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Last Updated: Thursday, 13 April 2006, 09:26 GMT 10:26 UK

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Stoke takeover bid is turned down

Coates has twice tried to take over at the Britannia Stadium

The Icelandic owners of Stoke City have turned down the latest bid from Peter Coates to buy the Championship club, reports BBC Radio Stoke.

The director and former chairman put in a bid that totalled more than the �7m package he put through last month, but his offer has been turned down.

Owners Stoke Holding SA have debts of more than �5m owed to them by the club.

Chairman Gunnar Gislason said: "They want that paid off and it seems we're getting further apart and not closer."

Coates had a previous "informal offer" for the club rejected in March.

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