Stadium for Sale: The fans investing in their club’s ground
Schalke, Union Berlin and St. Pauli have all launched schemes to secure their future through fan investment in their stadiums. We hear from the fans that have invested.
In the back end of 2024, three clubs from Germany’s top two divisions launched or expanded schemes allowing their fans to invest in their respective grounds.
Union Berlin first sold shares in the Alte Försterei in 2011. Die Eisernen were a very different club back then; those funds were needed to secure the club’s future following decades of poor management. Now boasting the tenth biggest membership in the land, Union are selling shares valued at €500. The funds will be used to develop the stadium from a capacity of 22,000 to 40,000. Keen to retain the ground’s unique feel, 32,500 of those places will remain standing. As of February 2025, 49,000 new shares have been sold, raising more than €30m for the development. The aim is to raise close to €60m to complete the plans.
In Schalke, the picture is less rosy. This sleeping giant in the Ruhrpott, the heartland of German football, has fallen into significant debt. Some €168m. The €250 shares, which were launched in January 2025, will be used to help the club secure its future, buying back shares of the Veltins Arena owned by third parties. Despite languishing in the 2.Bundesliga since 2021, Schalke boast 190,000 members.
All football clubs hold their ground close to their heart, but for St. Pauli, the fight to stay at the Millerntor is a key touchpoint in the identity of the club. As we heard from Sven Brux, the Kiezkickers’ left-wing ideals were in large part forged in response to a threat from the destruction and development of their stadium. The formation of a co-op to secure the ground and the club’s future fit that ideal. At €750 per share, St.Pauli again hopes they can raise €30m of capital. The club announced 8,500 shares were sold on the first day of availability.
None of these schemes should be viewed as a typical investment. While St. Pauli and Union fans have voting rights in the use of their respective stadiums, Schalke fans don’t. St. Pauli fans can expect dividends of 1-3% per year, but there is little opportunity for fans to realise true financial gains on their capital. As Professor Beuer, a sports economist at the University of Cologne, told national broadcaster Sportschau, “Apart from voting rights and emotional dividends, shareholders have little to gain. It has to be seen as a hobby. You wouldn't really find a model like this in the normal business world."
Professor Beuer also pointed out the curiosity of the Schalke scheme. The Veltins Arena was wholly funded by the club to the tune of €191m in 2001. In effect, investors into the new scheme are paying again for a stadium they already own.
We spoke to a fan of Schalke, and St. Pauli, on their thoughts about their respective clubs’ plans.
Jonas*, 35, St. Pauli fan from Berlin
What was the main motivation for investing in the stadium share plan? Was it to secure the future of the club, or to have more of a say in the management of the stadium?
My main motivation was the fact that I always loved St. Pauli mainly because of the slogan "St.Pauli ist die einzige Möglichkeit" ("St. Pauli is the only option"). While I believe sports fans don't get to choose their favorite team, I always felt grateful for not having to be a fan of some club where I would have to be around racists, fascists or even "normal" German football fans.
When I heard about the idea of a Genossenschaft being founded to support the club financially I immediately felt intrigued. As a member I heard about it pretty early, since there was a survey among members regarding the idea of a Genosschenschaft and the potential price the members would be willing to pay for a share.
I think the idea of finding a different way of acquiring floating capital contrary to what other football clubs do fits St. Pauli perfectly. And although there are some reservations among the supporters, I really like the idea of helping St. Pauli to abstain from "normal" methods of
getting money, even if it is just not taking money from potential sponsors if they don't align with the club's values (St. Pauli does not accept sponsoring contracts with anything related to gambling for example).
Do you think the prices of the shares were fair?
I am not an expert on financial things. In the original survey I mentioned above I answered that I was willing to pay up to 500€ for a share. But I do understand that there has to be some kind of balance between what people are willing or able to pay and meanwhile collecting enough money to make this whole thing worthwhile. The price is obviously too high for some but since this whole thing is about investing money I'm afraid that this is just how it is.
Do you view it as a typical financial investment?
No. I like the fact that the money isn't gone and I might get it back some day and this helped with the decision. And I'll admit that I used this argument when trying to convince people to buy a share themselves.
Does the plan fit with the values of the club?
As mentioned above I obviously do believe that this is a good idea, otherwise I would not have bought a share. The club does kind of take in an investor and sells its parts in one of if not the most important asset, something that was always kind of a red line. But I generally like the way a Genossenschaft works and I think this is a good fit with the values of St. Pauli. I also think that this is in fact a way in which other clubs in Germany and abroad could keep their clubs within their control. And if St. Pauli can lead as a good example for a better future in football and beyond I'm definitely all in for it.
Simon, 24, Schalke fan from Munich
What made you a Schalke fan?
I am from a small town near Munich, quite far away from Gelsenkirchen. I still became a fan of the club when I was eight during Euro 2008 because I really identified with some of the players who played there. Since then im a huge schalke fan, am a club member and regularly drive to games
Why did you pay into the scheme?
I bought into the scheme because I love the idea of getting capital without selling shares to some investors. You can see by the examples of Hertha, HSV and 1860 München how much an investor can damage the club. I also love the idea of then being an "owner" of the club. Also the concept of the "Genossenschaft" fits perfectly so that everyone has the same power no matter their investment.
Unlike other schemes, Schalke's plan doesn't allow voting rights in the use of the stadium. Did that concern you?
No, I'm not buying into it to participate in decisions or try to make my investment back. Mentally, I fully see this as a donation with some more benefits
Given the financial situation the club finds itself in, are you worried that your money will be used inefficiently?
Well, yes and no. I have high trust in the current club leadership, some important changes were definitely made. However in football I think it's always a game of risk. It's impossible to just say one decision is efficient and the other is not. Of course some money will be used for projects that don’t pay out but I am okay with that.