Other than a column in the NY Times, I can't really find anything else about this group:
1. Good idea not to ask for money up front. That wouldn't have gone anywhere.
Enter Joe Scura, the mind behind Project Franchise, a group with a mission to buy a sports team and let the fans vote on every decision.
Yes, every decision. Next time Fox wants to advertise its hilarious new cop-and-dog buddy flick behind home plate, it may have to poll the fans.
“Something like this has been a long time coming, but the Internet has finally made it feasible,” Scura said. “Fans are more than just piggy banks/hot dog receptacles.”For $5, fans can buy a vote and act as the collective general manager, deciding on everything from personnel to team colors.
2. Pick a sport, but you'll probably end up with baseball. Or basketball, but I hope baseball. See #4
3. No top level pro league will allow this to happen to one of their teams. Not because they're too smart, but because they're not smart at all. Mark Cuban won't be able to buy the Cubs, the San Diego Padres couldn't be given to the people of San Diego and the pro-sports cartel (really, I'm not throwing that term around) won't let a group of thousands of anyones buy a team.
4. Think indy league baseball or the CBA. Both have a bit of a reputation and track-record. Both are kind of feeder leagues for the top levels (so you know there is talent there somewhere), but both are also independent of the controls of the top level leagues. So, they just might go for something like this. A CBA franchise in Seattle might be nice. I hear we have an arena available soon.
EDIT: Looks like they're on this track:
We aren’t completely insane. While we’d love to raise enough money to purchase a team from the NFL, NBA, MLB, MLS, or NHL, we realize that this is a bit of a stretch. Realistically we are trying to acquire (at least a majority stake) in a minor league or semi-pro sports team (Independent Baseball, NBADL, ABA, AHL or Arena Football). These leagues offer flexibility that the big leagues don’t, and give the fans the ability to get involved for a fraction of what we already spend on fantasy football or video games. We have already had productive discussions with some of these leagues and they have been very receptive of our approach.
5. "Project Franchise" might be a nice name, but it is also ironic. See #3 again, but it refers to the cartel-like economic system that North American sports leagues operate under. Rather than being "clubs" in a league, they are "franchises" in an almost single entity. This is the system that gives the league (other owners) so much say in terms of who can actually own a franchise, making it impossible for Project Franchise to own an NBA/NHL/MLB/NFL property.