Supporters' Trust (PST), two are "patrons", and two are appointed by all shareholders. As of September 2020, there were more than 30 shareholders of the club, the largest of which was the PST (which held a 28.3% stake in the club, as of March 2015). DAFC is made up of seven directors, one of whom is appointed by the PST. In September 2020, the club announced its intention to sell a 75.1% (supermajority) shareholding to German firm DAFC Fussball GmbH, which would end the club's fan-owned status. Hibernian F.C. – In December 2014, the club publicised plans to sell up to 51% ownership of the club to Hibernian Supporters Limited. The fan shareholding in June 2017 stood at 34%, but had declined to 15.4% by 2019. Kilmarnock F.C. – As of December 2020, Kilmarnock Supporters' Society Ltd owned 5.36% of the club. Livingston F.C. - The Livi for Life Supporters Trust owned roughly 5% of the club, as of April 2021. Raith Rovers F.C. – Raith Supporters Trust and Raith Rovers Supporters Club held a combined 5% of the club, as of March 2021. Rangers F.C. – Club 1872, a supporters' group, owned 10.71% of the club, as of 2017. Ross County F.C. – Various supporters' clubs held a 0.49% shareholding, as of May 2020. St Johnstone F.C. – The St Johnstone Supporters' Club held a 0.48% shareholding, as of September 2020. Stenhousemuir F.C. – The Warriors Supporters Trust (legally the Warriors Sports Society) owned 20% of the club, as of August 2020. The club is structured as a community interest company. Formerly Fan-Owned East Stirlingshire F.C. – The club was owned by Shiretrust (East Stirlingshire Supporters Society Limited) between 2011 and 2017. South Korea Seoul United FC – Cooperative Spain In Spain, most professional clubs in the top two tiers have been converted to public limited sports companies (sociedad anónima deportiva, or SAD). However, four clubs have thus far resisted such a legal restructuring: Athletic Bilbao CA Osasuna FC Barcelona – The club is organised as a registered association and its 143,855 members, called socis, form an assembly of delegates which is the highest governing body of the club. Real Madrid CF – The club is run by socios, fans that pay an annual membership due, in exchange for benefits, such as the right to vote on issues and more accessibility to tickets. The fans are represented by a