His business partner Tony Norton nets more than '18m from the '40m sale of the Warrington-based company to a consortium led by private equity firm Lloyds Development Capital, which has taken a 50 per cent stake.
Mr Bilton and Mr Norton wanted to reduce their involvement in the firm, which has 61 shops, but have retained a 15 per cent stake in the company, and a consultancy role, though they have stepped down from the board.
The remaining 35 per cent stake is owned by the new management team, led by Jonathan Fellows, the former boss of clothing retailer Bon Marche.
Tim Brookes, chairman of photography chain Jessops has been appointed chairman.
Howard and his brother Robert started the firm in the shed at Ashton in Makerfield golf club where they worked, in the late 1970s.
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They opened the first retail store in Manchester Road, Warrington, in 1981, at which point Mr Norton joined the company.
Robert Bilton sold out his share of the business in 1997.
The firm now employs 400 staff, including 85 at its head office and distribution centre in Warrington, and serves more than one million customers a year. Its heartland is the north west.
Last year it made operating profits of '6.7m after sales increased 21 per cent to '63.7m.
American Golf Discount sells branded equipment from manufacturers such as Titleist and Nike. The stores are managed by committed and enthusiastic low handicap golfers and offer specialist advice, customised club fitting and lessons.
With financial support from the Royal Bank of Scotland, the consortium now plans an expansion, with at least 25 additional stores over the next five years.
It has won the Best Golf Retailer award, voted for by the readers of Today's Golfer, for five years in a row, from 2000 to 2004.
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David, Warrington (15/02/2006 at 22:44)