Peter Coates
Encyclopedia
Peter Coates is a businessman and current owner of the Stoke City Football Club
. He has been listed as the 25th richest person in British football. He founded Bet365
in 2000, as well as Signal Radio
in 1983.
born and bred, Coates left school at age fourteen to work in an office. He served in the Parachute Regiment for his National Service
. Out of the service he rose to become a regional manager at Wimpy restaurants, before founding Stadia Catering - a catering firm specializing in servicing football grounds. His company merged with Lindley Catering, and he was the company's chair from 1968 to 2001. He also founded Signal 1
in 1983.
was founded in 2000 in a portakabin in Stoke-on-Trent by the Coates family, led by his daughter Denise. Denise developed a sports betting platform and trading team to launch the business online in March 2001. The business borrowed £15 million from RBS against the family's betting shop estate which had been started by Peter Coates in 1974. bet365 sold its betting shop chain in 2005 for £40 million and paid off its loan to RBS .
bet365 has grown into one of the world’s largest online gambling companies with its reported figures to March 2010 showing amounts wagered on Sports at £5.4 billion, revenues of £358 million, and an operating profit of £104 million.
Peter Coates holds the position of Chairman of bet365. Denise Coates, Joint Chief Executive, continues to run bet365 with her brother, John, alongside her.
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 Division
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 Iceland
ic businessmen formed a consortium to buy the football club. The consortium
Stoke Holding SA
(financially based in Luxembourg
) paid around £3.5 million. The deal was completed on 15 November 1999.
within the first 5 years, but the financial implications had proved more challenging 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 latter. On 23 May 2006, the Coates family through a bet365 subsidiary company completed the purchase of Stoke City F.C. for £1.7 million. A further £3.3 million was paid to have the Icelandic debts cancelled. Shortly afterwards, Tony Pulis was reappointed. The Golden Shares were also removed.
At the end of the 2007-08 season Stoke finished Second in the Championship, the second division of the English League, entitling them to automatic promotion to the English Premiership.
Speaking at the Football Governance Inquiry
he said: "I am a Stoke boy, I have supported the club since I was a boy and I have had two comings at Stoke-an early one in 1985, after which I sold the club to an Icelandic consortium and then bought it back again in about five years ago this summer. I bought it back again against my better judgment, in some ways, and my family’s, who all thought I was daft to do it. The club was in a mess at the time and I thought I could help it and do things for it, and I was a bit disappointed with my previous time, a there was little bit of unfinished business about it and all that sort of thing. But I thought it would be important for the area if the football club were doing well. Stoke was having a difficult time. It has lost the pot banks and the mining industry. I thought that if Stoke could get in the Premier League it would give the place a lift and would be good for it. I think that that has happened, I am pleased to say." He was awarded honorary degrees from Staffordshire University
in 2008, and Keele University
in 2011.
Stoke City F.C.
Stoke City Football Club is an English professional football club based in Stoke-on-Trent, Staffordshire that plays in the Premier League. Founded in 1863, it is the oldest club in the Premier League, and considered to be the second oldest professional football club in the world, after Notts...
. He has been listed as the 25th richest person in British football. He founded Bet365
Bet365
bet365 Group Limited, is a United Kingdom based gambling company. bet365 is one of the world’s leading online gambling groups with over 6 million customers in 200 different countries...
in 2000, as well as Signal Radio
Signal 1
Signal One is a British Independent Local Radio station broadcasting from studios in Shelton, Stoke-on-Trent to Staffordshire and Cheshire on 96.4 , 96.9 and 102.6 MHz FM for Cheshire, Stafford and North Staffordshire respectively. It also broadcasts on the Stoke "UTV-EMAP Stoke-on-Trent"...
in 1983.
Early business dealings
Stoke-on-TrentStoke-on-Trent
Stoke-on-Trent , also called The Potteries is a city in Staffordshire, England, which forms a linear conurbation almost 12 miles long, with an area of . Together with the Borough of Newcastle-under-Lyme Stoke forms The Potteries Urban Area...
born and bred, Coates left school at age fourteen to work in an office. He served in the Parachute Regiment for his National Service
National service
National service is a common name for mandatory government service programmes . The term became common British usage during and for some years following the Second World War. Many young people spent one or more years in such programmes...
. Out of the service he rose to become a regional manager at Wimpy restaurants, before founding Stadia Catering - a catering firm specializing in servicing football grounds. His company merged with Lindley Catering, and he was the company's chair from 1968 to 2001. He also founded Signal 1
Signal 1
Signal One is a British Independent Local Radio station broadcasting from studios in Shelton, Stoke-on-Trent to Staffordshire and Cheshire on 96.4 , 96.9 and 102.6 MHz FM for Cheshire, Stafford and North Staffordshire respectively. It also broadcasts on the Stoke "UTV-EMAP Stoke-on-Trent"...
in 1983.
Bet365
bet365Bet365
bet365 Group Limited, is a United Kingdom based gambling company. bet365 is one of the world’s leading online gambling groups with over 6 million customers in 200 different countries...
was founded in 2000 in a portakabin in Stoke-on-Trent by the Coates family, led by his daughter Denise. Denise developed a sports betting platform and trading team to launch the business online in March 2001. The business borrowed £15 million from RBS against the family's betting shop estate which had been started by Peter Coates in 1974. bet365 sold its betting shop chain in 2005 for £40 million and paid off its loan to RBS .
bet365 has grown into one of the world’s largest online gambling companies with its reported figures to March 2010 showing amounts wagered on Sports at £5.4 billion, revenues of £358 million, and an operating profit of £104 million.
Peter Coates holds the position of Chairman of bet365. Denise Coates, Joint Chief Executive, continues to run bet365 with her brother, John, alongside her.
