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Tuesday 6 December 2016

Ownership shine wears off for K Club investor

Published 07/02/2010 | 05:00

BLAME coincidence, traffic or even the natural elements -- but don't blame the K Club.

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That was the official line this week from the world-class golf resort as the name of Gerry Gannon, who co-owns the club with Dr Michael Smurfit, disappeared from his private car park space.

The property developer hit headlines in recent weeks when Dr Smurfit refused to comment on suggestions he made that his business partner was not currently contributing to the upkeep of the Co Kildare resort.

But sources within the club have put the disappearance of the property developer's name down to "simple wear and tear". This despite the fact that the names on four spaces beside it -- including one belonging to business tycoon Dermot Desmond -- remain devoid of weathering.

As a source explained: "Now his name is gone from the spot, club members are naturally asking questions."

But he claimed the powers-that-be at the prestigious club did not have any part to play in the matter.

"Dr Smurfit would never do something as petty as to remove a business partner's name. . . He deals with things in a professional business manner," the source added.

Explaining why Mr Gannon's name was nowhere to be seen, he continued: "There's a perfectly logical explanation for it. His name has just weathered off because there's a lot of drivers, delivery trucks and the like, who use his space outside the front door of the club to turn their vehicles."

The well-placed source also said that there were no plans to replace the name, unless Mr Gannon specifically requested it.

"We won't be getting out the paint brush just yet, until we see how things unfold."

Dr Smurfit shocked members of the private club when he revealed he was now shouldering the entire costs of the business venture he took on with Mr Gannon in 2005. The claim was made in a letter read out on behalf of the business titan at an extraordinary general meeting.

Sunday Independent

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