LONDON , England ( CNN ) -- Football fans in the UK are ushering in a potential new age of football ownership after plotting a takeover bid for English Premier League Liverpool FC . Fan property ? Liverpool supporters are plotting a takeover of the club . The ShareLiverpoolFC organization is a collective of fans looking to raise enough money to make a serious takeover bid at the club . They are seeking 100,000 people to invest $ 7,000 to raise $ 700m that will allow them to take over from the current owners George Gillett and Tom Hicks . The group plan to have their own fan parliament , fan board and an employed board in charge of the club . But can absolute fan ownership be considered a serious contender to the existing business model ? In the case of Liverpool , the group appears to be making progress -- after releasing an 'open letter ' to the owners inviting them to discuss the purchase of Liverpool FC . Do you own shares in a football club ? Would you want to own and run your team ? Gillett and Hicks completed a $ 490 million refinancing deal with UK and American banks in January -- saddling the club with annual interest repayments of $ 42 million , part of the reason why fans are so keen to take over the running of their beloved club . Across Europe the practice of fans owning is fairly common , particularly in Spain where Barcelona is a supporter-owned club run by around 150,000 of its fans . Real Madrid -- the most successful team in Spanish football -- and Atletico Barcelona also belong to members called `` socios . '' In the UK , the move of football fans toward club ownership has been propelled by the threat of overseas owners taking charge and making decisions not favored by the local fans . Football governance expert and management lecturer at the Birkbeck University of London , Dr Geoff Walters , said the reason fans often get involved is to make sure clubs are being `` run as effectively and sustainably as possible . '' Walters said some Premier League sides , including Arsenal , had a small percentage of shares owned by the club , while smaller clubs Brentford , Stockport County and Chesterfield were among the teams where fans had a larger stake . Many of those fans were assisted by Supporters Direct , an organization that helps supporters ' trusts from numerous clubs buy shares and have representation at their clubs . However , at the greatest extreme of fan ownership is English conference side Ebbsfleet United . In 2008 , the club was taken over by more than 30,000 individuals through web site Myfootballclub.co.uk . Each shareholder paid £35 ( $ 48 ) to have their say in the club for a year , and could vote on decisions like team selections and ticket prices . According to David Davis , chief executive of Ebbsfleet United , the model has had a few teething problems -- but he feels it could be sustainable . The club had recently lost many members at the one-year renewal , with numerous people citing the recession as the reason for their departure , he said . `` We originally had 30,000 people , '' he told CNN . `` We expected to lose a considerable number of these after a year and now we are down to a core of about 10,000 . `` The very positive thing is that we have this solid core of people who are in it for the longer term . If we can get through this season I think we have conquered it . It 's a sustainable model , '' he said . Davis said some members got involved with voluntary work at the club and he was surprised at the interests many shareholders had . `` I think it 's still evolving . It 's very clear people are in it for different reasons . Some are in it to pick the team , while others are happy just to try to help out at the club and talk of their frustration with the 'fat cat ' clubs . `` There has been a surprising interest in the business side of it rather than the football side of things , '' David said . Walters disagrees with Davis ' optimism for Ebbsfleet , saying fan ownership is possible , but its best derived from within the club 's own fan-base . Walters felt the ShareLiverpoolFC model and the concept promoted by Supporters Direct , were more sustainable as they were geared towards fans of the club . It would be more difficult to retain interest under the Ebbsfleet model where anyone could pay the money and become an owner , he said . `` Because they allow anybody to buy a share . If you 're not a supporter of that club , do you really have an attachment to that club ? ''
Liverpool fans are hoping to pool enough money to take over the club . The Reds have been in administration since May and were due to pay a £20m debt by next month. British club Ebbsfleet United is owned by an online fan community .