Forms of academic democracy, such as shared, collegial and participatory governance where students and staff have a substantive role in institutional oversight, have long been an aspiration at many universities and colleges worldwide. Yet, concrete efforts to realise self-governance often prove incompatible with the legal and fiduciary requirements of trustee boards, rector councils and the like governing contemporary higher education institutions. This has led to significant controversy at times over how universities are controlled and the extent to which their communities can have a meaningful role in governing them. It raises the question of whether widening democratic participation in university governance is possible and desirable. This conceptual study examines three core challenges to furthering academic democracy that include ambiguity over who can have legitimate oversight of academic and other matters, common logistical challenges in integrating staff and students into governance processes, as well as the limits that external influences can place on what is possible for internal governance. Drawing on deliberative democratic theory, this paper explores practical approaches to navigating these challenges through interlinked governance structures that can maximise participation and ensure a reasonable expectation of meaningful decisions within the constraints of corporate governance.