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Please note: prior to hitting the post button, I've double checked for anything that could be construed as "Anti Semitic" and to the best of my knowledge it isn't. Anything deemed to be of a Xenophobic nature is therefore purely accidental or down to your own misconstruing.
The idea is not unworkable. The club lease the ground from the council. Any new entity could do likewise. Of course the current tenant might trash the stands etc. You’d also need a training ground. And operating cash.
Alternatively you’d need a new ground altogether. Again they don’t come cheap. But with enough debentures it could be done. Fan ownership is notoriously difficult.