Butler National Member After Members Vote To Keep Women-Americans Out: "We're in a death spiral."

Teddy Greenstein on the membership at Butler National voting overwhelmingly to keep it a male only club, something first revealed as a possibility back in Feburary. The vote eliminates the Chicago layout from any consideration for major tournaments.

Even more shocking is the the club's "precarious financial state" after a 2004 Tom Fazio redo and membership decline.

Sources said the decision puts the club in a precarious financial state. A membership decline, in part due to business executives resigning because of the all-male stigma, means the club will have to increase annual dues and perhaps lower initiation fees for national members.

"We're in a death spiral," said one member of the club's future.

The course dropped from 37th to 54th in Golf Digest's most recent list of the top 100 American courses.