St Pauli outline co-operative plans to cut debt and boost investment

Plans by Bundesliga club St Pauli to become a co-operative have taken a step further with detailed proposals being outlined for the how the unusual football business model will work.

The promoted Hamburg club are famous for their left-wing fans, who have often criticized other financing methods such as energy drinks firm Red Bull's investment in RB Leipzig.

"For us, the most important thing is that we can almost completely reduce the club's debt," commercial director Wilken Engelbracht told the Hamburger Abendblatt newspaper on Wednesday, adding that loans taken out during the coronavirus pandemic also have to be paid back.

Supporters of the club can buy a share for €850 ($950). All participating members of the co-operative have one vote in meetings, regardless of the number of shares purchased.

There will be a special purchase scheme for people on low incomes.

Initially, the co-operative wants to acquire a stake in the stadium, making every paying fan a co-owner. The Millerntor is expected to initially benefit to the tune of €25 to €35 million.

"We are breaking new ground here because we don't always just want to complain about the forms of football financing driven by traditional investors, but want to show an alternative," Engelbracht said.

Shareholding members will also participate in profits.