Par4QC
As far as I can tell, my local CC is a raging success story. Members sold to a new ownership group funded by a local construction magnate. They bought the course across the road and folded it into the club. Put money into both courses, fixed what needed fixing, didn't raise the dues at first and now only a tiny bit.
They have picked up a ton of members. Maybe the CC model is the past, and future, of golf.