News from the bet365 Stadium as Stoke City joint-chairman John Coates is asked about transfer kitty for summer window
Midway through a Q&A session with Stoke City supporters, John Coates made an apparently casual comment to say that his family is getting ready to invest another £25 million in the club, and that they aim to make more if the regulations governing Financial Fair Play alter.
The EFL has restrictions on the amount of money owners at Championship teams like Coates’, whose family supports Stoke, may spend on wage pots and transfer pets. Coates is worth almost £9 billion. However, Stoke is working through a five-year plan of significant enhancements at the bet365 Stadium and Clayton Wood training complex; the limits do not apply to infrastructure.
The first team at Stoke will have a two-story structure built for them in Trent Vale, with the present building (which will also be extended) used for the women’s and academy teams. A new spectator zone is planned for behind the Boothen End.
But there is also talk in the air of changes to FFP, also known as profit and sustainability, and Premier League clubs have met this week to discuss moving towards a model used by UEFA.
At the moment, in brief, clubs in the top flight can lose up to £105m per season over a rolling three-year period. Clubs in the Championship can lose £13m a year. UEFA’s regulations – instead of one set figure across the division – would limit spending on wages, transfers and agents’ fees to 70 per cent of revenue.
“We’ll have to see over the next couple of months how they evolve,” said Coates when asked about the potential budget for this summer. “There could be significant changes. I should say that next season, even without any change, that with all the work we are doing with the fan zone and the new training ground etc I think we will end up putting another £25m in just next season so it’s not that we’re not putting money in – but we need a change in the rules to give us a bit more flexibility.”
“I believe there has been more of a light shone on the profit and sustainability rules with what’s happened in the Premier League,” he continued. It seems that more people are realizing that these guidelines are incredibly inadequate and unsuitable for their intended purpose. Although I believe that something will change, I’m not sure how soon or if it will happen in time for the upcoming season or somewhat later. I genuinely believe that individuals are realizing they need to change.”
