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Fans' community website MyFootballClub have agreed a deal to takeover Blue Square Premier club Ebbsfleet United.
The deal is expected to be completed in a few weeks after a due diligence process and the website will purchase a 51 per cent controlling stake, while also having the option to buy the club outright in the future.
The 20,000 members of the site, launched in the spring, have each paid £35 to provide the £700,000 takeover pot.
As a result they will all own an equal share in the club and, in a landmark ruling, fans will have a vote on transfers, player selection and all major decisions.
As part of the deal, the current board will continue their roles at the club as non-executives and the club staff, including Liam Daish, the manager, are expected to stay on.
Daish, whose title will become head coach after the takeover, said he was happy for fans to be involved: "As a football fan, I think the idea is fantastic.
"I look forward to the challenge of working with thousands of members to produce a winning team. Alan Kimble [assistant] and myself are 100 per cent committed to making this work."
Chairman Jason Botley added: "The board, the coaching staff, club employees and myself are united in believing this is a great opportunity for Ebbsfleet United.
"This extra finance and support will enable our club to progress."
Ebbsfleet changed their name from Gravesend and Northfleet in May in a bid to tap into the regeneration of the area. They are currently ninth in the Blue Square Premier, six points off a play-off place for entry to the Football League.
MyFootballClub was initally approached by nine clubs and looked into seven of those before opting to take over at Ebbsfleet.
"Nine football clubs approached us and we believe that Ebbsfleet is the right choice," MyFootballClub's Will Brooks said. "We hope that MyFootballClub members and Ebbsfleet supporters will join forces to make the football club more sustainable and successful."
However, David Sullivan, the Birmingham City co-owner, has voiced reservations over the long-term viability of the takeover.
"My heart says it's marvellous that fans can own a club and vote on any decision of consequence, but in reality it won't work," he said. "At a lower level it possibly might work but in the Premier League or the Football League it would struggle."
"I look forward to the experiment but I think it will be an utter disaster, although I could be very wrong.
"If a player is in demand you need an instant decision, you can't go on the internet for six or 12 hours and let people vote," added Sullivan.
He added: "A manager ceases to be a manager if he can't pick the team," said Sullivan. "If the fans vote on who plays in each position the manager might as well just be the trainer. If you don't pick the players, you're not the manager.
"I think a manager would find it frustrating if the fans made a couple of changes and the team lost."
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