I don’t think fan ownership is the answer, fans can’t agree on things on this board so there would be no chance agreeing in the boardroom.
So you are ignoring the success of Exeter & Wimbledon, or Bayern Munich, or even Real Madrid & Barcelona to a lesser extent?
It works because the board members are elected by the fans. They are their representatives. Even mega clubs like Real Madrid & Barca have elected presidents, not some random rich bloke who buys up all the shares.