Golf operator behind failed bid for Pegasus golf course could have had it up and running ‘within weeks’

Thursday, 28 May 2026

A golf operator that wanted to buy and run Pegasus golf course has criticised its sale to a property developer and says it could have had the troubled business back up and running “within weeks”.

Palmerston North-based Vining Group, a golf equipment distributor, says it unsuccessfully bid for the property, which was put up for mortgagee sale shortly before its owner, Pegasus Golf Ltd, entered liquidation in March.

This month, it emerged townhouse builder Wolfbrook had bought the land. The Press understands the price was about $6 million.

Pegasus residents have responded with dismay. Many had hoped a new golf-oriented owner could be found.

Vining Group could have been that owner. Director Callum Vining told The Press he was disappointed the course was not sold to a golf operator. Vining Group has run a golf complex before, he said.

“Our main view is … that the future of Pegasus as a functioning golf course should have been a central consideration throughout the process.

“Pegasus Golf Club was not simply an isolated commercial property. It formed part of the identity, planning and original vision of Pegasus township. Residents purchased homes and sections around the course specifically because of the open space, recreational value and golf course environment.”

In a two-page statement, Vining Group expanded on its “concerned observer” status in the mortgagee sale.

“We submitted a tender with the intention of retaining Pegasus as a functioning golf course and community asset. Importantly, we were prepared to have the course operational again within weeks of settlement.

“This is significant because one of the key public narratives following the sale has been that Pegasus was no longer financially viable as a golf course. From our perspective and based on our own operational experience within the golf industry, that is not necessarily accurate.

“If local government and the community itself were not consulted before the sale of such a significant strategic asset, people are entitled to ask why. Equally, people are entitled to ask why a genuine golf operation proposal appears to have been overlooked in favour of residential redevelopment.”

Pegasus Golf Ltd folded in March owing creditors more than $9m. According to the first liquidator’s report, the mortgagee sale started before the company entered liquidation.

This week, liquidator Tony Maginness, of Baker Tilly Staples Rodway, confirmed they were not involved: “The mortgagee was in control of the process.”

That mortgagee is Auckland-based finance company OneLend. Its founder, York Zhang, did not answer questions from The Press. In a statement, OneLend said it would not be commenting “given the transaction has now completed”.

Pegasus Golf Ltd has been owned since 2018 by Sports and Education Corporation Ltd, whose director and majority shareholder is Xiangming (Sam) Huo of Auckland.

In 2023, the club announced plans to develop a major wellness resort next to the course. The project was to have included adding hotels, a spa, swimming and hot pools, a country club, golf school and apartments.

It did not go ahead, and last year the club attempted to sell just the smaller development site.

Past and present golf club members, including cricketing great Sir Richard Hadlee, told The Press the course had languished somewhat under Huo’s ownership. Bunkers were so low on sand, Hadlee said, players were permitted to place their ball.

Hadlee is among the Pegasus locals planning to fight redevelopment. Pegasus Residents Group president Matt James said an official parliamentary petition opposing it would be live this week. A community meeting is scheduled for June 2.

The group had already received more than 70 written submissions through its online portal “overwhelmingly opposed” to redevelopment, he said. Key concerns included loss of green space, infrastructure pressures and possible use of fast-track legislation for consenting.

Other community leaders have weighed in on the sale, following Waimakariri District mayor Dan Gordon’s pledge to “stand up” for Pegasus.

Waimakariri MP Matt Doocey said he would not support Wolfbrook’s redevelopment proposal as the course had “economic significance” for the whole region.

“With the right investment the golf course will bring revenue and jobs into the district.”

New housing needed to be built “in the right places”, he said. “[There is] no shortage of competing land to open up for housing that will be supported by the community.”

Waimakariri-based Labour List MP Dan Rosewarne echoed Gordon’s comments and said he planned to meet the new owners this week.

“All of us hope that the original vision of Pegasus is honoured.”