Interesting reading here for sure, and as much as it surprises me to be saying this, SteelBoy is on the money with a lot of what he's saying in my opinion.
In my experience, people with the financial clout to invest heavily in a football club aren't the type to accept a situation where they have to run their decisions and plans past a majority holding group made up, for the most part, of people who have nowhere near the same level of business experience as they do.
If they're putting a considerable amount of money into any venture, they'll expect to make at least that and more back on the other side. That's simply how it is. They're not coming and giving up time and money for nothing.
This suggests to me that they'll want majority control and will not be answerable to the Well Society. No serious investor would accept risking their capital in an industry that is difficult to profit from at the best of times without having majority control over how that entity is run and, more importantly, how their money is spent. The Well Society and any votes in the future would simply be seen as inconveniences and roadblocks to the real professionals doing their jobs. Which is maximising profit for the owner on their investment.
The most concerning thing for any football fan is that most owners who do not have an emotional attachment to the club they own often see it as just another business venture.
Venture is the key word there. Defined as "an undertaking involving chance or risk" or "a speculative business enterprise," which in most cases means that the investor takes a chance, and has an amount of money they're willing to lose before declaring the venture a loss. At that point, they cut it loose and let it sink.
It happens to companies every day. It's just that those companies ordinarily don't have fans.
I'll be more than happy to be proven wrong on that count and see a unicorn in the form of someone with a ton of cash and no real emotional attachment to the club happy to throw cash into the pot and basically cede overall control and direction to the Well Society. I don't see it happening, though.
As has been mentioned already, fan ownership gives us many things, but the most important is that it gives us our club.
If the Well Society loses majority control (if it happens), it will no longer be our club—it will be the new owners' club. At that point, we will be just customers.
Most of the noise surrounding this issue seems to be paving the way for a change in majority ownership. Again, this is just my opinion based on what I've experienced in the past.
Losing majority control of something like a football is a hard sell to fans. The only way to really accomplish that is to convince said fans via various PR means that there's not really any other option moving forward. Vague mentions of financial issues and a drip-style media campaign that gets fans used to the idea of giving up control.
Again, I'm not saying this is what is happening, but it looks a lot like it from the outside.
It'll be interesting to see how it plays out.