The British online betting giant Bet365, owner of Stoke City FC, has announced that it has completed a debt reduction amounting to £160 million. The Stoke-on-Trent based group has converted £40 million of shareholder loans into equity in Stoke City Holdings Limited and waived £120 million of shareholder loans. Bet365, the club's main shirt and stadium sponsor, proceeded with the debt cut with the long-term commitment to the club's financial health as the main driver.
John Coates, joint Chairman of Stoke City, stated: "Converting £40m of loans into equity and waiving £120m of loans greatly strengthens the club's balance sheet and also provides more long-term stability for the club. On the field, the last four or five years have not proved to be as successful as any of us would have hoped. However, our commitment to the club, its future success, financial sustainability and place at the heart of our local community remains as strong and focused as ever."
On a similar note, the Potters have made public a 20m five-year redevelopment program at the Bet365 Stadium and Clayton Wood training ground starting this summer. Around £4 million will be invested in facilities before the 2022/23 season, including the installation of 8,400 seats. Bet365 has bounced back strongly from Covid-19, reporting a steady revenue despite the total betting volume going slightly down.
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