Two local businessmen are part of a group bidding to buy the troubled St.

George's Club timeshare complex. The group, which is believed to be offering nearly $5 million, plans to build more cottages and hopes to finalise the deal by October 15.

One of the local men is BGA owner Mr. Ward Young, who said the other preferred to stay silent and anonymous.

It is believed the group also includes unidentified New Jersey-based investors who own timeshare units at the resort.

The property was put into receivership last year after it ran up debts of $79 million.

The club's Members Advisory Council, representing timeshare owners, was also interested in taking it over. But it is believed their bid was turned down by the receiver, Price Waterhouse.

Mr. Young said: "We are still in the stages of finalising the deal. "We have to make sure the terms of offer and sale are agreed to and accepted completely.

"There are certain conditions that have to be met that I can't go into, and until those are met it will not be consummated.'' One of these conditions was Tourism Ministry approval of the deal, he said.

"We would like to think it could be finished by October 15. We hope to meet with the members and make sure we hear their concerns.

"Their concerns must have a lot to do with the refurbishment that we want to carry out.

"We mean to spend quite a bit of money to bring the club up to scratch over the next six months and then proceed with further development next year.'' A "few more units'' could be built, said Mr. Young, maybe four at a time.

Minister of Tourism the Hon. C.V. (Jim) Woolridge and Tourism Director Mr.

Gary Phillips were both off the Island and could not be reached for comment yesterday.