Dr. Chanchai Ruayrungruang, who founded the Reignwood Group in 1984, commented, “Reignwood has a long history in golf development, a profound respect for excellence in every form and deep interest in East-West cooperation.”
As a world famous golf institution, Wentworth is a key strategic acquisition for our rapidly growing luxury lifestyle division, whose unique culture we are dedicated to preserving and whose exceptional expertise will inform our golf operations across Asia.”
Richard Caring commented, “In the nine years that I have owned Wentworth, I have received a multitude of offers to purchase the Club. However, I have always looked for an owner with integrity, a recognition of the iconic nature of Wentworth, an understanding of the special place it keeps in so many people’s hearts, an owner who wants to develop the club ever further, improving on what is already a masterpiece, someone with knowledge and experience of the sport and with premium quality international connections and last but not least long-term vision.
In Dr Chanchai and his team at Reignwood, I feel confident that this has been achieved. I know Wentworth is in great hands for the next chapter in its amazing story and I look forward to staying on as Non-Executive Director.”
Chancellor George Osborne commented, “Today’s announcement that Reignwood Group is investing £135m in the UK to buy Wentworth, one of our most prestigious golf clubs, demonstrates the growing relationship between our two countries.
Strengthening co-operation between Britain and China is not only good for China, but good for UK jobs and investment too, which is why it’s a key part of our long-term economic plan.”
Reignwood Investments continues to seek strategic acquisitions in Europe as part of its international development plan.
KPMG assisted in the transaction as the lead advisor.