Would be really helpfull to find out how the other 'community' models work, because there are significant problems with some of the above.
I have no idea of what it would actually cost to run a team/club, but am very confident $700,000 is way short of the mark. To get some idea of what $700,000 'means' in this context, just divide by 10, which gives $70,000 each for 10 players. I know a squad has more than 10 players, and that players get different salaries, but looking at it this way gives a reference point. And that little exercise doesn't take account of salaries for coaches & player support staff, travel, accommodation, recruiting costs, medical supplies or club/team admin staff. Then there is venue hire.
And that's just the dollar side.
When it comes to 'running' the club/team it simply wouldn't work to have decisions like whether or not to sack the coach made by members/shareholders. It might be feasible to have them vote on the membership of a board to make such decisions, but not the decisions themselves.
They key to success with such a model, apart from adequate funds, would be to have a very good board with the right mix of skills - business, legal, financial, communication, to name some - that is allowed to make the best decisions [including appointment of the coaching team] it can given the information and resources available to it at the time the decision has to be made.
A first-rate CEO [more $!], who would also be selected/appointed by the board, would also be invaluable.
The 'shareholder voting' model sounds nice in theory but is totally impractical in my opinion. The key is to get good people with the right mix of skills and empower/allow them to run the show.