Bet365 reworks Stoke City FC football team’s multi-million dollar debt

Posted: March 25, 2022, 10:08 a.m.

Last update: March 25, 2022, 10:16 a.m.

Bet365 believes in Stoke City FC, the English Football League Championship football team which it bought through a subsidiary 16 years ago. The gambling operator is so supportive of the club that it has just reduced a huge chunk of its debt.

Stoke City F.C.
The Stoke City FC stadium. Bet365, owner of the team and stadium, is spending millions of dollars in hopes of turning the team around. (Photo: Stoke City FC)

In 2006, through one of its subsidiaries, Bet365 bought Stoke City FC after the club had been in trouble for several years. Things may not have improved much since then, but Bet365 is confident that better days are coming.

The company is so confident of Stoke City’s future that it has just written off massive sums of the club’s debt. Stoke City’s burden is now eased by £160m (US$210.94m).

Stoke City delighted after Bet365 deal

The football club announced this week that Bet365 is giving serious financial relief to the team. He converted £40 million ($52.74 million) of shareholder loans into equity for the team’s holding company and also waived £120 million ($158.23 million) of shareholder loans.

On the pitch, the last four or five years have not turned out to be as fruitful as any of us would have hoped. However, our commitment to the Club, its future success, its financial viability and its place at the heart of our local community remains as strong and focused as ever.said Joint Stoke City Chairman John Coates.

Bet365 is run by brothers Denise Coates and John Coates, the latter also overseeing Stoke City. He arrived in 2006, presenting an offer that could not be refused. Shortly after, in the 2007-08 season, Stoke City moved to the Premier League after finishing runners-up in the English Football League Championship. However, poor performance in recent years has forced the team back to its old level.

The Potters could come back up, but only if they find a winning path. Stoke City have just beaten Millwall FC last weekend, the club’s first win since February.

Stadium renovations to energize the team

Bet365 is not just paying off the football team’s outstanding debt. He recently announced a five-year plan which includes improvements to Stoke City’s stadium and training facilities. Perhaps in addition to generating local support, the renovations will energize the team and motivate them to win.

Bet365, which also bears its name on the team’s stadium, will spend £20 million ($26.37 million) on upgrades. Some of the changes will arrive before the start of the 2022-2023 season.

An announcement from the football club indicates that Bet365 is running a number of renovations in different phases. He plans to add additional seating and a new sports bar to the stadium. In addition, it will add an all-weather playing surface to the training center.

The renovation program represents a significant investment by the owners of the Club and underlines their continued commitment to the Football Clubsaid Stoke City vice-chairman Richard Smith.

Additional changes are coming to the Meeting Room and Player Lounge. The conference room and the current president’s suite will become a large space that can accommodate 60 people.

The Players’ Lounge will undergo a complete refurbishment, becoming a “first class facility”. It will still be available to first-team players and their families, but will also be available for private events.

Stoke City will play their next game on April 2 against Sheffield United. It’s still early days, but Bet365 has Sheffield with a slight advantage.

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