The Stratford Country Club isn’t out of the woods just yet, but its president says he can see the path back to financial stability.
“We’re working amicably with our banking institution, and we’re going to be able to move forward,” Mark Straus told CTV News on Friday.
Questions about the club’s future have been asked since news of its financial difficulties first broke.
While nobody is saying exactly how much money the organization owes or exactly how it found itself in that situation, the club has run deficits for the past couple of years.
In an email sent to club members Friday and obtained by CTV News, Straus said the club plans to enter into an agreement with its bank allowing them until the end of January to figure out their next steps.
“The bank feels much more comfortable with our financial situation given that members have come forward to inject money for operations short-term until a remedy to pay back our debts is found,” the letter reads.
“The bank has made it clear they are not willing to put forth any more funds for operations.”
Under the terms of the agreement, Straus said, the bank will cap the club’s line of credit, but won’t look to seize funds from its account.
By the end of January, the club is required to have a plan to pay its various creditors – including its bank, the Canada Revenue Agency, the City of Stratford and others.
“We’re going to get through this,” Straus said.
“Our membership is on board. Our banking institution is on board. CRA is on board.”
Police also have an ongoing investigation into the situation – one they began after being alerted by the club’s management.
Functions booked at the club will continue as normal, Straus said – as will curling and squash operations.
