Source: REUTERS/Angelika Warmuth
[Saba Sports News] According to German media reports, St. Pauli fans have raised €27 million through crowdfunding to take control of their home stadium, setting a precedent in German football. The Hamburg club announced on Tuesday that after nearly five months of fundraising, more than 21,000 people participated in Germany’s first fan cooperative project, raising a total of €27 million to acquire a majority stake in their home ground. The club revealed a “frenzy” before the end of the fundraising period, with fans subscribing to shares at a price of €850 each (including a €100 handling fee). Each participant also had the chance to win prizes, including dinner with captain Jackson Irvine, VIP packages, and signed jerseys. Even Uli Hoenes, a Bayern Munich heavyweight who organized a charity match in 2003 to help St. Pauli through a financial crisis, participated in the subscription. Currently, with seven rounds remaining in the second Bundesliga, St. Pauli is only three points ahead of the relegation zone, and the team’s situation for avoiding relegation is still quite delicate. In response, Oak Getlich, the chairman of St. Pauli, emphasized: “We must use the momentum of this crowdfunding to complete the great task of avoiding relegation.”