University cashes in on ClubCorp sale

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The hotel school at Florida State University was a little-known beneficiary of the $1.8-billion sale late last year of ClubCorp to KSL Partners. According to a recent story in a Tallahassee paper, former ClubCorp chief Robert Dedman promised a donation of company stock to the school. Following the sale in late December, the school got a check for $6.3 million, which may be doubled thanks to a matching funds program from the state of Florida.

Here's the bad news: the money actually goes into the FSU Foundation account and the hotel school will only be able to access the four-percent interest the money will yield. And that money flow won't start until July 1. School officials say they'll use the windfall to fund research projects, scholar chairs and additional scholarships.

Dedman and ClubCorp have had a close relationship over the years and, in fact, the hotel school is named the Dedman School of Hospitality. ClubCorp has hired a number of interns and graduates from FSU (particularly from the school's Professional Golf Management program).

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