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October 3 – Bundesliga club St. Pauli has unveiled plans to sell shares to a fans cooperative to raise up to €30 million for the purchase of a controlling stake in their stadium, the Millerntor, valued at an estimated €60 million.
The club, dubbed ‘German Football’s Cult Club’ by the Bundesliga themselves, do not accept commercial income from gambling or cryptocurrency firms, among other industries, and that has helped preserve their identity, but at the cost of revenue, which impacts their ability to be competitive.
The funds raised by the stadium sale will be used to clear the Hambirg-based club’s debts, including those incurred during the pandemic, and to invest in the club’s sporting infrastructure to improve on-pitch performance.
A four-member board, comprised of long-time supporters who live and work in the local community, has already been appointed to oversee the initiative.
The sale of shares is set to begin in October, with each share priced at €850. While there is no limit on the number of shares an individual can purchase, each shareholder will hold only one vote, ensuring equal democratic influence across all participants. To make the process more accessible, a staggered payment plan will also be offered.
The initiative reflects St. Pauli’s commitment to fan ownership and community engagement, aiming to strengthen the club’s financial foundation while preserving its unique supporter-driven ethos.
Oke Gottlich who has been chairman of the club since 2014, said: “Maybe six or seven years ago, we discussed the possibility of a cooperative for the first time, and how we might be able to set one up, learning from a team like the Green Bay Packers, and how it could impact football. We discussed the different ways in which it could happen. Should we maybe transform the whole club into a cooperative?
“Not everything was possible. St Pauli is a strictly membership-driven club and didn’t want to effectively outsource it…
Source link : https://www.insideworldfootball.com/2024/10/03/st-pauli-raise-e30m-via-stadium-sale-fans-co-operative/
Author : Paul Nicholson
Publish date : 2024-10-03 10:28:34
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