Guys: The City of New York lost money for years running their public golf courses in the 5 Boroughs (no course in Manhattan)....in the 1980's American Golf came in and offered to lease/license the courses from the City for a nominal annual fee paid to The City. The City received an annual lump sum fee and American Golf assumed all liabilities on golf operations, management and profit/loss.
This is a classic business school study case of a win/win public/private partnership of a public asset. The City got out of the golf business which it couldn't properly run and American Golf made a nice profit once it revamped the existing operating structure of managing each course.
Perhaps the City of Philadelphia/Fairmont Prk Commission should look at this option again. The last RFP issued by Philadelphia/Fairmont Park was a bit off-tearget. The RFP made it very, very difficult for a private entity to actually turn a profit.