Coates possibly makes final bid for Stoke City

Millionaire Peter Coates has made what he called his final offer for control of Stoke City FC from Stoke Holdings SA, an Icelandic consortium.
 
Coates offered GBP 5 million for the group’s majority shareholding, a further GBP 5 million to pay off the club debt and a bonus payment for the shares, an additional GBP 2 million that is contingent on the club attaining promotion to the Premier League within two years.
 
Coates’ ultimatum arrived on the day the directors of Stoke SA met in Reykjavik to discuss the sale of the club.
 
“It is not a case of me trying to hold a gun to their head,” Coates said, “It is a case of a decision being needed now if we are to prepare properly for next season. There is so much work to be done, but if we leave it any longer we have missed the bus.”
 
Coates was the majority shareholder in Stoke City until 1999, when he sold his stake to the consortium for GBP 6 million. However, following an Extraordinary General Meeting (EGM) held before the takeover, Coates retained a ‘golden share’ with special voting rights.
 
Stoke Holdings SA has been trying to sell the club, but only Coates has shown serious interest. Leading in to this final bid, Coates has made a series of plays for the club, all rejected as inadequate. The consortium has debts of more than GBP 5 million owed to them by the club.
 
“They want that paid off and it seems we're getting further apart and not closer,” said chairman Gunnar Gislason.
 
Coates last made an ‘informal offer’ for the club that was rejected in March. The latest offer was sent by e-mail, and he has given the consortium 24 hours for a decision. That deadline has since passed, and the ultimatum might have been posturing during negotiations.
 
Uncertainty about the future led to the departure of Dutch manager Johan Boskamp, who has confirmed he will leave the club. Boskamp’s issue was over a deal with Icelandic owners, with the club offering Boskamp a new one-year contract instead of two years.
 
“I don't regret asking for two years,” Boskamp said. “I have no contract and you can’t work with two groups.”
 
Coates took issue with comments by Gislason in which he accused Coates of stalling by “haggling over every last penny.”
 
“I maintain that my offer is a generous one,” Coates said. “It is also the best for Stoke City, not myself, because it leaves money aside to spend on running the club and avoiding the financial black hole coming the club's way.”
 
Coates also claimed to have no direct knowledge of an alternative last-minute bid by a Norwegian group.

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