Writer: Chris Baldwin
Date:Tuesday May 23 2006
Stoke City have today confirmed the appointment of Peter Coates as the new chairman of the club after he completed the purchase of all the shares from the previous Icelandic owners and outgoing chairman, Gunnar Gislason resigned yesterday.
There is going to be an press conference this morning, but the official website has said that Coates has paid £1.7m to the Icelandic consortium for their shares and he is paying £8.3m into the club to 'stabilize the club's finances, clear existing debts and provide funds to move the club forward'.
Coates, who returns to the role he gave up in 1999 says that he is 'delighted to have the opportunity to help move the club forward'.
Adding: 'The investment will transform the club's finances, clearing all shareholder loans and stabilizing what was a precarious financial position.
'The club will be largely debt-free and have a fresh start with a unified Board of Directors and a Senior Management Team.
'It's a return to local ownership with local decision-making and I am excited by the prospect of working with everybody at the club to try and bring success on the pitch. Our first task is to build a side capable of challenging for the play-offs with, of course, the ultimate dream being making it into the Premiership.'
In addition, it was also announced that all three remaining shareholders, Keith Humphreys, Phil Rawlins and Peter Coates will convert their existing loans to the club into shares.
After the turmoil of the last 18 months regarding the ownership and the obvious reluctance of the Icelanders to pump more cash into the club, we do now have a chance to move forward under Coates. It must be an advantage having the club under local management again. Let's hope Coates does not squander this chance.
He now has the opportunity to push forward, the first and most important action is the appointment of a new manager. We apparently know who that is. If it is to be Tony Pulis, then let's hope that it is the correct choice and we can, at last, begin to seriously challenge for re-admittance to the top tier of English football.
Date:Tuesday May 23 2006
Pennant Given Another Chance (Tuesday June 18 2013)
Stoke to install electronic turnstiles (Tuesday June 18 2013)
Stoke set for Brugge friendly (Tuesday June 11 2013)
Begovic wins 'Idol of the nation' (Tuesday June 11 2013)
POLL: Does Pennant deserve a new contract? (Tuesday June 11 2013)
Coates leaves door open for Pennant (Tuesday June 11 2013)
POLL RESULT: Fans split on Hughes appointment (Tuesday June 11 2013)
Hughes eyes Hooper (Friday June 7 2013)
Hughes ponders Pieters transfer (Friday June 7 2013)
Stoke to face Bologna at the Britannia Stadium? (Friday June 7 2013)
|10. West Ham||38||12||10||16||-8||46|
|15. Aston Villa||38||10||11||17||-22||41|
|Canas: 'I Saw a Great Opportunity At Swansea City'
» Swansea : 18/06/2013 22:51:00
|Saints Season 2012/2013 Review - Goalkeepers
» Southampton : 18/06/2013 22:27:00
» Newcastle : 18/06/2013 21:48:00
|Liverpool: International Heartbreak For Borini
» Liverpool : 18/06/2013 21:17:00
|Elliot Ward Joins Bournemouth
» Norwich : 18/06/2013 20:38:00
|Isco Torn Between Man City amp; Real Madrid
» Man City : 18/06/2013 20:13:00
|Yankees' Lawyer on Man City MLS Partnership
» Man City : 18/06/2013 19:59:00