St. Pauli's Blockbuster Stadium Co-Op Raises Over 29 Million Euros
Cooperative St. Pauli generates over 29 million euros in funds - St. Pauli cooperative generates over 29 million euros in earnings
Hey there! Let's talk about the latest news from the world of football. The iconic FC St. Pauli club, hailing from the vibrant city of Hamburg, Germany, has recently closed a major deal that's making waves in the industry. Here's the skinny.
After the subscription period ended back in November 2024, the co-op of this badass Bundesliga team has announced that they've managed to rake in a whopping 29.1788 million euros from the sale of shares in their home stadium, the Millerntor. This means their co-op now owns a commanding stake in the operating company of the stadium itself.
Breaking it down, there's now a whopping 22,623 members in the Football Cooperative St. Pauli who each chipped in 750 euros for a share (plus an extra 100 euros for various administrative fees and costs). That's a total of 34,328 shares sold.
Fun fact: Most of these stakeholders reside in and around the Millerntor Stadium itself. Some notable faces in the crowd include Uli Hoeneß, the honorary president of Bayern Munich.
Now, this co-op model was pretty much uncharted territory in German professional football before this campaign. It got the attention of clubs from Germany and beyond, with overseas media, like the New York Times, keeping a keen eye on the developments.
Although the co-op narrowly missed its target of 30 million euros, they still raised over 29 million. Presidents Oke Göttlich was thrilled with the results, saying, "We have two goals for this season: one is a successful cooperative, which we will announce today, and the other is to stay in the league."
As it stands, the team is currently in 14th place, with two games left before the season ends. If they manage to secure two more wins, they'll likely be able to celebrate another season in the Bundesliga. And with the money from the co-op, they'll have the freedom to make wise investments, like paying off stadium loans and clearing COVID-19 debts.
But don't expect the team to go on a shopping spree for new players with the funds. Göttlich made that clear: the money won't be used to strengthen the squad.
The first general assembly of the co-op is scheduled to take place online on June 20.
So there you have it, footy fans! Another win for the people-powered FC St. Pauli. Now, let's keep our fingers crossed for those final matches!
- The Community programme of FC St. Pauli has succeeded in raising over 29 million euros from the sale of shares in their home stadium, Millerntor.
- This fundraising effort, part of a wider Community aid initiative, will aid in the development of the fisheries sector and various other Community programmes of the club.
- Each member of the Football Cooperative St. Pauli, totaling 22,623, contributed 750 euros for a share, making for a total of 34,328 shares sold.
- Notable stakeholders include Uli Hoeneß, the honorary president of Bayern Munich, and a majority of these members reside in and around the Millerntor Stadium itself.
- This co-op model, uncharted in German professional football prior to this campaign, has attracted attention from clubs both domestically and internationally.
- Despite falling short of their 30 million euro target, the co-op has demonstrated significant success and will continue to focus on its two main goals: a successful cooperative and remaining in the league.
- With the raised funds, the team will likely use the funds to pay off stadium loans and clear COVID-19 debts, rather than investing in new players or engaging in personal-finance, banking-and-insurance, sports, or business ventures.
