bid, while 3% abstained.
It is an 18-hole golf course located a three and half hour drive from Edinburgh, the Scottish capital. Golf Business News estimates its fair market value is around £750,000 or $910,000.
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The money to purchase the golf club will come from the $10.5 million in revenue the DAO made from selling its NFTs in 2022. Those in charge of the bid expect the sale to close by the end of April or early May 2023.
The proposal from the author of the bid claimed that it aims to buy a golf court for LinksDAO members to call "their own."
A primary goal of LinksDAO from the outset has been to purchase an extremely high-quality golf course for our members to call their own – shaping the course and club culture with the direction of the DAO and creating the future of a golf and leisure club in the process.
LinksDAO NFTs grant holders membership to several US golf courses. The Spey Bay Golf Club represents the first purchase via its governance process. According to the proposal’s author, they reviewed over 30 properties before settling on the Scottish golf club after extensive due diligence.
LinksDAO head of strategy, Adam Besvinick, explained in Twitter spaces that they had sought advice from architects on remodeling the course. He stated that the court had suffered from “weather and erosion issues” over the decades.
Most of the responses to the Twitter announcement were positive. If they close the deal, it will represent the first golf owned by the DAO.
In other DAOs-related news, the State Lawmakers in Utah have passed Utah DAO Act. The document legally recognizes Decentralized Autonomous Organizations (DAOs) and treats them as limited liability entities.
