Offer by SportsAssets,etc Pt2

RNS Number:9128P
Golf Club Holdings PLC
24 August 2000

Part 2

                      Appendix III

Further information on SportsAssets (International), the
   Chapman Superannuation Fund Scheme and Jeff Chapman
                            
1.   SportsAssets (International)

SportsAssets (International) is a limited company
registered in Gibraltar incorporated on 15 June 2000. The
following financial information does not constitute
statutory accounts within the meaning of section 240 of
the Companies Act 1985.

SportsAssets (International) currently has #10,202,000 in
cash, #2,000 of which represents shareholders' funds and
the balance of which represents a loan made by the
Chapman Superannuation Fund Scheme of #10,200,000. This
loan is repayable on demand at any date after 24 August
2002 and does not carry any interest. SportsAssets
(International) has not traded since incorporation.

The Directors of SportsAssets (International) are as
follows:

Stuart Stobie
Diane Dentith

The principal and registered office of SportsAssets
(International) is Suite 2B, Mansion House, 143 Main
Street, Gibraltar.

2.   The Chapman Superannuation Fund Scheme

The entire issued share capital of SportsAssets
(International) is owned by Sovereign Trust International
Limited as trustee for the Chapman Superannuation Fund
Scheme. The Chapman Superannuation Fund is a trust
established in October 1998 under the laws of Gibraltar.
The sole member of the Chapman Superannuation Fund Scheme
is Jeff Chapman.

3.   Jeff Chapman

As stated above Jeff Chapman is the sole member of the
Chapman Superannuation Fund Scheme.

Jeff Chapman is a Fellow of the Australian Society of
Accountants. His business experience includes three years
as Corporate Finance Director of Chase-NBA Group and
eight years as General Manager of Australian department
store and retail public company Charles Davis Limited. He
was the founder, Chairman and major shareholder of
Sportsworld Media Group plc. Jeff Chapman has also
managed the international operations of the US based
Prime Sports Network.

Further details of Jeff Chapman are set out below:

(a)The companies and partnerships of which Jeff Chapman
   has been a director at any time in the five years
   preceding the date of this document (excluding
   subsidiaries of the companies listed below) are as
   follows:

Present Directorships and Partnerships  Past Directorships 
                                        and Partnerships

Kirwan Trial Pty Ltd                    Sportsworld Media
Group plc
Australian Racing & Gaming Pty Ltd
Albury Management Pty Ltd

(b)  Save as disclosed above, Jeff Chapman:

   (i)  has not been a director of any company or a partner
        of any partnership within the last five years;

   (ii) does not have any unspent convictions in relation
        to indictable offences;

   (iii)has not been declared bankrupt or entered into
        any individual voluntary arrangements with his 
        creditors;

   (iv) has not been a director of any company which has
        been placed in receivership, liquidation,
        administration, been subject to a voluntary 
        arrangement or any composition or arrangement 
        with its creditors generally or any class of its 
        creditors whilst he was a director of that 
        company or within the twelve months after he ceased 
        to be a director of that company;

   (v)  has not been a partner of any partnership which,
        has been placed in liquidation, administration or
        been the subject of a voluntary arrangement whilst 
        he was a partner or within the twelve months after 
        he ceased to be a partner of that partnership;

   (vi) has not been the owner of any asset or a partner
        of any partnership which has been placed in 
        receivership whilst he was a partner of that 
        partnership or within the twelve months after he 
        ceased to be a partner of that partnership;
   
   (vii)has not been the subject of any public criticism
        by statutory or regulatory authorities or has 
        ever been disqualified by a court from acting 
        as a director of a company or from acting in the 
        management or conduct of the affairs of any company.

                       Appendix IV

                       Definitions
                            
The following definitions apply throughout this document,
unless the context requires otherwise:

"AIM"                      the Alternative Investment 
                           Market of the London Stock 
                           Exchange

"Beeson Gregory"           Beeson Gregory Limited

"Board" or "Directors"     the board of directors of GCH

"Circular"                 the circular to GCH Shareholders 
                           to be despatched on 24 August 2000

"Code"                     the City Code on Takeovers 
                           and Mergers

"Companies Act"            the Companies Act 1985, as amended

"Company" or  "GCH"        Golf Club Holdings PLC

"Dor Knock"                Dor Knock Holdings Limited

"EGCIL"                    European Golf Club Investment 
                           Limited

"Form of Acceptance"       the form of acceptance and 
                           authority relating to the Offer 
                           accompanying this document.

"GCH Group" or             GCH and its subsidiary undertakings
"the Group"

"GCH  Shares"              the existing issued and fully paid 
                           ordinary shares  of  5p  each in GCH 
                           and any further  such shares  which  
                           are unconditionally  allotted  or  
                           issued before  the date on which  
                           the  Offer closes (or such earlier 
                           date, not being earlier than  the 
                           date  on  which the Offer becomes 
                           or is  declared  unconditional  as  
                           to acceptances or, if  later,  the 
                           first   closing  date  of  the  Offer,  
                           as SportsAssets (International) 
                           may decide), save for the Subscription 
                           Shares

"GCH Shareholders"         holders of GCH Shares

"Irrevocable               the irrevocable undertakings 
Undertaking"               provided by certain GCH 
                           Shareholders in connection 
                           with the Offer referred to in this 
                           press release

"London Stock              London Stock Exchange plc
Exchange"

"Offer"                    the cash offer to be made by Beeson 
                           Gregory on behalf of SportsAssets 
                           (International) to acquire  the GCH 
                           Shares on the terms and subject  to  
                           the conditions  set  out  in this 
                           press release,  including, where  
                           the context admits, any subsequent 
                           revision, valuation, extension or 
                           renewal thereof

"Offer Document"           the document containing the 
                           Offer to be despatched on 24 August 
                           2000

"Ordinary Shares"          ordinary shares of 5p each in the
                           capital of the Company

"Panel"                    the Panel on Takeovers and Mergers

"Preference                holders of existing Preference Shares
Shareholders"

"Preference Shares"        cumulative preference shares of 10p
                           each in the capital of the Company

"Proposals"                the Offer, the Subscription, the 
                           Share Buy- back and the other 
                           arrangements described in this 
                           press release

"Share Buy-back"           the proposed purchase by the 
                           Company of all of the outstanding 
                           3,139,565 Preference Shares

"SportsAssets
(International)            SportsAssets (International)
                           Limited


"Subscription"             the proposed subscription by 
                           SportsAssets (International) 
                           for 13,953,623 new Ordinary Shares 
                           at 22.5p per share

"Subscription              the agreement entered into 
Agreement"                 between GCH and SportsAssets 
                           (International) dated 24 August
                           2000 relating to the Subscription

"Subscription Shares"      13,953,623 new Ordinary Shares to be
                           allotted and issued pursuant to the 
                           Subscription

"United Kingdom"           the United Kingdom of Great Britain 
or "UK"                    and Northern Ireland


"US","USA"                 the United States of America, its
                           territories and possession, any 
                           state of the United States and the 
                           district of Columbia and all other 
                           areas subject to its jurisdiction

"Warrants"                 the warrants to subscribe for new 
                           Ordinary Shares offered to Preference 
                           Shareholders as part of the 
                           consideration for the repurchase of 
                           the Preference Shares.