Stoke City free of external debt

Stoke City is investing in a new training ground

Premier League football club Stoke City has said it is externally debt-free after it released figures for 2008-09, its first season in the Premier League.

It made a net profit of £503,000 ($765,000) at the end of the financial year, after transfers.

The Potteries club also had increased turnover of £54m, from £11m in their last season in the Championship.

The club's owners, the Coates family, have invested £17m interest-free and plan to put in another £24m.

"The club has invested heavily to put together a team capable of being capable in the Premier League, but this has come at a heavy cost in respect of the high initial player cost of investment and the consequential ongoing player wage bill," said club chairman Peter Coates.

He said that as well as investment on the player side, there had also been investment on the club's infrastructure.

The Britannia stadium is now fully owned by the club, following the acquisition by Stoke City Holdings Limited Group of the 51% shareholding in Stoke City (Property) Limited.

In addition, £800,000 has been spent in refurbishing the stadium and a new training ground is "taking shape" at a cost of £7m.

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