The Sentinel is today suggesting that the club was "technically insolvent on the eve of his [Coates'] summer takeover", after seemingly living the life of riley during the Icelanders last season at the Britannia.
It has also come out that sell-on fees are going to be paid to the Icelanders whenever players such as Sam Bangoura and Carl Hoefkens leave. Money has already been paid after the sales of Peter Kopteff and Hannes Sigurdsson to Europe. £2m will be paid if City reach the Premiership within three years of last summer, as reported at the time of the takeover.
Rumours suggesting that Peter Coates may be launching a bid to purchase the remaining 51% of The Britannia Stadium have been given a 'boost' with The Sentinel reporting that "the figures are partly explained by the new owners re-assessing the value of the club's 49 per cent stake in the Britannia Stadium - and adding the subsequent drop in value to last season's losses".
"Any devaluation of the club's shareholding in the Britannia could reduce the sale price were the club to try and buy out the remaining 51 per cent off fellow stakeholders Stoke-on-Trent City Council and property development company St Modwen."
It does raise the question: "What would the Icelanders have done if they hadn't of sold the club in the summer?"
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