As Coral Beach Club moves closer to being placed in receivership by mortgagee Swedbank, members’ bid to buy it has hit major hurdles.It is understood one of the stumbling blocks is that Swedbank will only sell the two leases for CBC and the Horizons property as a package, and not separately.New York-based Brickman purchased the CBC and Horizons leases from ultimate owners, George Wardman’s company, with a loan which ended up being held by Sweden’s Swedbank. As part of the lease purchase, Brickman also agreed to annual rental payments of $1 million for the Horizon lease and $1 million for the CBC lease for the next 45 years of the lease, and thereafter, $125,000 for each property for the next 150 years of the original 200-year leases, which commenced in 2008.It is understood a reduction in that rent payment was given for a period.It has emerged that what were characterised as “lowball” offers by other parties have been made for the Club, but they were not accepted by Swedbank.Further troubling news for the beach and tennis club is that membership has dropped sharply, from around 1,800 members (including 600 in Bermuda) several years ago to around 1,232 this year. Dues are a major source of revenue for the club.Following a meeting last week, the Members CBC Steering Committee said its goal remained “preserving our club for the membership”.However, the committee admitted that the “road is a longer and more complex one than was envisaged at the start”.Another major stumbling block, member sources said, are conditions in the Brickman lease agreement that are not clear at this stage.Members at last week’s meeting said they felt that they could not put any offer on the table to buy the club at this time, though they still hoped to assist in keeping the club going for the sake of members and staff once it is placed in receivership.