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.
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Twists n turns – thanks for that. I have no evidence but suspect David Murray is behind this long term.
Oglach – very good. Dont know if yer having a laugh or not. My granda scored against the Huns at ibrox, so no chance I’m one of them.
I’m not sure how many more posts its possible to read about “the board doing nothing” in the transfer market. Varying opinions abound, but to a man, everyone with this sentiment feels we need another striker. Fair enough.
BUT – “the board” have brought in 4 players already this summer (Amido, Virgil, Dirk, and Mouyokolo) – so, please please please give the “the board/PLC aren’t doing anything” line a rest.
Add in Rogic’s signing in January to the mix and that’s 5 players added for the start of this season.
We can argue about how/where Celtic are deploying their financial clout, but I can’t believe that Celtic fans on here actually think that NL and his backers are sitting around with their feet up and a cuppa’.
Having replacements in mind for Hooper/Vic is one thing – actually being able to execute on them is entirely different. Our recent track record is decent in this department.
Would I like to see another striker at CP? Of course.
Will I blame the board if it doesn’t happen? No. How can you? How can anyone be sure where the blame lays for a “non-transfer”?
Could have been the player demanding £50k a week, could have been other teams involved, could have been a desire to not play in Scotland, could have been an agent being greedy – i could go on. Literally a hundred reasons why a deal may not happen – only a few of them could lay blame with the buying club.
Since most (if not all) of Celtic’s business is played out very privately, we can only infer what is occurring. Celtic have certainly proved to me in recent years that they know what they are doing (Ledley, Matthews, Commons, Rogic, Derk, Vic, Efe, Watt etc), to be given the benefit of the doubt in times like this.
irish national anthem being belted out at world championships brilliant
I posted yesterday that I’d heard the GB will be back by the next home game
Timvestor
He’s definitely joking!
Your grandad? Really! Superb.
Barrowbhoy
There are several decent pubs in Shawlands, Finlays, Sir John Stirling Maxwells (weatherspoons) The Quaich as you mentioned (I have watched several matches there), There are also more wine bar / trendy type bars nearer Shawlands cross, although I don’t remember their names. Think she will enjoy the area. Cheers
If the GB news is true,i hope it is through compromise with the Club,as opposed to final warnings etc.
Not qualified to give opinion but here goes…. Thommo hasn’t been replaced, have our play options gone one dimensional?
Been back in hospital since Monday and caught a fleeting glimpse of an ad for a Celtic game on terrestrial tv next week. Can anyone elucidate my tired brain? Cheers.
HH!
Cant believe we let Jackson go out on loan – he was outstanding against Liverpool and looked mature beyond his years! whats going on?
Tell me any players we have sent on loan and returned as better players? exactly!! He goes to a weaker team, playing with poorer technical players so how does this prepare him to play the Celtic way?? baffling and annoying!!
We have a long hard season ahead and we need quality in the midfield – nae happy !!
Mike in Toronto
Definitely a factor.
Timvestor
at 17.25.
Hiya,Pally?
Pleased tae meetya.
Who is the Mystery Lender?
Na.. It is No Whyte…Nor is it Green..
Whoevah it is .. Hiz .. Cash..
Yep, Cold.. Hard Cash..no Pie in the Sky Stuff.
Noo, Who among all the Possibles, hiz that kinda Dough?
Ticketus?
Ah don’t think so… fur they hiv already loast a Packet..
and Ye know the auld Saying..?
They ur already Nursin’ the Pain and the Agony of Ten Burnt Digits.
The Blues Bruthers?
Ye know.. those Bus Company Rascals?
Possible..
but,Na.. Ah don’t think so.
Who evah it is Has Munny.. and Munny Tae Burn..
fur If they are willin’ tae lend Munny tae an Enterprise.. Run by a Coterie o’ Shady Individuals.. and Dead-Beats,such as the Ex. G.A.
Whoevah.. the Lender or Lenders ur..
They must Be, Indeed .. Company , which is Composed of Hardy Fellows.
Fur they are Lending Munny tae a Bunch of Losers..
Whom the BANKS wullnae Touch wi the Proverbial..
The Sevonians are definitely..
Non Personae Gratis, as far as the Legitimate Financial Lending Community is Concerned..
Whoever is the Mysterious Lender/Lenders, must be pretty Damn Cock-sure, that they wull be able tae Squeeze the Juice oota the Lemon.
Otherwise, well..they widnae Lend thur Lolly sae easily.
Well, Folks..
That leaves only wan Possible Lender of last resort..and It is a cinch is No The Bank of England..
Na..
It’s Obvious.
Doncha Know?
Well..
Ah’ll Tellya..