First Period (1989-1997)
In 1989 Peter Coates became majority shareholderShareholder
A shareholder or stockholder is an individual or institution that legally owns one or more shares of stock in a public or private corporation. Shareholders own the stock, but not the corporation itself ....
at Stoke City F.C.
Stoke City F.C.
Stoke City Football Club is an English professional football club based in Stoke-on-Trent, Staffordshire that plays in the Premier League. Founded in 1863, it is the oldest club in the Premier League, and considered to be the second oldest professional football club in the world, after Notts...
. 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
Football League Third Division
The Football League Third Division was the 3 tier of English Football from 1920 until 1992 when after the formation of the Football Association Premier League saw the league renamed The Football League Division Two...
, were promoted from the now renamed Second Division
Football League Second Division
From 1892 until 1992, the Football League Second Division was the second highest division overall in English football.This ended with the creation of the FA Premier League, prior to the start of the 1992–93 season, which caused an administrative split between The Football League and the teams...
to the First Division
Football League First Division
The First Division was a division of The Football League between 1888 and 2004 and the highest division in English football until the creation of the Premier League in 1992. The secondary tier in English football has since become known as the Championship....
and moved to the Britannia Stadium
Britannia Stadium
The Britannia Stadium is an all-seater football stadium in Stoke-on-Trent, England and the home of Premier League club Stoke City Football Club. With space for 27,598 spectators . The name is taken from the sponsors of the Stadium the Britannia Co-operative Bank...
.
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
Fan (person)
A Fan, sometimes also called aficionado or supporter, is a person with a liking and enthusiasm for something, such as a band or a sports team. Fans of a particular thing or person constitute its fanbase or fandom...
and subsequently stepped down. He remained a majority shareholder, whilst Keith Humphreys was appointed chairman. In 1999, a group of Iceland
Iceland
Iceland , described as the Republic of Iceland, is a Nordic and European island country in the North Atlantic Ocean, on the Mid-Atlantic Ridge. Iceland also refers to the main island of the country, which contains almost all the population and almost all the land area. The country has a population...
ic businessmen formed a consortium to buy the football club. The consortium
Consortium
A consortium is an association of two or more individuals, companies, organizations or governments with the objective of participating in a common activity or pooling their resources for achieving a common goal....
Stoke Holding SA
Stoke Holding
Stoke Holding SA is a company created in 1999 headed by Icelandic businessman Magnus Kristinsson. The company is based in Luxembourg, and financed by an Icelandic bank....
(financially based in Luxembourg
Luxembourg
Luxembourg , officially the Grand Duchy of Luxembourg , is a landlocked country in western Europe, bordered by Belgium, France, and Germany. It has two principal regions: the Oesling in the North as part of the Ardennes massif, and the Gutland in the south...
) paid around £3.5 million. The deal was completed on 15 November 1999.
Second Period (2005-present)
In 2005, Stoke Holding discussed the possibility of selling the club back to Peter Coates. The consortium had planned to get to the club into the PremiershipFA Premier League
The Premier League is an English professional league for association football clubs. At the top of the English football league system, it is the country's primary football competition. Contested by 20 clubs, it operates on a system of promotion and relegation with The Football League. The Premier...
within the first 5 years, but the financial implications had proved more challenging than they anticipated. At this time Tony Pulis
Tony Pulis
Anthony Richard "Tony" Pulis is a Welsh former football player and is currently the manager of Stoke City. Pulis obtained his FA coaching badge at the age of 19, followed by his UEFA 'A' licence aged 21 – making him one of the youngest professional players ever to have obtained the qualification...
who had become friends with Peter Coates was given a new contract
Contract
A contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
and then sacked 4 weeks later. A new manager, Johan Boskamp
Johan Boskamp
Johannes Boskamp is a Dutch football manager, his most recent job was in Belgium managing KSK Beveren, but he was dismissed in late December 2009-Career:...
, 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 latter. On 23 May 2006, the Coates family through a bet365 subsidiary company completed the purchase of Stoke City F.C. for £1.7 million. A further £3.3 million was paid to have the Icelandic debts cancelled. Shortly afterwards, Tony Pulis was reappointed. The Golden Shares were also removed.
At the end of the 2007-08 season Stoke finished Second in the Championship, the second division of the English League, entitling them to automatic promotion to the English Premiership.
Speaking at the Football Governance Inquiry
Football Governance Inquiry
The Football Governance Inquiry is an ongoing British public inquiry into the governance of football in the United Kingdom. The inquiry was announced on 7 December 2010....
he said: "I am a Stoke boy, I have supported the club since I was a boy and I have had two comings at Stoke-an early one in 1985, after which I sold the club to an Icelandic consortium and then bought it back again in about five years ago this summer. I bought it back again against my better judgment, in some ways, and my family’s, who all thought I was daft to do it. The club was in a mess at the time and I thought I could help it and do things for it, and I was a bit disappointed with my previous time, a there was little bit of unfinished business about it and all that sort of thing. But I thought it would be important for the area if the football club were doing well. Stoke was having a difficult time. It has lost the pot banks and the mining industry. I thought that if Stoke could get in the Premier League it would give the place a lift and would be good for it. I think that that has happened, I am pleased to say." He was awarded honorary degrees from Staffordshire University
Staffordshire University
Staffordshire University is a university with its main campus based in the city of Stoke-on-Trent, and with other campuses in Stafford, Lichfield and Shrewsbury.- History :...
in 2008, and Keele University
Keele University
Keele University is a campus university near Newcastle-under-Lyme in Staffordshire, England. Founded in 1949 as an experimental college dedicated to a broad curriculum and interdisciplinary study, Keele is most notable for pioneering the dual honours degree in Britain...
in 2011.