Wycombe fan here - we were fan owned for seven years or so, and while it was an immensely proud feeling to be technically part owner of the club as a Trust member, and while the club was run by fans volunteering their time and expertise, we were still in dire straits by the time we were bought by the Couhigs in early 2020 (though they put money in as early as summer 2019).
Ultimately, in the EFL (and PL) I think it only works long term if some kind of law was brought in where all clubs have to do it, and player wages were adjusted accordingly. Currently the whole system in England is rotten, where the PL dictates everything, and though they do make some solidarity payments, the parachutes to relegated clubs for three years and the ridiculously inflataed wages means the likes of QPR feel like they have to overspend just to keep up, and this then trickles in to each lower division, putting everyone in debt.
There a lots of different types of fan ownership models. We were 100% trust owned, and money was always excessively tight - and that was with getting a good sell-on fee for Ibe. Exeter are still making it work with an excellent academy which includes the likes of Ollie Watkins as graduates, but if they ever hit a lean period with that, it would bring a lot of pressure.
I think that whatever size club you are, the issues would be the same - not having enough to keep up with overspenders in your division. One of the reasons GA is so highly regarded with us is that he somehow took us to L2 promotion with no money and a paper thin squad (he even had to come on as a sub in the EFL trophy to save some legs, a couple of times) and then somehow stay up in L1 too.
I think fan ownership is by far the best form of ownership if all things were equal - putting a club in the hands of the only people who will always have it's best interests at heart. But all things are not equal, especially in England with the PL-related financial issues that effect all EFL clubs. It will only work with a mass transition to the model. |  |
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