Sure, but then there are thousands(?) of privately owned professional clubs around the world. Some of them will have god-awful owners, some will have excellent owners. Most will, of course, be middling. Just like we currently haver with the private ownership of the FFC by the WAFC.one example.
wanna look at Newcastle United, Arsenal, Leeds United 15 years ago? Bolton Wanderers, Charlton... Malaga!
Likewise, a community owned pro sports club can have a really bloody good administration over the long-term like, say, Collingwood. Or it can have a perpetually struggling administration like, say, Fitzroy. Perhaps an independent Incorporated body would be a better model for Freo than private ownership by the WAFC?
Or perhaps the best model will be a non-profit like the Green Bay Packers.
In short, I don't have a lot of faith that the current owners of the club -- the WAFC -- are the best long term stewards of the club. FFC runs the risk of doing worse, but it could definitely do better.