Almost 70 years on, Coates will be at Wembley for the biggest day in the history of the club he now owns, the FA Cup final against Manchester City. It is an occasion he intends to relish.
Local Hero: Peter Coates saw his first Stoke game nearly 70 years ago
'I've seen so many clubs since then have their day in the sun at an FA Cup final; Bolton, Burnley, Charlton, Ipswich, Wolves and many more,' said Coates. 'But, for whatever reason, we never have. Not until now, that is. And 148 years is a long time to wait, isn't it?' Coates is that rarest of breeds, a Premier League owner who does not hail from the United States, China, Russia or the Middle East.
Born and brought up in Stoke, he has followed the club all his life and has a grandson, Stan, named after their most famous player, Stanley Matthews.
But while Coates might end up being carried back up the A50 by jubilant Stoke fans if they win on Saturday, the romantic idea of a home-town chairman leading his club to glory could not have been farther from the truth during his first spell in charge. Then the club struggled outside the Premier League and a 7-0 home defeat against Birmingham City in 1998 left Coates facing the mob with little choice but to sell to a consortium from Iceland.
Jumping for Joy: Kenwyne Jones (left) celebrates after scoring the third for the Potters
'I got an enormous amount of aggravation. There was a level of abuse and unpleasantness that I felt in the end was not worth putting up with,' he explained.
'It was no good for me or the club. I was getting calls from the police investigating threats towards me and the big defeat against Birmingham was horrifying. Part of the crowd smashed the glass around all the boxes. It was hopeless and I decided to sell.'
By 2005, though, Stoke were in an even worse position as the Icelandic dream turned sour and the owners contemplated pulling the plug after wasting millions.
Coates decided, against his family's better judgment, to step in and save his beloved club. By that stage his online betting firm, Bet365, the brainchild of daughter Denise, was starting to make enough money to meet the ?10million needed to clear debts and invest in players. 'I bought Stoke back because nobody else wanted to,' explained Coates.
'My first idea was to form a consortium, but I got no response from anyone else, not a single phone call. I just saw the club going downhill, so I took the plunge.'
Hit for four: Walters (right) fires in Stoke's fourth against Bolton in the FA Cup semi-final
Coates started with an unpopular decision, to re-appoint Tony Pulis as manager. But his judgment has proved correct. Under Pulis, Stoke were promoted to the Premier League, have stayed there for three seasons and are now in an FA Cup final.
But success has come at a price. Coates and Bet365 have put ?50m into Stoke and written it off to keep Stoke debt-free. 'I didn't consult my wife about that,' admits Coates.
At 73, he is one of the grand old men in English football, a veteran of Football Association committees. He respects football tradition but also understands modern business, having built up a ?300m fortune.
His relationship with the occasionally spiky Pulis might surprise some but the pair are kindred spirits.
'People like to see the ball in the box and the excitement English football brings,' said Coates. 'I get bored watching Serie A. We have the best football and the right balance between skill and physicality. If someone complains about our style, I just say "I grew up on kick-and-rush football!"
'It will be a special day on Saturday for everybody, me included. I'm not an emotional man outwardly, but it doesn't mean I won't be feeling it inside.'
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Source: Daily Mail
Source: Daily Mail