http://lincolnshirecountryclub.com/about_us.php The story of the developement of Lincolnshire Country Club and their Lincoln Oaks Public golf course is a good (MUST) read with many parallels to today. BTW it's a Tom Bendalow/ National Parks Builders pair of 18-hole courses courses just south of Chicago.
A quick observation as to the "just sell one" misses a couple points. Once you sell one, unless you contract with the new owners, it loses the economy of scale of operations expenses. 2 clubhouses and staff, 2 golf pros, 2 maintenance operations (super, asst., crews, equipt. buildings) and what about the common elements like the practice green and range.
I think an operation like that discribed as on higher standard private course and a lower standard public course is best as the income from the public offsets the expense of the private. Isn't this what many Private Clubs do everyweek when they sell the course on Monday for outside events and outtings?
Speaking of which, how much of the financial woes of courses can be traced to the downturn in this cash stream? Did too many courses/clubs get hooked on the Free Money of the "Outting Business"? I know many courses that embarked on expensive clubhouse overhauls just to attract this business and paid for it with long term mortgages. Now the business to not only to subsidize the operational expenses and to pay off the notes gone but so too is the money . And the members are getting hit to make-up the double-barrel shortfall.