Essentially control does remain in the owners hands, as long as they make decisions that are in the club's interests.
Football fan's are only interested in what's best for their club, as long as it doesn't ruin the sport.
The owner should have no worries regarding the threat of veto as there is no reason for the clubs members to do anything that goes against the club's interests.
It's a simple solution that protects both club and the sport.
I take your point but nobody in their right mind is going to finance a club with any element of a risk of not being able to do as they wish. It's the same in business when investor's come in, however much you value their expertise and support you want to retain control so you protect your investment be that time or value built up.