Bet365 divests Stoke City FC as part of “sustainable” global expansion plans
Operator’s co-founder, John Coates, will directly own the Championship club as family clears debt and hands training ground and stadium to club
Bet365 has demerged Stoke City Football Club from the wider company as the operator looks for the “most sustainable way” to “continue its global expansion”.
The structural shift will see Stoke City Holdings Limited, which holds a 98.1% in the football club and owns 100% of Stoke City (Property) Ltd, demerged from the bet365 group.
The club will now be owned directly by bet365 co-founder John Coates. His father, Peter Coates, will remain on the club’s board as will Richard Smith, bet365 group property director and Stoke City (Property) MD.
Bet365 CEO Denise Coates, the UK’s richest woman, does not sit on the club’s board.
Peter Coates acquired a majority shareholding in the football club in May 2006 for £1.8m from former chair Gunnar Gislason.
The Icelandic businessman had bought the club in 1999 from Peter Coates, at the time a majority shareholder who previously chaired Stoke City between 1989 and 1998.
Along with John Coates now directly owning the Championship side, all debts have been cleared as part of the transaction.
In turn, the club’s Clayton Wood training ground and the bet365 stadium are now directly owned by the club.
Bet365 remains the club’s principal sponsor, with the operator’s logo having featured on the team’s shirts since 2012.
A club statement read: “The amendment to the ownership model has been implemented for licensing reasons by the group, having been identified as the best, most sustainable way for bet365 to continue its global expansion and for the club to continue to enjoy the long-term support of the Coates family.”
As per bet365’s latest Companies House filings for the 12 months to 26 March 2023, Stoke City Football Club incurred a pre-tax loss of £12.4m against turnover of £21.5m.
The report read: “An extensive improvement programme for the stadium and training ground commenced during this year with fixed asset additions of £5.6m being principally spent on the refurbishment of the fans’ bar at the stadium and the replacement of all the seats in the West Stand.
“Plans are in place for further improvements to the club’s facilities in the coming years.”
John Coates said: “My family and I remain steadfast in our commitment to Stoke City, so it’s very much business as usual.
“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.”
Denise, John and Peter Coates were the third-highest taxpayers in the UK last year according to The Sunday Times Tax List.
However, the Coates family slipped to 20th in the 2024 edition of The Sunday Times Rich List as their estimated fortune fell to £7.47bn.