AFTER 10 YEARS, Southwestern Bell Inc., is getting out of the golf

course business. Its subsidy, SBC Asset Management Inc., accepted a

tentative offer of $8 million for the Golf Club of Oklahoma from

Golf Club II, a group of Oklahoma City businessmen.

The net assets of the recently remodeled course located at 141st

Street South and 204th East Avenue were valued at $12 million,

according to AMI president Mike Edelman.

"It's not our core business,'' Edelman said. "This group came to

me with a fair enough offer for us to consider and eventually

accept. They're Oklahomans who have been involved with golf. I

think that's probably a good match.''

The group includes Elby J. Beal, David Hardin, Rick Davis, J.

Phillip Patterson, Robert Reece and Harold Campbell. All are

golfers by nature with Beal and Hardin involved in the SilverHorn

projects in Oklahoma City and San Antonio.

They do not plan to make any major changes. The club will

continue to operate under its current structure as a private,

limited membership championship facility. Memberships will be

capped at 350 local and 100 national just as in the club's bylaws.

Golf Club II intends to retain general manager Scott Erwin and

his staff. It also promises to continue with the same basic service

experienced previously at the club.

"There will be no noticeable changes in procedures and

services,'' said Hardin, Golf Club II vice president. "The emphasis

will remain the same. We will retain the same staff. There may be

some economy of scale and crossover tasks asked of them in order to

provide faster and better service."

Golf Club II plans to hire American Golf Country Clubs to manage

the property. It is the same company that manages Meadowbrook.

There is some concern among members that some of the luxury

might be lost or play would be increased dramatically, but American

Golf's executive vice president, Joe Guerra, promised that

standards at the Golf Club would not fall.

"First of all American Golf Country Clubs should not be confused

with American Golf Public Facilities,'' Guerra said. "We have

roughly 65 private clubs, ranging from entry level to premium with

initiation fees from $1,500 to $20,000. Our operating philosophy is

to be transparent. The Golf Club is a very, very unique property,

but we have properties similar to it. The Oregon Golf Club, which

hosts the Fred Meyer Challenge, is one of our properties. The pros

told us that the greens there were the best they played on all year.''

Still, when there is change, there is concern, which is normal.

"With change, people get concerned,'' Edelmann said. "They

should check out all the facts and then make a judgment.''

One reason for concern is that Hardin's and Beal's SilverHorn

projects struggled in the beginning before American Golf took over

the management of the two courses. However, one of the creditors

from the SilverHorn project is involved with Beal and Hardin this

time. Although payments from SilverHorn were often late, they have

been paid in full.

"We'd just as soon have this project stand on its own,'' Hardin said.

Before the sale is finalized, the membership will have the right

of first refusal. At least a majority of the members must give

written notice of its intent and ability to purchase all of the

assets of GCO for the same price and on the same terms and

conditions as set forth in the agreement with Golf Club II.

There is talk of a group being formed, but nothing formal so far.

Plans for the club were announced in 1981. Charter memberships

were sold for $40,000 with annual dues of $5,000. Each charter

member also was required to purchase a non-interest bearing

debenture of $60,000.

The club opened in July 1983 on 525 acres. The oil bust during

the mid-1980s damaged Tulsa's economy and led to AMI's acquisition

of the club in November of 1986.

The club was renovated last year by its original designer, Tom

Fazio, who is one of the most highly decorated course architects in the

world.