St. Pauli Cooperative Announces Over 29 Million Euros in Capital - St. Pauli cooperative generates over 29 million euros in revenue
Thrillin' St. Pauli Rakes in Over 29 Million Euros
It's been a month since the crowd-funding wrap-up for FC St. Pauli's Millerntor Stadium, and the official figures are in! As of May 7, over 22,623 supporters have subscribed shares to a whopping 29.1788 million euros, making the Football Cooperative St. Pauli the majority stakeholder in the Millerntor Stadium operating company.
These dedicated stakeholders have forked over 750 euros per share, plus an extra 100 euros for the administrative costs and other fees. Most members hail from the Millerntor Stadium's zealous neighborhood, with the highest concentration in nearby postal codes. The average age of these financial backers is 49.6, and a hefty 77.2% are dudes. Notable contributors include Uli Hoeneß, honorary president of Bayern Munich.
The cooperative model, initially a rarity in German professional football, has created a stir, with teams both home and abroad following the campaign with rapt attention. International media like the "New York Times" have even weighed in on the cooperative craze.
Although FC St. Pauli came up just short of their 30 million euro target, raising a smidge over 29 million, president Oke Göttlich was nonetheless thrilled. "We've set two objectives for this season: one, a successful cooperative, which we've achieved today, and two, to steer clear of relegation." St. Pauli, who climbed their way up from Hamburg, are currently 14th in the table, with a shot at securing their survival this weekend.
Amidst challenging global circumstances, Andreas Borcherding, board member of the cooperative, highlights the impressive result. "We - and I'd say, in a very critical environment – have managed to raise a significant sum."
The revenue will primarily be used to settle a 14.5 million euro debt owed to the stadium and to clear debts amassed during the corona pandemic, leaving more wiggle room for investments. Göttlich clarifies that the money will not be earmarked for player recruitment.
The cooperative's inaugural meeting crops up online on June 20.
- FC St. Pauli
- Millerntor Stadium
- Hamburg
- Bundesliga
- Germany
- The successful community programme for FC St. Pauli's Millerntor Stadium attracted over 22,623 supporters, resulting in a collective investment of 29.1788 million euros, making them the majority stakeholders.
- Participants in this programme, primarily from the local community, paid an average of 750 euros per share, with a higher concentration in nearby postal codes.
- FC St. Pauli's cooperative model has gained attention from both European leagues and international media, such as the "New York Times", due to its innovative approach to funding development in the fisheries sector and community aid.
- With funds primarily used to settle debts and clear a 14.5 million euro debt to the stadium, the community programme is paving the way for future investments in the fisheries sector and support for local programmes in Hamburg, Germany.
