Toronto Mayor Rob Ford says the historic Casa Loma property will eventually have to be sold, saying it's time for the city to stop assuming risk in business deals with service groups.

City council on Tuesday agreed to adopt the recommendations of a staff report that called for the city to regain control of Casa Loma from the Kiwanis Club, which has operated the historic castle since 1937.

"I'm definitely going to be reviewing that. Casa Loma is something that I think we are eventually going to have to sell. That's the bottom line," he said Tuesday.

The Casa Loma decision isn't the only takeover Ford now opposes.

On Monday a staff report recommended the city assume operation of Lakeshore Lions Arena, a four-pad rink in Etobicoke that the Toronto Maple Leafs and the Marlies use as a practice facility.

Along with that takeover comes $43.5 million in debt accumulated by the current operators of the arena.

The city has guaranteed $35.3 million of its debt, and if the operators default, the city would be on the hook for that amount. As an eventual default appears likely, one of the few options left is to assume control of the facility, the report said.

"I'm furious about that. It's completely mismanaged. I voted for it and I regret doing that," Ford said.

The recommendation will be debated at council's executive committee on June 20.