Winning Bidder for Sumner Golf Course Named

Six months after the Sumner City Council officially put up the Sumner Meadows Golf Course for sale, a potential buyer has been named.

The Puget Sound Business Journal reported Thursday that Principal Financial Group was the winning bidder.

City officials on Thursday did not confirm or deny that Principal would be the buyer, according to The News Tribune. Spokesperson Carmen Palmer told the newspaper the city did short-list a buyer in the sales process but didn't identify who that was.

Sumner Meadows was purchased in the early 1990s with the intention that it would pay for itself within five years and then fund all parks in Sumner. Only once in the past 20 years did the course break even, and the city still owes approximately $6 million in debt.

Principal Financial Group is a global investment management company with $456.1 billion in assets under management worldwide. It is is traded on the New York Stock Exchange under the ticker symbol PFG.