Walt Disney World struck a 20-year-deal to turn over its five golf courses to a group headlined by legendary golfer Arnold Palmer.
Under the deal, Arnold Palmer Golf Management will take over day-to-day operations of each of Disney World's golf courses: Palm, Magnolia, Lake Buena Vista, Osprey Ridge and Oak Trail. Financial terms weren't disclosed, though the Palmer group will make annual lease payments to Disney and split revenue earned from the courses with the resort.
As part of the deal, Palmer will personally oversee a redesign of Disney's Palm course. The renovation isn't likely to be complete until at least 2013.
In a prepared statement issued by Disney, the retired golfer said, "After 40 years as a golf course architect, I'm looking forward to this opportunity to contribute to Disney's rich and storied golf legacy. I've enjoyed a lifetime of memories playing golf and it will be a great reward to pass that on to those who share a passion both for Disney and the game of golf."
