Stoke City owners alleviate finances after reducing club debt by £160m
The owners of Stoke City have eased the Championship club’s finances by reducing debts by £160m.
bet365 Group says it has underlined its continuing long-term commitment to the club and its funding by reducing the debts of the club’s holding company.
It has converted £40m of shareholder loans into equity in Stoke City Holdings Limited and has also waived £120million of shareholder loans.
Joint chairman John Coates said: “Converting £40m of loans into equity and waiving £120m of loans greatly strengthens the club’s balance sheet and also provides more long-term stability for the club.
“On the field, the last four or five years have not proved to be as successful as any of us would have hoped. However, our commitment to the club, its future success, financial sustainability and place at the heart of our local community remains as strong and focussed as ever.”
The debt reduction follows the club’s recent announcement that a £20m five-year redevelopment programme at the bet365 Stadium and Clayton Wood training ground is to get underway this summer.
More than £4mwill be invested in facilities ahead of the 2022/23 season, including the installation of 8,400 seats.
Other work to be carried out this summer includes the transformation of Delilah’s Bar into a contemporary sports bar, installation of new toilet facilities in the Tile Mountain and South Stands, refurbishment of the Players’ and Stanley Matthews Lounges, and a new synthetic, all-weather pitch at Clayton Wood to be used by first-team, Academy line-ups and women’s side.
