I'm not sure where the knock on this course comes from. Granted, while it is stylistically somewhat out of date it is still a very sound golf course that demands solid play. It hosted a US Open qualifier earlier this year and I've never heard anyone disparage the course or the club beyond saying that it was too hard. I agree with Mike C's claim that it is one of the better Gordon courses and it is on a nice piece of land and has a good set of greens. There is local competition that will likely benefit from one less course in the area (Hunt Valley, Hayfields, Eagle's Nest are closest privates). I certainly don't know what the internal decision making is/was but would think that opening up the membership to a $1 initiation would be very antithetical to the club culture and would essentially be a big step to blowing up the club and making it a public for-profit business. Also, if losses were being subsidized by one or more wealthy members the accrued public facing borrowing might be understating the ongoing losses.