Drawing on a netnographic study and in-depth interviews within the online Greek Football Manager community, this paper explores the specific role of reality and fantasy in generating and sustaining brand value co-creation. Inspired by Winnicott’s psychoanalytic theory, this study illustrates how value co-creation occurs in-between reality and fantasy and unfolds via the complex interplay of real and fantasy-oriented resources which are largely situated in transitional space, that is the intermediate space of experience between shared reality and individual fantasy, and is facilitated by various transitional objects. The findings further highlight that members engage in a series of voluntary work activities while navigating themselves between the everyday shared reality of the real football word and the individual fantasy of their gaming experiences. This study puts forth a novel theoretical framework of value co-creation in transitional space within the context of online brand communities and draws theoretical and practical implications for future research.