The EUR 11m deal, expected to be followed up with a sale or the Moravske Toplice course, is part of Sava's divestment strategy.

Sava Tourism, which is Slovenia's largest tourism company and part of the once mighty Sava conglomerate, said on Tuesday that the decision is part of the company's strategy, which includes the sale of assets with low return and in need of additional investments.

While explaining that golf accounts for only 3% of the company's revenues, Sava Turizem announced a likely sale next year of its course at the Moravske Toplice spa resort, one of the six resorts of Sava Turizem.

Gerrard Enterprises has announced a renovation of the course, and Sava expects synergy benefits.

It pointed out that the Eligo group comprises 39 courses from around the world, which means new markets for Sava as well positive effects for tourism at the lakeside resort of Bled.

The Eligo group, which plans to keep all the employees connected to the course, said it wishes to promote the course as a destination for players in the region as well as in Great Britain, western Europe and the US.

Eligo group CEO Šolak has announced the upgrade of the course will make it appropriate for international pro and amateur competitions.

Sava Turizem meanwhile announced it plans to focus on its key products, which are hotels, health, wellness, water parks, camping and conferences.