As public sports venues in China expand free or low-cost access, government-led facilities face persistent tensions between public-service obligations, asset operation, and sustainable openness. Using Yongzhou Stadium as a case, this paper adopts an explanatory single-case design to examine how government leadership and market empowerment can be coordinated. The study finds that resource-allocation precision improves through prior demand identification and functional reshaping; operational efficiency enhances through governmental coordination, professional operation, and multi-actor collaboration; and service equity and outcome equity are promoted through low-threshold access, compensation mechanisms, and spillover arrangements. The paper proposes a “precision-efficiency-equity” analytical framework and argues that the governance of public venues depends not on substituting government with market, but on coordinating multiple goals through institutional combinations.