The better question is: Can we all contribute enough to be a publicly owned team?
Seriously? The fan base can't sell out the building as it is, with the lowest prices in the league. Papered attendance may look good, but Ottawa was not paying for sellouts all of these years, as we have seen once the free tickets stopped. Public owned would require a ton more investment from people who have not shown and interest in investing less money when things were going really well.
No, the hope needs to stay with a new, smaller, downtown arena, and a new owner eventually who can bankroll a cap team on their own.