A$4 million deal to sell Renner Park Golf Course to a housing company has fallen through.
Last year about 92 per cent of shareholders voted in favour of selling the course despite outrage from some past and present members.
The vote was pushed through under its constitution despite some opposition and prompted the formation of the Friends of Renner Park which had started a petition to save it as a golf course.
Renner Park Golf Property chairman Peter Jones confirmed the "sale has fallen through and that is the end of it - we will carry on and run the golf course".
It failed to meet due diligence in the contract, he said.
About 150 shareholders owned 224 shares and they were not receiving any return on the investment, he said.
Due to competition from other golf courses for leisure golfers times were tough, he said.
"We are struggling to keep the thing going and are certainly not making any money."
Mr Jones purchased two shares 13 years ago for $10,000 and said "we worked like hell to finally get it open".
In his own view if it was sold as a golf course, "we could sell it, the Japanese or Koreans might buy it".
However, he noted it would have to meet the mandate and constitution rules.
"We can't sell, it's not our decision but if someone comes up with another buyer we have to look at it."
Friends of Renner Park spokesperson Cee Kay said the group consisted of players, club members, occasional golfers, shareholders, local residents and other interested parties that wanted to see Renner Park preserved as a golf course and a green space for the whole community to enjoy.
At a meeting earlier this month the group confirmed its commitment to lobby local council and shareholders in the hope of securing the long-term future of the course, despite news the prospective purchaser has pulled out.
"We are calling on the board and shareholders of Renner Park, Tauranga City Council and any prospective purchasers to review current plans as a matter of urgency."
A petition had been launched to gather further support that already had 500 signatures, she said.
Shareholder Stan Taylor voted against the sale and was pleased it did not come to fruition.
"It is good to let the public know it's not selling and will remain as a golf course if we can keep it afloat."
He said it was "the power of the people" type scenario and said "I'd really like to thank everyone for their support."