The cost of membership at Wentworth Golf Club, home base for the European Tour, is about to go up - a lot.
Members currently shell out £23,000 (around $35,000) to join the club outside London: £15,000 as an initiation fee and £8,000 per year in dues. But the club was recently purchased by China-based Reignwood Investment Group, headed by billionaire Chanchai Ruayrungruang, who plans to "cull" membership by drastically increasing those costs, according to a BBC report.
The annual fees at the club, which hosts the BMW PGA Championship each May, will rise to £16,000 (around $25,000) while a sizeable "debenture" will also be required: £100,000 (around $155,000) for existing members and £125,000 (around $193,000) for new members.