Club, is awaiting Government approval.

Negotiations to assume the leasehold of the 69-unit development for roughly $5 million were completed about a month ago.

A partnership of business people are believed to have set November 30 as the closing date, at which time they expect to take control of the property.

The new group is backed by $13 million of capital and says other Bermudian investors are seeking to join them.

It is the latest effort to buy the resort. Just weeks ago, a $5 million deal by club members to purchase the property fell through.

The new group is led by UK developer Mr. Alistair Woolf, and includes businesswoman Mrs. Janet Jackson and Mr. delMonte Davis.

The group is being advised by New Yorker Mr. Bill Dowling, a specialist in the travel and timeshare industry who was a consultant to Tourism officials and Canadian developers York Hannover when the project was begun in the early 1980s.

Mr. Woolf's expertise lies in real estate development and financing. He is expected to be the managing director and will take charge of the day-to-day operations.

The prospective owners anticipate the building of the remaining 60 units permitted by planners on the east end site as soon as it is feasible.

Negotiations for this purchase began nine months ago and the buyers are waiting for official approval from the Ministries of Finance, Works and Engineering and Tourism.

The group is confident of industry predictions that the vacation market is on the verge of a major upswing and was especially impressed by the upscale clients who are club members.

Right now, 80 percent of the membership weeks at St. George's Club have been sold.

Mr. Woolf said few of the St. George's Club members choose to trade their weeks here for some other destination.

Membership, which entitles the holder to at least a week's stay each year, can range from $7,500 to $16,000 depending on the cottage size, season and location.

The club was built in 1980 by York Hannover, but financial difficulties led to the appointment of Price Waterhouse as receiver in October 1992.

The prospective new owners intend to retain the present staff, undertake refurbishment of the older cottages and proceed with the next development phase.