NAPLES — Shareholders of the Naples Golf and Country Club have decided to close the golf course and sell off the club’s assets, according to a press release.

The prepared release, bearing the country club’s logo and distributed by the Sebago Lakes Region Chamber of Commerce, says the decision to close and liquidate was made at a Dec. 11 special shareholder’s meeting.

“After many years of effort, investment and improvements, the financial viability of the golf course operation has not improved enough and combined with the declining number of golfers visiting and supporting the golf course, the decision for this recommendation was inevitable,” said the press release.

The release said the club’s board of directors recommended the closure, sale of assets, and dissolution of the club corporation, which the stakeholders approved.

The stakeholders also rejected a private group’s offer to purchase the entire course, according to the release.

“The Board will now move forward with determining the best way to liquidate and sell off all of the assets in whole or in part, and to review any further offers that may be received,” it says.

The club’s website says that it was founded in 1921 as a nine-hole golf course and was expanded to 18 holes in 2000.

Board of directors president and treasurer Allan Faraday said that Richard Dyke is the club’s largest shareholder and chairman. Dyke is also the chairman and CEO of Windham Weaponry.

Faraday declined to comment further on the rejected offer to purchase the club.

Matt Junker can be reached at 781-3661 ext. 123 or [email protected] Follow him on Twitter: @MattJunker.