ClubCorp, because of its 57 years of private club experience and its strong balance sheet, is not constrained by transaction structure. We can operate, lease or purchase member-owned or investor-owned private clubs. Our strategy includes operating all clubs alike by managing each one differently in recognition of its unique, individual attributes. Our strength lies in the working relationships we build with the Advisory Board of Governors and numerous Member Committees found in our clubs, a long-held practice, which is a cornerstone of the ClubCorp success story.
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