You’ll remember in October last year I told you I was in receipt of a Heads of Terms for the sale and leaseback of Ibrox, Murray Park and the Albion Car Park. The internet has been full of chatter around this subject for the last week but I didn’t have an update on the subject until last night.
At the time I said the deal would not be signed until after the share issue, which took place in December. Charlie is back in town, and I hear the Sale and Leaseback-ball is in play.
According to the Heads’ the buyer will pay £7.285m for all three properties and, in addition, will provide a loan to the tenant of £6.9m at an interest rate of 15% p.a.
Rent will be reviewed every five years, on an upwards only basis, either at RPI or 2% p.a., whichever is greater. RPI is currently 3.3%
Say Goodbye to Murray Park
The tenant “will take a lease for the stadium and the car park on a 20 year lease at an initial rent of £1.8, per annum”. Murray Park is offski, gone, no longer available to Rangers International, or any of its successor clubs.
Interest on the loan works out at £985.5k per annum, so rent plus interest would be £2.835m p.a.
Top line figure for both sale and loan is £13.835m, however, the first three years rent (£5.4m) will be held back as no one is prepared to guarantee the rent, so actual cash into the business will be £8.435m.
Murray Park planning permission
If the new owner of the properties attains planning permission for residential properties at Murray Park within three years of the deal being signed, a provision releases the seller from having to repay the outstanding portion of the loan. If planning permission is achieved after three years, no element of the loan is forgiven.
Potatoes
The buyer can do whatever they like with Murray Park. Can you suggest a suitable use? Perhaps they’ll plant potatoes.
Securitisation
“Rents will be guaranteed from ticket receipts and a first charge on the season tickets income will be granted.”
The tenant has the option to buy-back the stadium (only). If the stadium is bought-back in year one the cost will be £10m. Thereafter the purchase price will increase by 12% p.a. until year 10. After year 10 the right to buy-back the stadium will be at “Market Value but no less than £20m”.
Should they buy-back the stadium, the lease will remain in place for Albion Car Park at a rate of £250k p.a. (subject to same rent review arrangements).
So what does this mean? The cash will be welcome and will enable to club to survive until into next season. If they spend the money on lottery tickets, there’s a chance they will get lucky and survive well into the season after next.
Suggestions that some people are preparing to squeeze the last penny out of a busted brand are contemptuous.
The next issue of CQN Magazine is being prepared. Let me know if you would like to advertise, or if you would like to submit an article, celticquicknews@gmail.com.
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Devastated to read the news this morning about our friend Wee Oscar, Thought’s and prayers with him and his amzing family.
BRTH – Petition signed
CRC
Done, God Bless the wee Man
ONLY FOUR MORE SIGNATURES TO HIT 500!!!!!
Donation made , come on Bhoys support the children.
To all our Facebook CQN’ers let’s get that link out and about on F/B today and get our friends who are maybe not aware of this subject involved…
Forza Oscar..
#Fearless Wee Oscar is on a Celticrollercoaster
Done.
Unable to sign petition at work. I will do so later at home.
LB
Done….God Bless Wee Oscar…
signed and shared
Morning,
I possibly have 4 spare briefs for tomorrow’s match 2 adult 1 child & 1 oap ticket for the home section.
Caesar67 his dad & his Bhoy and myself set of in the wee small hours tomorrow am.
I managed to get 3 Celtic end tickets but need another.
If anyone can help please email Paul for my details.
Hail hail
Has anyone costed how much this treatment would cost the NHS if universally available here?
MAESTRO
LENNYBHOY has two tickets up for grabs
Terrible news for Oscar and his family. Petition signed. C’mon Oscar!
CRC – I’m in!
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
With 100 new casesa year it would be around £35 Mio per year but that would only be for the new cases, 40% survival rate at the moment, much too low.
A drop in the ocean when you consider we give £1 Billion in overseas aid to Pakistan alone.
RobinBhoy
Count me in too!
Any idea how to change nick name on an iPhone ???
Partick Thistle could go top of the league tonight if they beat bottom placed Hearts. Meanwhile we have a tough trip to a sold out Pittodrie to look forward to tomorrow.
Got to say I like this Armageddon.
COSTING….
Here goes,back of a fag-packet.
BRT&H reckons that every three days,a CHILD is diagnosed with neuroblastoma.
So say 120 a year.
Being a particularly nasty strain of this disease,it has a high recurrence rate. For the sake of argument,lets say all 120 CHILDREN need the expensive follow-up treatment.
(Thankfully,of course,this is not the case)
And at a cost of £350,000 each,though with a dedicated NHS treatment centre,the cost per case should of course be much lower than those quoted at the moment.
So 120x350k=£42m
Now I’m not gonna be facetious and compare £42m on this type of expenditure with government spending elsewhere,but it seems to be a minuscule amount-in the big scheme of things-when compared to overall budgets.
Why was the decision taken,I wonder,not to pursue excellence in treatment of this disease?
It makes no sense at all,like it just caught everyone by surprise…
Hail Hail oscar
Youth football’s NextGen Series will be suspended for one season after the competition was unable to secure any definite funding.
I wonder if UEFA will make us play 6 games to participate in their Youth League.
test
CRC – count me in too
Morning all,
Feel empty after hearing the news about wee_oscar, completely agree with BRT this has got to stop. Too many innocent kids are suffering.
The NHS either have to offer this treatment here or alternative methods that have worked for people need to be looked at. I’m always banging on about Vitamin B17 deficiency and a guy called Dr Burzynski. But after extensive research I’m convinced that the F D A + cancer mafia have started smear campaigns against both due to the fact that they can’t patent one and the latter will lose them billions.
Jason Vale cured himself of cancer by eating apple pips and apricot kernals (B17). He tried to help others and the F D A had him arrested and he did 5 years. He was released on the condition that he didn’t promote this treatment.
If anyone has time please watch the below films. They will be an eye opener.
Dr Burzynski
http://www.youtube.com/watch?v=eiRlmOpXWyg
B17
The narrator sounds a bit dramatic but the content is quite incredible.
http://www.youtube.com/watch?v=QeYMduufa-E
Big pharmaceutical companies have dictated what we can and cant use for too long, not for our sakes, it’s all about their profits. Billions of dolars can make people pretty heart-less.
HH Oscar
FA Cup Qualifying round
Billingham v West Allotment Celtic
Yes and they play in the Hoops.
Good Luck to wee Oscar and strength to his family.
Read “#Fearless Wee Oscar is on a Celticrollercoaster’s” post at 10.21 and get those monikers changed guys.
Hail Hail the Celts are Here.
Moniker change test post
test
Moniker changed
Petition signed
How do u change ur moniker on an iPhone anybody?
Bah, knew that would happen.
Hail Hail to all
ok must be doing something wrong on profile page
Petition signed
Heartbreaking news about our champion Wee Oscar,hard to believe he was running out as our club mascot only a few weeks ago,what a cruel and devastating blow this must be to Oscar’s parents my heart goes out to them and for Oscar as well keep fighting Wee man
Gutted for the wee lhad and his family. It had all looked so positive at the Cliftonville game. Moniker changed and petition signed.
Marti
jimmyquinnsbits
10:55 on 16 August, 2013
Petition signed
How do u change ur moniker on an iPhone anybody?
Not sure you can unless you google for desktop site mmmm
Trying now
Can’t change moniker on iPad ? Will do once in work.
HH
Thoughts and prayers with our big wee Oscar and his fight for life and for his Mum and Dad who love him very much. We are all with you Oscar.