Running Horse Golf Championship
Encyclopedia
The Running Horse Golf Championship was a proposed PGA Tour
golf
tournament. It was scheduled to be played for the first time on October 22-28, 2007. A new tournament called the Ginn sur Mer Classic at Tesoro took its slot in 2007 and 2008, before being cancelled itself.
The tournament was to be staged at Running Horse Golf & Country Club in Fresno, California
, a residential golf development with a course co-designed by Jack Nicklaus
and his son Jack Nicklaus II, which was under construction when the tournament was announced. However, in November 2006 it was reported that foreclosure
proceedings on Running Horse had begun. The City of Fresno hoped that a buyer could be found and the tournament would go ahead. The PGA Tour also remained optimistic, and the tournament director stated that the tournament could be played at Running Horse if the course was seeded by March 2007. However a move to a new venue, which would entail a change of name, had not been ruled out. By early June 2007 there was no real doubt that the tournament would not take place at Running Horse in 2007, http://www.fresnobee.com/columnists/james/story/51509.html http://www.fresnobee.com/sports/story/51359.html and on June 14 the PGA Tour announced the replacement event. PGA Tour Commissioner Tim Finchem
stated, "Our intention... is for Fresno to be a part of the schedule again in 2008 and beyond."
If the event is revived, it will be the first PGA Tour event to be staged in central California
since 1964.
In August 2010, a former Carmel real estate broker, Thomas O'Meara, was arrested by the FBI and arraigned in federal court. O'Meara was indicted on 32 counts of conspiracy, wire and mail fraud in connection with the failed Running Horse development.
The indictment alleged:
- Based on representations made to them by O'Meara, Jack Nicklaus and members of the Nicklaus Design team appeared at a press conference in January 2006 at the proposed Running Horse golf course and, relying on O'Meara's representations, the PGA Tour publicly scheduled a PGA Tour event called "The Running Horse Classic" that was to have taken place in October 2007 with a purse of $4,500,000.
- That O'Meara spent all money loaned to him by commercial investors and eventually defaulted on $10,000,000 in commercial loans, began marketing the Running Horse development as an investment opportunity, and solicited over $16,000,000 in private investor funds at a time when O'Meara knew, but failed to disclose, that the project was in poor financial condition and faced numerous, substantial obstacles to completion.
- That O'Meara diverted some private investors' funds for his own personal gain.
- That O'Meara and others acting on his behalf falsely stated that the development had acquired all property necessary to complete the golf course and adjoining residential development; that the golf course was close to completion; that investors were falsely promised that their principal was guaranteed and they would receive high rates of return on their investments; and that Jack Nicklaus Design and the PGA Tour were confident that the golf course would be completed in time to host the Running Horse Classic in 2007.
- That the Running Horse development ultimately failed, and commercial and private investors lost their investments.
- And, that no residential units were ever built in the development, and the 450 acres (1.8 km²) on which the Running Horse Golf and Country Club was to have been located remain largely undeveloped.
PGA Tour
The PGA Tour is the organizer of the main men's professional golf tours in the United States and North America...
golf
Golf
Golf is a precision club and ball sport, in which competing players use many types of clubs to hit balls into a series of holes on a golf course using the fewest number of strokes....
tournament. It was scheduled to be played for the first time on October 22-28, 2007. A new tournament called the Ginn sur Mer Classic at Tesoro took its slot in 2007 and 2008, before being cancelled itself.
The tournament was to be staged at Running Horse Golf & Country Club in Fresno, California
Fresno, California
Fresno is a city in central California, United States, the county seat of Fresno County. As of the 2010 census, the city's population was 510,365, making it the fifth largest city in California, the largest inland city in California, and the 34th largest in the nation...
, a residential golf development with a course co-designed by Jack Nicklaus
Jack Nicklaus
Jack William Nicklaus , nicknamed "The Golden Bear", is an American professional golfer. He won 18 career major championships on the PGA Tour over a span of 25 years and is widely regarded as one of the greatest professional golfers of all time. In addition to his 18 Majors, he was runner-up a...
and his son Jack Nicklaus II, which was under construction when the tournament was announced. However, in November 2006 it was reported that foreclosure
Foreclosure
Foreclosure is the legal process by which a mortgage lender , or other lien holder, obtains a termination of a mortgage borrower 's equitable right of redemption, either by court order or by operation of law...
proceedings on Running Horse had begun. The City of Fresno hoped that a buyer could be found and the tournament would go ahead. The PGA Tour also remained optimistic, and the tournament director stated that the tournament could be played at Running Horse if the course was seeded by March 2007. However a move to a new venue, which would entail a change of name, had not been ruled out. By early June 2007 there was no real doubt that the tournament would not take place at Running Horse in 2007, http://www.fresnobee.com/columnists/james/story/51509.html http://www.fresnobee.com/sports/story/51359.html and on June 14 the PGA Tour announced the replacement event. PGA Tour Commissioner Tim Finchem
Tim Finchem
Timothy W. Finchem is the current Commissioner of golf's PGA Tour.Finchem was born in Ottawa, Illinois. He took the position on June 1, 1994 succeeding Deane Beman, who retired after nearly 20 years in the post...
stated, "Our intention... is for Fresno to be a part of the schedule again in 2008 and beyond."
If the event is revived, it will be the first PGA Tour event to be staged in central California
Central California
Central California, sometimes referenced as Mid-State, is an area of California south of the San Francisco Bay Area and north of Southern California...
since 1964.
In August 2010, a former Carmel real estate broker, Thomas O'Meara, was arrested by the FBI and arraigned in federal court. O'Meara was indicted on 32 counts of conspiracy, wire and mail fraud in connection with the failed Running Horse development.
The indictment alleged:
- Based on representations made to them by O'Meara, Jack Nicklaus and members of the Nicklaus Design team appeared at a press conference in January 2006 at the proposed Running Horse golf course and, relying on O'Meara's representations, the PGA Tour publicly scheduled a PGA Tour event called "The Running Horse Classic" that was to have taken place in October 2007 with a purse of $4,500,000.
- That O'Meara spent all money loaned to him by commercial investors and eventually defaulted on $10,000,000 in commercial loans, began marketing the Running Horse development as an investment opportunity, and solicited over $16,000,000 in private investor funds at a time when O'Meara knew, but failed to disclose, that the project was in poor financial condition and faced numerous, substantial obstacles to completion.
- That O'Meara diverted some private investors' funds for his own personal gain.
- That O'Meara and others acting on his behalf falsely stated that the development had acquired all property necessary to complete the golf course and adjoining residential development; that the golf course was close to completion; that investors were falsely promised that their principal was guaranteed and they would receive high rates of return on their investments; and that Jack Nicklaus Design and the PGA Tour were confident that the golf course would be completed in time to host the Running Horse Classic in 2007.
- That the Running Horse development ultimately failed, and commercial and private investors lost their investments.
- And, that no residential units were ever built in the development, and the 450 acres (1.8 km²) on which the Running Horse Golf and Country Club was to have been located remain largely undeveloped.