Why is there no EPL club owned by the fans?

No fan can afford to buy clubs?

Complete ownership by the fans ?

He means a real madrid like system.

I guess if EPL clubs were fan owned, TV rights would have to be changed?

We(Arsenal) Run our club in nearly an exact way as Madrid but without the "Club President" bit. I don't really see how it can bring in any change either personally. Our Chairman Can't invest his own money into the club like Perez and we earn our money through the merchandise sales, television rights and ticket sales just like Madrid or Barcelona.

However the difference is that Arsenal fans can Buy Shares of the Club. Along with Kroenke and Usmanov, we have Arsenal Shareholders Trust who are basically arsenal fans

Best option for Arsenal would be to get bought imo. The whole structure would have to change for Arsenal to be as big as as Barca/RM the current way.

The TV rights would have to change, image rights, banks etc etc.

Arsenal fans own 10% of the Team

the rest is owned by a Russian Oligarchic and as cheapass Yank