What is the financial situation of FC St. Pauli? FC St. Pauli achieves a Financial Stability Score of 30 out of 100 (rating: red). The equity ratio stands at 5.3% (league average: 34.1%), the personnel cost ratio at 48.3%. The liabilities ratio is 63.4%. Equity stands at €3.4M.
Data as of:DFL Financials: FY 2023/24 (reporting date 30.06.2024)·Squad values: April 2026·Transfers: current·Update: DFL FY 24/25 expected May/June 2026
The cult club. FC St. Pauli are globally known for the skull-and-crossbones brand, politically progressive identity, and anti-establishment ethos. Promoted in 2024 after years in the 2. Bundesliga. Revenue of approximately 80M, Millerntor owned, expansion planned. The 48% personnel cost ratio shows discipline. Merchandising generates disproportionate revenue thanks to the iconic brand.
St. Pauli ist bilanziell der fragilste BL-Club. Die Kult-Marke schützt nicht vor Bilanz-Realität.
Financial data shown is based on DFL Financial Indicators 2025 (FY 2023/24, reporting date 30.06.2024). The Bundesliga overall grew by 6.7% in 2024/25 to over €5 billion in revenue. Whether FC St. Pauli benefited disproportionately will be revealed by the next DFL Financial Indicators, expected May or June 2026. The Outlook tab below contains an informed projection.
30
Fragile
Revenue 2023-24
€67.9M
Gross revenue · Konzern accounts
Personnel Cost Ratio
48.3%
League avg. 47.9%
Squad Value
€0M
BV €0M · Reserves €0M
Millerntor-Stadion
29.546 seats
Eigentum
Equity Ratio
5.3%
League avg. 34.1%
Liabilities Ratio
63.4%
League avg. 47.0%
Summary: The cult club. FC St. Pauli are globally known for the skull-and-crossbones brand, politically progressive identity, and anti-establishment ethos. Promoted in 2024 after years in the 2. Bundesliga. Revenue of approximately 80M, Millerntor owned, expansion planned. The 48% personnel cost ratio shows discipline. Merchandising generates disproportionate revenue thanks to the iconic brand.
DFL License Check
Compliant. St. Pauli manage finances conservatively — consistent with the club's ethos.
Positive Equity
\u2713
€3.4M
Passed
Equity Ratio > 30%
\u2717
5.3%
-24.7pp below threshold
Liabilities < 50%
\u2717
63.4%
-13.4pp above limit
Balance Sheet (2024-06-30)
Total Assets€64.3M
Equity€3.4M
Liabilities€40.8M
P&L (2023-24)
Revenue€67.9M
Personnel Costs€32.8M
EBITDA€5.6M
Net Income€0.3M
Equity X-Ray — Hidden Reserves
Low book values. St. Pauli don't overpay for players. Minimal repricing risk.
Squad Valuation
Player Assets (Book Value)€0M
Squad Market Value€0M
Hidden Reserves€0M
Key Players (largest hidden reserves)
Transfer Balance (5 Years)
Season
Spending
Income
Net
2025-26
€12M
€8M
-€4M
2024-25
€15M
€5M
-€10M
2023-24
€5M
€3M
-€2M
2022-23
€3M
€5M
+€2M
2021-22
€5M
€1M
-€4M
5-Year Balance
€40M
€22M
-€10M
Financial Stability Score — Components
Equity Ratio (25%)
10
Personnel Costs (25%)
65
Liabilities (20%)
10
Transfer Balance (15%)
50
Revenue Diversif. (15%)
55
Strengths
Globally recognized brand — skull merchandising
Millerntor owned — expansion planned
Disciplined personnel cost ratio (48%)
Unique cultural identity
Weaknesses
Small stadium (29,546) limits matchday revenue
Modest Bundesliga squad quality
Relegation risk — thin squad depth
Hamburg market shared with HSV
Risk Profile
Leading Indicators
Klassenerhalt
Sportlich knapp, bilanziell essentiell. Abstieg bei VQ 63% = Krise.
Structural Risks
Sehr hoch
BL-Kosten auf 2.BL-Bilanz
67,9 Mio Umsatz, 63,4% VQ — das ist eine 2.BL-Bilanz mit BL-Fixkosten.
Black Swan
Abstieg im 1. oder 2. BL-Jahr
Direkte Rückkehr in die 2.BL bei aufgeblähter Kostenstruktur. 3,4 Mio EK schmilzt in einem Verlustjahr.
Outlook — FY 2024/25 Projection
Estimate · No official figures
Official DFL financial data covers FY 2023/24. Based on known parameters — transfer activity 2024/25, league growth (+6.7% per DFL Economic Report), sporting results — an informed projection for 30.06.2025 can be constructed. This estimate will be replaced once the official DFL financial data is published, expected May/June 2026.
Metric
FY 23/24 (DFL)
FY 24/25 (Estimate)
Revenue
€67.9M
~€72M
Personnel Costs
€32.8M
~€35M
Personnel Cost Ratio
48.3%
~48.6%
Estimated Result
€0.3M
~€0–0M
Estimated Equity
€3.4M
~€3–3M
Estimated Equity Ratio
5.3%
~4–4%
Simulator (coming soon): Scenario Simulator (coming soon): From summer 2026, you can run scenarios here — What happens upon relegation? What does Europa League qualification bring? Revenue, costs, required actions — interactive per club.
Frequently Asked Questions
Can St. Pauli sustain Bundesliga status?
The financial base supports it — if the club maintains spending discipline. The merchandising revenue and brand value provide a cushion that most promoted clubs don't have. But sporting quality needs to keep pace.
Why is the St. Pauli brand valuable?
The skull-and-crossbones is globally recognized. Merchandising generates outsized revenue independent of sporting results or division. The brand works whether St. Pauli are in the Bundesliga or 2. Bundesliga.