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Stoke confirm Coates as chairman

Stoke confirm Coates as chairman

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.

Click here to join in the debate on the club forum.

Writer:Chris Baldwin
Date:Tuesday May 23 2006
Time: 8:16AM


well us argyle fans hope this doesnt drag on much longer
green giant 12
23/05/2006 12:04:00
78% (today & counting on your poll) & a higher figure on other polls all say "no" tp TP. So while we (Stoke fans) also want closure on the manager situation, we don't want him.
23/05/2006 12:22:00
u dont want him, but its almost certain he's coming back
green giant 12
23/05/2006 12:52:00
Why don't chariman listen to their fans, who after all pay their wages.
23/05/2006 13:19:00
Yes, I agree & I'm almost resigned to it now. Shame they don't have those "smiley face" thingies on here but even if they did, it wouldn't have a frown big enough.
23/05/2006 13:19:00
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