Stoke City takeover agreed

The majority Icelandic shareholders have tonight agreed in principle to a takeover by Peter Coates.

Stoke City have issued the following official statement:
“Following talks between Stoke Holding SA and Stoke City director Peter Coates, the parties have agreed in principle to transfer the majority interest of Stoke Holding SA in Stoke City to Mr Coates.

Work is now underway to prepare all the legal documents needed to complete the transaction.

Both parties appreciate how important it is for the club for this to happen as quickly as possible and as such it is hoped the deal can be completed in two weeks time and at that time all the Icelandic directors will resign and Mr Coates will take full control of the club.”