FANS of German football team St Pauli have taken over as majority owners of their club’s stadium.

The Bundesliga club said on Thursday that a fan co-operative raised some €29 million (£24.7m) by offering shares to become part-owners of Millerntor Stadium.

“This means the heart of the club now officially belongs to the co-operative — and thus to its members,” St. Pauli said in a statement. “With the takeover of the stadium company, a crucial step has been taken to secure the future of the Millerntor permanently in the hands of the FCSP community.”

St Pauli is a part of Hamburg that includes its famous red light district. The football club of the same name is known for its left-wing fanbase. The pirate skull-and-crossbones synonymous with the club was popularised by supporters who identified as punks.

The club said more than 22,000 people took part in the fan co-operative action. It announced in April that more than 21,000 members joined the fundraising initiative after its near five-month subscription period ended, though members could still join if they missed the deadline.

“We have proven that a different kind of football and a different financing model are possible,” St. Pauli president Oke Gottlich said. “A co-operative and sustainable approach to business is also possible in professional football — as is the participation of many people who take on shared responsibility.”

Each member spent €850 (£725) for every share they bought, with €100 (£85) of that going on fees and contributions. Every purchase entered the buyer in a draw for prizes including a dinner with team captain Jackson Irvine, VIP packages, and signed jerseys.

“We are delighted by the tremendous support for the co-operative, for the idea of a different kind of football and a different way of doing business,” Andreas Borcherding, the cooperative CEO, said on Thursday. “We are very pleased to have now taken this step.”

St Pauli financial chief Wilken Engelbracht said it means the club can invest using its own resources, including in the expansion of the performance centre.

Engelbracht is set to present concrete figures at a meeting of cooperative members on November 15.

St Pauli was promoted to the Bundesliga last season, but the team has been struggling on the pitch with six straight defeats before facing Freiburg away on Sunday.