Peter Coates
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Peter Coates is a businessman from Stoke-on-Trent, Staffordshire who made his money in catering (Stadia and Lindley Catering) and gambling (Bet 365). He recently sold his Bet 365 street stores to Coral for a figure believed to be around £40 million (73 million USD). He's currently the owner of Stoke City Football Club.
[edit] First Period As Owner of Stoke City F.C.
In 1989 Peter Coates became the majority shareholder at Stoke City F.C.. He was chairman of Stoke City F.C. until 1997 before stepping down. During this period the club were relegated to the old Football League Third Division, were promoted from the now renamed Second Division to the First Divison and moved to the Britannia Stadium.
In 1990 the Stoke City F.C. board consisted of six directors and it was agreed that a new share issue was needed. with the majority wanting the supporters to be free to purchase. Following disagreements regarding this share issue, several board members left and the board then consisted of Peter Coates, Keith Humphreys and David Edwards.
In 1997, following poor on pitch performances, he was the subject of protests by the club's fans and subsequently stepped down. He remained a majority shareholder, whilst Keith Humphreys was appointed chairman. In 1999, a group of Icelandic businessmen formed a consortium to buy the football club. The consortium Stoke Holding SA (financially based in Luxembourg) paid around £3.5 million[1]. The deal was completed on 15th November 1999.
[edit] The "Golden Shares"
On November 5, 1999, a few days before the Icelandic takeover, an EGM was called and a special resolution passed, "that 1 of the 'A' Ordinary shares shall become a 'V' Ordinary Share with immediate effect". A 'B' share became a 'W' Share.
The Articles of Association now contained the clause "in the event of a resolution being proposed at any general meeting of the company, for the removal from office of a 'V' director or a 'W' director, any shares held by that director shall, in respect, of any such resolution, carry the right to one more vote than the total number of votes cast by all other members who voted." By these shares, they retained their right to sit on the board.
[edit] Second Period As Owner of Stoke City F.C..
In 2005, Stoke Holding discussed the possiblity of selling the club back to Peter Coates. The consortium had planned to get to the club into the Premiership within the first 5 years, but the financial implications had proved more challengin than they anticipated. At this time Tony Pulis who had become friends with Peter Coates was given a new contract and then sacked 4 weeks later. A new manager, Johan Boskamp, was appointed. He remained at the club for one season and then left.
At the end of the 2005-06 season Stoke Holding and Peter Coates once again started discussions regarding the sale of the club to the later. On 23rd May 2006, Peter Coates completed his purhcase of Stoke City F.C. for £1.7 million ([2]) . A further £3.3 million was paid to have the Icelandic debts cancelled ([3]). Shorlty afterwards, Tony Pulis was reappointed. The Golden Shares were also removed ([4]).
