Patrons of the Imtech Arena outfit agreed to the 'HSVPlus' initiative, which mirrors the model of the likes of Bayern Munich and Borussia Dortmund, on Sunday.
Hamburg hope the change will streamline decision-making processes and make the Bundesliga club more efficient economically.
Former club chairman Ernst-Otto Rieckhoff, one of the main supporters of 'HSVPlus', was thrilled to see the change accepted by the club's members.
"Now the work must begin," he told Kicker.
"We now have a historic opportunity, which we must use to run (Hamburg) back up."
'HSVPlus' was passed with a 86.9 per cent majority, surpassing the 75 per cent required by the club's constitution.
Hamburg narrowly avoided relegation from the Bundesliga for the first time in their history earlier this month, as they beat Greuther Furth on away goals in their two-legged play-off tie.
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