It is reported that Irish investors, including businessman Philip Lynch and developer Paddy Kelly, who invested about €90 million into the buyout of the Sawgrass Marriott Golf Resort & Spa in Florida, face losing their investment as bankruptcy proceedings against RQB Resort LP, the firm established to own the resort, near an end.

Redquartz Boundary (RQB) reportedly arranged the investment which was funded by Goldman Sachs. RQB Resort has submitted a bankruptcy reorganisation plan to the US Bankruptacy Court in Jacksonville, Florida, under which it proposes that Goldman Sachs would get 100% ownership of the company in settlement for the $193 million debt. The court will consider the plan at a hearing on 15 September. If approved, creditors will then vote to accept or reject it.