I was active in it when I lived in Jackson and it was meeting at Cindy's Catfish. It was originally 120 men ("He Man Women Haters Club" as they called it on The Little Rascals, no women but I think they started letting them come after awhile) paying $120/year to be a member to meet, discuss, and hear about MSU athletics. The $120 covered your meals and drinks for the year although I think it had crept up in price to about $160 when I left. There was a Happy Hour at beginning of each meeting. There may be someone from Alumni Association w/ a table set up to 'cruit new members. Speakers would come from MSU for each meeting, may be a head coach, an assistant, a broadcaster, and some various Bulldog Club members, or university personnel. Speakers would discuss whatever was going on w/ their sport and take questions at the end. There were no press personnel allowed. The questions were pretty typically answered honestly and things shared that you wouldn't hear from anyone else or read in the paper i.e. no 'coach speak' type crap. I enjoyed it a lot. The only thing else I know like it is the Starkville Quarterback Club but I haven't heard anything about them in awhile. They were same type organization and met at Starkville Country Club every week during football season.
