Law360: No Mulligans: Budget Woes Close More University Links

Jeffer Mangels Butler & Mitchell (JMBM) partner Guy Maisnik was recently quoted in a Law360 article, “No Mulligans: Budget Woes Close More University Links.” The article looks at the sale of golf courses by higher education institutions as a way to realize proceeds from underused assets.

The University of Minnesota was the latest college to announce the sale of property that includes its Les Bolstad golf course. Maisnik told Law360, the university was in a “tough financial situation.”

“They have $10 million in deferred maintenance and can’t generate sufficient revenue to cover the upkeep. They need capital for other reasons,” he continued. “Under-use is a trend. That seems to be what’s going on. A lot of these properties, including Les Bolstad, are really ripe for residential development.”

Read the full Law360 article here (subscription required).