In An Attempt to Shore Up Its Bottom Line, ClubCorp is Going Public.

The nation’s largest owner of private golf properties aims to raise up to $100 million in an initial public offering, money that the Wall Street Journal says would be used to pay off debt, including “a one-time payment” to its owner, KSL Capital Partners, “in connection with the termination of a management agreement.” It sounds as if KSL, which expects to maintain its majority control, will be the big winner here, at least in the short run. So is ClubCorp’s stock worth buying? Well, the company has a portfolio of 102 well-regarded golf properties (80 of them company owned) with more than 82,000 dues-paying members, and it also owns other city, business and sports clubs that generate substantial income. According to a filing with the Securities & Exchange Commission, however, ClubCorp’s golf properties lost 15.5 percent of their members in 2011 and 16.5 percent in 2012. Overall, the company lost $26 million last year. And that debt it wants to pay off? It amounts to $781.5 million.