Bahamas approves resort financed by Tiger, Els

Albany Golf & Beach Club will include an 18-hole championship golf course

Golf on NBC

Next up: Del Webb Father-Son Challenge
Dec. 5-6: 4-6 p.m. ET, 3-6 p.m. ET
• Golf on NBC | '09 schedule

Latest golf video

Woods achieves goal of winning
Nov. 15: Tiger Woods says he put together some good rounds to win in Australia.

Faldo gets knighted

Flocking to see Tiger

Big goals for Tiger

Nicklaus keeping an eye on Tiger

Special feature

ADT Million Dollar Challenge
Play the game. Get the skills. Win big!

Slideshow

What were they thinking?
Check out some of golf's wildest on-course outfits

NBCSports.com

Slideshow

Houston Rockets v Los Angeles Lakers, Game 5

Phil and family
Take a look at photos of Phil Mickelson, his wife Amy and children.

more photos

Slideshow

Tiger and family
Tiger Woods is blessed both on and off the golf course.

more photos

updated 5:24 a.m. ET Nov. 10, 2006

NASSAU, Bahamas - Tiger Woods and Ernie Els gained approval Thursday from Bahamian officials for a luxury resort they’re helping finance along with a group led by a British billionaire.

The $1.3 billion private residential community, planned for an exclusive corner of New Providence island, will include an 18-hole championship golf course designed by Els, Woods said in a statement. It will be called the Albany Golf & Beach Club.

“With Albany, I look forward to spending more time in the Bahamas and playing Ernie on our new golf course,” Woods said. “We plan to make Albany very special.”

Story continues below ↓

advertisement | your ad here

The government and representatives of the Tavistock Group, a holding company managed by British billionaire and Bahamian resident Joseph Lewis, signed the deal on Thursday allowing construction to go forward after two years of negotiations and environmental impact studies.

Investors said construction of the resort, on 565 acres on the southwestern end of New Providence, was expected to begin immediately. It will include cottages, oceanfront homes, luxury apartments and a marina.

Slide show
Week in Sports Pictures
Pain on the skating rink, flying high on the hardwood, upsets on the football field, and more.
more photos
Lewis, who amassed a fortune through currency trading, paid $2.1 million at a charity auction in 2000 to play 18 holes with Woods in Florida. He lives in the gated community of Lyford Cay, not far from the new development.

The project is expected to create 1,600 jobs during construction and will provide more than 1,100 full-time jobs upon completion, Prime Minister Perry Christie said.

The resort is expected to open in fall 2008.