Houston Texans owner Bob McNair is preparing to buy the Golf Club at Briar’s Creek near Charleston, S.C., after a bankruptcy judge approved that deal in a court order filed on Wednesday, the Wall Street Journal reported today. With the approval from Judge John Waites, McNair and several minority investors who teamed up to offer a bid of $11.3 million can take over the private, 18-hole course. In earlier court documents, the club’s lawyers said Mr. McNair’s offer would enable the club, which employs 50 people, to spend $2 million on both its operations and on improvements. Yet some current and resigned golf club members are expecting to recover less than half of $13 million they are owed once the sale proceeds are paid out. The purchase offer includes $7.4 million in cash, while investor Edward L. Myrick Sr., who helped found the club, would forgive a roughly $3.9 million loan he had extended. The course filed for bankruptcy protection on Feb. 9, saying it hasn’t been able to persuade more than a handful of people to build homes on its lots. The community, spread over more than 900 acres, has only eight developed housing lots, according to court documents.
