While it's still a mystery who will be the new owner of Owen Sound Golf and Country Club, one thing is certain - Stone Tree Golf and Fitness Club won't be the successful bidder.

Stone Tree director of operations Michael Todd said today (Sept. 8) the club's bid was rejected by the Receiver.

The deadline for bids was Sept. 2 but the Receiver, BDO Canada, has yet to reveal the winning bid.

In a memo posted at the Owen Sound club, it indicates that multiple bids were received but no further information about the bids will be made available.

The next step in the process is for the Receiver to take the recommended bid to court for official approval.

After that, the buyer will have 15 days to carry out due diligence before the deal is finalized.

When the club went into receivership on July 15 it owed the Bank of Montreal at least $1.1 million.

 
Although disappointed Stone Tree's bid was not accepted, Todd said the club is "still VERY alive and what we do today, we will do tomorrow only better!"