Have worked with all models and would summarise as:
A) If there’s no money in it, you are setting your franchisee up to fail and it will be a revolving door combined with poor service / quality. Square one every 18 months.
B) If there is money in it, members get stroppy about money leaving the club and the board get envious about the franchisee making a go of it and look to renegotiate, creating the scenario of A) above.
In my view the best method is for the Club to be commercially ambitious and be in house. If it’s profitable, all well and good. If it isn’t, make it a manageable loss whilst retaining full control. If a franchisee can make a success of it, a well managed Club should be able to do likewise.