Offer Update

RNS Number:2033R
Golf Club Holdings PLC
19 September 2000



    NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES OF
             AMERICA, CANADA, AUSTRALIA OR JAPAN

 Cash Offer By Beeson Gregory Limited ("Beeson Gregory") on
       behalf of SportsAssets (International) Limited
                      ("SportsAssets")
                              
                             For
                              
               Golf Club Holdings PLC ("GCH")

SportsAssets announces that the cash offer to acquire the
entire issued share capital of GCH (the "Offer") has been
declared unconditional both as to acceptances and in all
respects.

The Offer for the entire issued and to be issued share
capital of GCH, save for those Ordinary Shares to be issued
pursuant to the Subscription, as set out in the formal offer
document dated 24 August 2000 (the "Offer Document") will
remain open for acceptance until 3 p.m. on 3 October 2000.

As at 3.00 p.m. on 19 September 2000, the first closing date
of the Offer, SportsAssets had received valid acceptances of
the Offer in respect of 24,840,979 GCH Ordinary Shares
representing 38.7 per cent. of the issued ordinary share
capital. These acceptances include valid acceptances of the
Offer in respect of shares for which SportsAssets, prior to
making the Offer, received irrevocable undertakings to
accept the Offer. Such undertakings were given by directors
of GCH and certain shareholders of GCH for a total of
24,336,079 GCH Ordinary Shares representing 37.9 per cent.
of the enlarged issued ordinary share capital.

In addition, since making the Offer SportsAssets has
subscribed for and had allotted to it 13,953,623 GCH
Ordinary Shares representing 21.7 per cent. of the enlarged
issued ordinary share capital.  Accordingly, SportsAssets
now either owns, or has received valid acceptances in
respect of, a total of 38,794,602 GCH Ordinary Shares
representing approximately 60.4 per cent. of GCH's enlarged
issued ordinary share capital.

Immediately prior to the commencement of the Offer Period on
24 August 2000 neither SportsAssets nor any person acting,
or deemed to be acting, in concert with SportsAssets held
any GCH Ordinary Shares (or rights over such shares other
than the Irrevocable Undertakings).

Save as disclosed above, neither SportsAssets nor any person
acting, or deemed to be acting, in concert with SportsAssets
has acquired or agreed to acquire any GCH Ordinary Shares
(or rights over such shares) during the Offer Period, and no
acceptances of the Offer have been received from any person
acting or deemed to be acting in concert with SportsAssets.

For further information, contact:

Martin Knight
Golf Club Holdings            Tel:  [phone]

Mark Edwards
Buchanan Communications       Tel:  [phone]

The expressions used in this announcement shall, unless the
context otherwise requires, bear the same meanings as set
out in the Offer Document.

The Directors of SportsAssets and Jeff Chapman accept
responsibility for the information contained in this
announcement. To the best of the knowledge and belief of
such Directors (who have taken all reasonable care to ensure
that such is the case), the information contained in this
announcement is in accordance with the facts and does not
omit anything likely to affect the import of such
information.

Beeson Gregory is acting exclusively for SportsAssets and no
one else in connection with the Offer and will not be
responsible to anyone other than SportsAssets for providing
the protections afforded to customers of Beeson Gregory nor
for giving advice in relation to the Offer. Beeson Gregory
is regulated by The Securities and Futures Authority Limited
for the conduct of investment business in the UK.