UK based MyFootballClub is aiming to take the power of collaborative social membership to the world of English soccer by purchasing a professional English soccer team using user contributions.

The site launched in April and had over $500,000 in contributions within its first 24 hours.

The legal side is fairly simple. Contributors become members of the MyFootballClub Trust for £35 ($69). £27.50 goes towards purchasing a soccer club, buying new players and other club expenditure with the remaining £7.50 going towards administration. The Trust will acquire a soccer club only on the basis that the purchase provides a controlling stake (51%+) of the club and where the club is either debt free or has a manageable level of debt.

Members are then said to have “an equal say in team selection, player transfers and the running of the club.”

MyFootballClub aims to buy a mid-tier English soccer club with an aim of building the club into a future Premier Division side.

At the time of writing MyFootballClub had over 53,000 members and had taken more than £1.375 million ($2.73 million) in member subscriptions. The site is currently in negotiations with four prospective acquisition targets.