The Commerce Club board, at its monthly meeting, gave the green light to proceed with negotiations to merge with the 191 Club.
But the two parties haven’t yet reached a final agreement.
“What I asked for and got was approval to complete negotiations consistent with the term sheet passed at the last meeting,” Ratcliffe said.
That approval means that unless some of the major terms change, Ratcliffe and his executive team can complete the agreement with Club Corporation of America, the owner of the 191
