President Lionel Marriner said the financial situation was unsustainable as volunteers and staff tried to manage facilities affected by the town’s declining population.

Mr Marriner said the nine-hole golf course was completely run by volunteers, but this was becoming more difficult owing to the age of some workers.

“The club’s problem is it’s asset rich, cash poor,” he said,

“We were able to sell off our last lot of poker machines some 15 months ago, that cleared all our debts. And we’ve reached that stage where we can see if we keep proceeding the way we’re going, we’ll finish up in the red again.”

In a letter to Member for Albury Greg Aplin, Mr Marriner said operating overheads such as rates, insurances, gas, electricity and club compliance issues had also caused problems.

The president hoped a meeting of members and other stakeholders like Snowy Hydro, which built Khancoban originally to house workers and their families, would resolve the club’s future direction.

“To try and see if there are any options that the current board haven’t canvassed, we’re asking members to come up with ideas,” he said. “We’re hoping that there’s some ‘magic bullet’ that will enable us to turn the operation of the club around.

“If we could find a club to amalgamate with, that would be good.”

Mr Marriner hoped closing the club and its grass green golf course could be avoided.

“If this facility closes, the region up here will be the poorer for it,” he said.

Tuesday’s special meeting begins at 7pm at Khancoban Country Club.