Every since James Surowiecki articulated the principle in his book The Wisdom of Crowds companies have been trying to tap into the collective knowledge of their organizations to improve business functions or spur innovation. However, with a few exceptions, most have failed to engage their employees or customers in any meaningful way - or at least in any way tied directly to the bottom line.

Will Brooks, however, is betting his company on it.

Specifically, he’s betting that thousands of passionate engaged (and yes, sometimes crazed) fans can run a sports team better than a handful of expert coaches and professional managers.

The company is My Football Club and it’s a U.K.-based football (soccer) club started by Brooks, a former sports writer for the BBC.  Late last spring he proposed the idea of a fan-owned, fan-run football club, in which the each of the owners would have an equal say in the day-to-day management of the team.  The twist is that the club has over 53,000 owners.

Yes, that’s more than fifty three thousand individual owners (the actual figure is likely higher), each of whom paid £35 (about $70) for an annual membership, giving them one share and one vote, and an equal say in team selection, player transfers and the running of the club.

So far the experiment in mass-management is working. Twenty percent of members login to the website every day, posting thousands of messages and debating issues such which players to recruit to how to increase attendance at games. Using forums on the club’s website the members recently voted to purchase a controlling stake in Ebbsfleet United Football Club. And though the deal isn’t finalized yet, some members independently raised £1300 to buy Ebbsfleet new goals and equipment as a good-will gesture to the team.

Time will tell whether the wisdom of fans will translate into a winning team, but this is good one to watch.