Writer: Chris Baldwin
Date:Wednesday November 14 2007
Stoke City have revealed that last season's failed promotion push has cost chairman, Peter Coates £3m.
With the club's annual general meeting due next week, they've released the accounts for the 12 months up until the end of May 2007. These show that the club went heavily into debt in mounting last season's promotion push by taking on the likes of Lee Hendrie, Andy Griffin and Salif Diao.
These debts will have to be paid by Peter Coates. The owner, who is also chairman of Stoke-on-Trent based internet gaming group Bet365, has also pledged to continue the investment in the squad for this season and into the future.
I'm sure that the more hardened anti-Coates 'fans' will find something to moan about, but I feel that at least the club has one benefactor that is prepared to put his sizable fortune where his mouth is. Although it's not clear from this statement what the other directors have put into the club (if anything) over the past year. But Coates did confirm that all the existing directors' loans to the club have now all been turned into shares.
After the sales of Higginbotham, Russell and Hoefkens at the start of this season which has brought in around £4m, the club's transfer coffers are at least filling up with Coates promising that all this cash and some more is available to the manager should he need it. With Leon Cort's £1.2m transfer from Palace seemingly already agreed for January (less the fee for Clint Hill if he goes the other way), it still leaves a reasonable amount in the kitty for more new players.
In related news, many fans have commented on the apparent downturn in attendances this season but Chief executive, Tony Scholes told a meeting of the Potters Foundation last week that although attendances were indeed down on budget, it was only in the region of 700 per game (including away fans) and that their records show that attendances normally rose throughout the season, peaking in April as the season reaches it's climax. He felt that it was not accurate to compare the gates at the end of the previous season with those at the start of the following season.
Date:Wednesday November 14 2007
Shea set for MLS return (Tuesday December 16 2014)
Ref Watch: Swarbrick to officiate Stoke v Chelsea (Monday December 15 2014)
Football Aid 2015 - Ultimate Stoke Xmas Gift! (Monday December 15 2014)
crouch out? (Sunday December 14 2014)
Bojan wins November goal of the month (Saturday December 13 2014)
Stoke & Crystal Palace scrap for a draw (Saturday December 13 2014)
Stats: Crystal Palace v Stoke City (Saturday December 13 2014)
Bojan wins Arsenal man of the match poll (Wednesday December 10 2014)
Stoke's November goal of the month (Wednesday December 10 2014)
Bojan & Walters picked in BBC team of the weekend (Monday December 8 2014)
|13. Aston Villa||16||5||4||7||-10||19|
|Bruce: Swansea City At Home Is a 'Cup Final'
» Swansea : 18/12/2014 21:57:00
|Chelsea`s Zouma Joining Besiktas on Loan?
» Chelsea : 18/12/2014 19:02:00
|Liverpool: Balotelli Banned And Fined
» Liverpool : 18/12/2014 18:46:00
|John Alder's NUFC Collection To Be Auctioned
» Newcastle : 18/12/2014 18:10:00
|Villa In The NON Rip Off List For Mascots
» Aston Villa : 18/12/2014 17:09:00