Stoke City: Owners ease finances after reducing club debt by £160m

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Stoke's 2-0 win over Millwall last Saturday was just their third in 15 Championship games in 2022

The owners of Stoke City have eased the Championship club's finances by reducing debts by £160m.

Owners, bet365 Group, have converted £40m of loans into equity in the club's holding company, and waived £120m of shareholder loans.

"This greatly strengthens the club's balance sheet and also provides more long-term stability for the club," said joint chairman John Coates.

Stoke are 15th in the Championship, 12 points adrift of the play-offs.

This is the Potters' fourth season since relegation from the Premier League in 2018 and the first one without parachute payments.

After a bright start to this campaign, Michael O'Neill's team, who beat Millwall 2-0 last Saturday, have managed just three wins from 15 games in 2022 and are almost certain to have a fifth season outside the top flight.

But the club's owners remain determined to turn around the team's fortunes.

"On the field, the last four or five years have not proved to be as successful as any of us would have hoped," Mr Coates said in a statement, external.

"However, our commitment to the club, its future success, financial sustainability and place at the heart of our local community remains as strong and focussed as ever."

Stoke announced a planned five-year redevelopment project for the club's home ground - the bet365 Stadium - and Clayton Wood training ground last month.

The initial phase will cost around £4m and be competed in time for the start of the 2022-23 season.

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