Stoke City’s owners eliminated over £250 million of debt within a few years.

Stoke City have endured a frustrating period in the Championship since dropping out of the Premier League in 2018. While their performances and league positions have consistently fallen short of expectations, the club’s financial foundations have been considerably strengthened thanks to significant intervention from their owners, the Coates family.

Stoke’s Season Finally Begins to Turn

The Potters’ 2026-27 Championship campaign appeared to be heading in the wrong direction after they suffered three successive defeats at the beginning of the season. Those results left Stoke sitting at the bottom of the table and created familiar concerns about another difficult campaign.

However, the situation has changed quickly. Consecutive home victories over Norwich City and Charlton Athletic have provided six valuable points and completely altered the early picture. Those results have moved Stoke up to 13th place, giving supporters considerably more reason for optimism.

Despite that improvement, Stoke remain in the bottom half of the Championship standings, something their supporters have become accustomed to seeing over recent years. Since their relegation from England’s top flight in 2018, the club have failed to finish inside the Championship’s top half.

That record becomes even more disappointing when their final two Premier League seasons are included. It means Stoke have now gone more than ten years without ending a league campaign above the halfway point of the table.

Life Without Premier League Parachute Payments

Remaining competitive in the Championship can be extremely expensive, particularly for clubs that no longer receive parachute payments after relegation from the Premier League.

Several Championship sides benefit from substantial payments following their top-flight departures. That additional income can provide those clubs with greater resources to spend on players, wages and infrastructure, creating a significant financial advantage over teams operating without the same support.

For Stoke, that has made the backing of their owners particularly important. Without parachute payments, the Coates family have repeatedly provided the financial assistance required to protect the club’s position and keep it operating sustainably.

The family made its wealth through the gambling industry and is closely associated with Bet365, the company whose name appears on Stoke’s stadium. Their financial involvement has helped the Potters navigate the difficult economic realities of Championship football.

A £160m Debt Reduction in 2022

One of the most significant interventions occurred in 2022, shortly after Stoke’s parachute payments had ended following their 2018 relegation.

At that point, Stoke City were owned by the Bet365 Group. The owners made a major adjustment to the club’s finances by converting £40 million of existing loans into equity in the company’s holding structure.

That was followed by the cancellation of £120 million in shareholder loans. Combined, those two measures removed approximately £160 million of debt from Stoke’s balance sheet.

The decision represented a substantial financial commitment and dramatically reduced the burden hanging over the club. It also strengthened Stoke’s overall financial position at a time when football clubs across the country were still dealing with the consequences of the coronavirus pandemic.

John Coates, who was co-chairman at the time, explained that the restructuring significantly improved the club’s balance sheet while creating greater stability for the years ahead.

Although the move did not immediately transform Stoke into promotion contenders, it provided the club with a much healthier financial platform from which to operate.

Another £90.5m Written Off

The Coates family’s support did not stop with the 2022 restructuring. Another major change took place two years later when the ownership structure of Stoke City was reorganised.

In 2024, John Coates became the club’s outright owner following a demerger carried out by the Bet365 Group. The restructuring brought another enormous financial benefit to Stoke.

A further £90.5 million of debt was effectively written off from the club’s books as part of the ownership changes. When combined with the £160 million removed in 2022, the total debt reduction exceeded £250 million.

The impact on Stoke’s finances was striking. Their accounts showed a loss of £25.7 million for the 2023-24 season, but that was followed by a profit of £60.8 million in the subsequent campaign.

The 2024 restructuring also transferred ownership of the Bet365 Stadium and Stoke’s training facilities to the football club. That further strengthened the institution’s asset base and gave it greater control over important parts of its infrastructure.

‘Bank of Mum and Dad’

Football finance expert Kieran Maguire offered an interesting description of the process when speaking to BBC Radio Stoke following the demerger.

He effectively compared Bet365’s involvement to a family bank, suggesting that the money owed by Stoke had reached a level where repayment was unrealistic. Instead, the restructuring allowed the owners to clean up the club’s financial position and remove an enormous liability from its accounts.

At one point, the amount owed by Stoke had exceeded a quarter of a billion pounds. The willingness of the owners to absorb those debts demonstrates just how important wealthy and committed ownership can be for a Championship club.

Leicester Provides a Warning

The importance of such financial backing can also be understood by looking at another Midlands club, Leicester City.

Financial difficulties following the pandemic reduced the King Power Group’s ability to support Leicester in the same way it had previously. The club subsequently faced financial problems, including a breach of Profitability and Sustainability Rules.

That breach resulted in a five-point deduction, which ultimately contributed significantly to Leicester’s relegation from the Championship at the end of the 2025-26 season.

Their problems have continued into League One, where they have endured a disappointing start under Russell Martin. Leicester’s experience highlights how quickly financial difficulties can become sporting problems.

Stoke’s Financial Safety Net

The Championship remains one of English football’s most difficult environments. Clubs are expected to pursue promotion while simultaneously operating within financial regulations and competing against opponents with vastly different levels of revenue.

For Stoke, the Coates family’s interventions have provided a crucial safety net since relegation from the Premier League. Their willingness to remove more than £250 million of debt has protected the club from financial pressures that could otherwise have become overwhelming.

The Potters may still be frustrated by their lack of progress on the pitch, but their financial circumstances are considerably healthier than they might have been.

Stoke supporters will understandably demand better league finishes and eventually hope to see their club return to the Premier League. Nevertheless, the stability provided by the Coates family should not be overlooked.

Their investment has helped keep Stoke financially secure through a challenging period, even if the club’s sporting results have consistently failed to match those ambitions.