BERLIN (AP) – Fans of German soccer team St. Pauli have become majority owners of the club’s stadium.
The Bundesliga club announced Thursday that it has raised about 29 million euros (about $33.5 million) by offering shares for its fan cooperative to become part-owner of the Millernter Stadium.
“This means that the heart of the club officially belongs to the cooperative and therefore to its members,” St. Pauli said in a statement. “With the acquisition of the stadium company, we have taken an important step towards permanently securing the future of Millernter in the hands of the FCSP community.”
St. Pauli is the part of Hamburg that includes the famous red light district. The soccer club of the same name is known for having a large number of left-wing fans. The club’s signature pirate skull and crossbones was popularized by supporters who identified as punks.
According to the club, more than 22,000 fans took part in the cooperative action. that announced in April More than 21,000 members participated in the fundraiser after the approximately five-month subscription period ended, and members were still able to participate after the deadline.
“We have shown that a different kind of football and a different funding model is possible,” said St. Pauli president Oke Getrich. “A collaborative and sustainable approach to business is possible in professional football, as is the participation of many people with a common responsibility.”
Each member spent 850 euros ($980) for each share they bought, of which 100 euros ($115) went toward fees and donations. With every purchase, you will be entered into a drawing for prizes including dinner with team captain Jackson Irvine, a VIP package, and an autographed jersey.
Bayern Munich powerbroker Uli Hoeness, who organized a charity match for St. Pauli in 2003 when the club were in financial trouble, is one of the new players.
The co-operative’s CEO, Andreas Borcherding, said on Thursday: “We are delighted with the huge support for the co-operative and for the idea of a different kind of football and a different way of doing business.” “We are very pleased to have taken this step.”
St. Pauli finance director Wilken Engelbracht said this meant the club could make investments using its own resources, such as expanding the performance centre.
Mr. Engelbracht was scheduled to present specific numbers at the union membership meeting on November 15th.
St. Pauli is promoted to Bundesliga They struggled on the field last season, losing six straight, and will face Freiburg away on Sunday.
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