Social Networking Meets Sports Talk Radio
Heard about this on Only A Game today.
The social network, My Football Club, based in England, raised over 1.375M English Pounds from its 53K plus members. It used this money to purchase a controlling interest in the Ebbsfleet United FC soccer team! According to the My Football Club web site, members (35 British Pounds each, only one membership per person) can weigh in on all team decisions, including team selection, player transfers, and the running of the club.
I remember back when the Celtics went public during their heyday. That was more of a financial maneuver to raise capital. There wasn't any real control that the shareowners got. Many shareowners bought one share to give as a souvenir gift to a friend or family member. This case is differnt. The members buy into a trust that is the real majority owner of the team. There is a private web forum where members debate what to do with the team, including who plays and possible trades.