St Pauli become first German football club to launch cooperative
Ever the club to take a unique path, St. Pauli have become the first German outfit to launch a cooperative that they hope could earn them up to €30m.
As they look to compete amongst the elite, but also eager to respect the 50+1 rule, Die Kiezkicker have come up with an innovative way to bring extra funds into the club. On Friday, they launched the Bundesliga's maiden cooperative model at an event attended by Hamburg mayor Peter Tschentscher.
A cooperative allows members to invest and buy shares of the Football Cooperative Sankt Pauli (FCSP eG), which can raise equity as a result. The cooperative will acquire a majority stake in the company that holds the rights to the stadium, meaning shareholders will become co-owners of the Millerntor-Stadion.
Shares cost €850 but, unlike traditional investment, each holder will only have a single vote - regardless of how many shares an individual purchases. Shares could be bought from 10.00am on Sunday 10 November until January 2025.
Discussing the initiative, club president Oke Göttlich said, "The cooperative is the perfect model for St. Pauli. It gives members and fans a stake under application of a general democratic rule - everyone has one vote irrespective of the number of shares purchased."
"It's the most important project for us since the Millerntor Stadium new build. We aim to show that not only is a different kind of football possible but also a different kind of financing."
The idea has seemingly attracted the attention not only of the fans, but also the club's playing staff. Captain Jackson Irvine said when asked whether he would participate, "Sure! I'll start with a share certificate, which will guarantee me voting rights. That's the most important thing. We'll see about the rest."
With Schalke also announcing plans to implement a cooperative - albeit with only current members allowed to buy shares - it seems St. Pauli's plans have already had an impact on German football. It will be interesting to see whether others follow suit.
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