Coates acquired the majority shareholding of Stoke Holdings SA for �1.7m from former chairman Gunnar Gislason who resigned on Monday.

The local businessman will inject �8.3m into the club to stabilize the club's finances and clear existing debts.

He told the club website: "It's a return to local ownership and with local decision-making and I am excited at working with everybody at the club."

Coates had earlier had a bid rejected by the club's controlling company, but the two parties then agreed a deal in principle two weeks ago.

Coates' company Kidsgrove Road Limited take over the club from the Icelandic based consortium led by Gislason.

The Icelander resigned on Monday paving the way for Coates' consortium to take over.

Coates was chairman of the club between 1989 and 1998.

He added: "The investment will transform the club's finances, clearing all shareholder loans and stabilizing what is a precarious position.

"The club will be largely debt-free and have a fresh start with a unified board of directors and a senior management team.