German Bundesliga club St. Pauli has signed off its landmark cooperative venture, with members now set to gain majority ownership of the Millerntor-Stadion’s operating company.
The venture launched on November 10, with St. Pauli calling it the first of its kind in world football. Football Cooperative Sankt Pauli 2024 (FCSP) was open to other parties outside of fans and members, with each share costing €850 – €750 for the share itself, plus €32 in management fees and €68 for reserves for the co-op.
After a quick take-up, which saw €13m raised after only three days, and €15m after a week, progress slowed somewhat, leading to an announcement on January 8 that the subscription period would be extended by two months until the end of March.
At that point, the funds raised stood at approximately €18.4m. St. Pauli in March announced it had passed the €20m threshold needed for fans and members to secure majority ownership of the Millerntor, with the club last month reporting that a late flurry of activity pushed it towards the ultimate target of €30m (£25.4m/$33.8m).
Having now completed assessment of the project, St. Pauli yesterday (Thursday) declared the final figures with FCSP comprising 22,623 members who have subscribed to shares totalling €29,178,800.
The cooperative’s 22,623 members have subscribed to a total of 34,328 shares. St. Pauli said the majority of members are male (77.2%), and the average age is 49.6 years. Most members live in the club’s home city, Hamburg, with postcode areas around the Millerntor top of the list.
In February 2020, St. Pauli secured its long-term future at the Millerntor through a new usage agreement that will potentially mean it can celebrate its 200-year anniversary at the stadium.
The club, which has a wide following outside of Germany due to its political leanings and social culture, has played at the 29,500-capacity Millerntor since 1963. A new long-term contract was agreed between stadium operator Millerntorstadion Betriebs (MSB) and Hamburg authorities.
Half of the revenue raised through the cooperative will reportedly be used to help towards paying off the stadium’s debt, with the other half going towards paying off other liabilities and starting new projects. The money raised will not be used for first team investment.
With the cooperative’s first general meeting scheduled for June 20, St. Pauli president, Oke Göttlich, said: “The cooperative is the perfect model for FC St. Pauli: grassroots democracy, solidarity, and sustainability.
“After the failed investor deals, we developed a constructive solution in professional football and demonstrated that a different kind of football and a different kind of financing are possible. Now we want to avoid relegation from the Bundesliga to complete a historic season for FC St. Pauli.
“My thanks go to everyone involved and the members for this outstanding result, which moved me deeply. It’s impressive what this community can achieve.”
Wilken Engelbracht, commercial director of St. Pauli and member of the cooperative’s supervisory board, added: “The successful founding and outstanding subscription phase is a milestone for FC St. Pauli. This allows the club to once again invest more heavily in future projects.
“The establishment of the first cooperative in German professional football was a bold step and also a major effort for the club, making it all the more gratifying that this courage and commitment have been rewarded.
“We thank the executive board of the eG, all helpers and supporters, partners and employees, and all members who have invested in a solidarity-based and sustainable model.”
