Cambridge City Football Club is a private limited company with 2000 shares. (Originally sold at £50 each) There are something in the region of 25 shareholders. Shares can only be sold by offering to existing shareholders first and then offered to the general public, but all sales have to be approved by the board. No one person can own more than 25% of the shares and no family/organisation can have a controlling interest. Elected board members must have at least 20 shares, but I believe you can be co-opted on to the board without any shares and then elected on at a general meeting once you have acquired the necessary shares.
I may not be spot on with the above details, but I don't believe I am far out with the facts as I am one of the few shareholders.
Hope this information is of use.
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