August 6 – EFL Championship club Stoke City have announced a significant change in its ownership structure, with the Championship side now being solely owned by bet365 co-CEO John Coates.
This development follows a strategic ‘demerger’ of the Stoke City Holdings Group from online bookmaker bet365, resulting in John Coates becoming the outright owner of the Potters.
The Coates family own the online betting and gaming giant.
Under the revamped ownership model, Stoke City now fully owns its stadium and the Clayton Wood training ground. The move represents part of a broader strategy to consolidate assets and strengthen the club’s financial independence.
The club also reported it has successfully cleared its debts, a process in which bet365 played a crucial role in recent years. The club said it was necessary to restructure to enable them to be more competitive in the competitive Championship.
John Coates, along with Richard Smith and Peter Coates, will retain their positions on the board.
“My family and I remain steadfast in our commitment to Stoke City, so it’s very much business as usual,” said John Coates.
“Infrastructure projects at the stadium and our training facility will continue during the coming years at pace, and Potters’ supporters can rest assured that investment in the playing squad will continue to be maximised within our competition rules.
“Everything we do is geared towards bringing long-term success to Stoke City and representing our fanbase and local community in a way that makes people proud.”
Contacts the writer of this story, Harry Ewing, at moc.l1722946710labto1722946710ofdlr1722946710owedi1722946710sni@g1722946710niwe.1722946710yrrah1722946710
Source link : https://www.insideworldfootball.com/2024/08/06/bet365-removed-stoke-city-ownership-stays-within-family-john-coates-takes/
Author : Paul Nicholson
Publish date : 2024-08-06 09:19:36
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