IT’S THE Bloody…MAFIA!
Kojo
Still, Laughin’
miki67
Wotcher Mate, you’re in our thoughts and prayers…
miki67
18:00 on 15 August, 2013
Been back in hospital since Monday and caught a fleeting glimpse of an ad for a Celtic game on terrestrial tv next week. Can anyone elucidate my tired brain? Cheers.
HH!
Hope things are good on the old health front – Play off match next week is on ITV 4 on Tuesday at 4pm.
Miki- good to see you posting- havent heard about the game on TV- maybe the European game?
Barrowbhoy
Shawlands has about 10 pubs. There are no out and out hun shops. Most are 50/50 which become 70/30 depending on who’s on telly. Finlays is a decent pub and I know loads of tims who are never out of it.
Basically Shawlands is a mini town centre with a lot of people travelling to it from the likes of Castlemilk Pollok Govanhill Giffnock and Kings Park.
hh
Just checked after hearing today’s news. BT Sport is already being shown on my Virgin Media package. Looks like I’ll be seeing Saturday’s game.
Marrakesh- is the Mulbery still there- and didnt the sons of Donegal use it as a base?
SPFL rules state that a player loaned out cannot play against his parent club in a league match.
The parent club’s permission is also needed for the loanee to play in the Scottish Cup or League Cup. It seems as though this is permission for the competition as a whole rather than match by match, so if permission is given and then the draw brings the clubs together I think the loanee could play.
Are this new club in the SPFL? According to Sky they are, running news along the bottom of the screen under SPFL banner dating they were having a meeting next TUesday.
Well are they, or do Sky need to be better informed.
Barrowbhoy
Old Stag inn and The Quaich – neither are particularly pro-Celtic.
Your daughter would be better jumping on bus (about 4/5 stops) and going to Heraghtys or Kellys till she is a bit more familiar with the area.
miki67-Good luck amigo HH
HH
have we signed anyone yet ? Can’t wait to get back to paradise, illness then holidays kept me away.. Ready for my comeback..
Re Spivco… The Murray park fiasco exposes yet again a compliant media , scared to rock HMS MINTY… THIS was documented on CQN, and by Phil Mac Months ago..
NO ONE but SDM is to blame. The rest is sideshow and collateral damage..
HH
Ya dancer- BT sport now in my Virgin package
Miki67
Hope your doin ok mate.
HH
Paul67 et al
Good news that the Celtic and the Green Brigade have resolved their differences.
Celtic’s offer to provide colouring-in books to every member seems to have done the trick.
Lateral thinking at its’ best. Well done Big Pete! No?
miki67
Keep up the good fight kiddo. Always in our thoughts. :))))
Weefra HH
If indeed we find ourselves in the CL group stages this year, Neil Frances Lennon’s stock will have further risen as a manager and leader. He has himself said it would top getting to the last sixteen. How few gaffers could cope with the spine of his team being sold, while at the same time negotiating qualification and a tricky pre-season?
Lets hope his new contract keeps him at Paradise for a long time.
Fox Saccerrrrr Channel has Karagandy game on live Tuesday. Taken the day off work, so the beers will start at precisely 10:55am Pacific time.
Happy green bunny, Marrakesh Express
Thanks for the info, Its really for me when I go and visit her I think I will be safe enough.
timvestor 17:43 on 15 August, 2013
I think ole Moonbeams is a busted flush these days. He is owned by Lloyds as far as I know.
He was wanting shot of the Huns for about six years and was so desperate to get out he sold up for a pound. I can’t see him rushing back to Ibrox to be honest.
mike in toronto
17:43 on 15 August, 2013
Make that 2 tin hats, you little expert….
Stairheedrammy/ Marrakesh
The old Mulberry (now the Ivory Hotel) – don’t touch with a barge pole. Some Ulster buses (stay-overs) use it on route to Govan + mobbed when sevco on TV.
The new Mulberry Street (opposite Shimla Pinks) is more a food/ wine bar – not sure its much of a live football on TV venue (only one flatscreen on wall).
stairheedrammy
A guy on twitter the other day was saying he cancelled his bt package because of the amount of sevco matches they were showing. I do not have a clue as I have sky sports. Just saying. :))
Weefra HH
Miki67,
Take care God Bless
Hoops on ITV4 next week on CL Qualifier
celtic mac
18:17 on 15 August
Where is the news about the GB?
Praecepta
agree..if not Finlays its a 10-15 min walk to 6 Celtic shops in Govanhill Strathbungo.
Stairheedrammy.
Mulberry still there but not like old place. The Sons bus started around 81 from Queens Park Bar westmoreland st, did it move to the mulberry later?
Praecepta
Just seen your post thanks
That Rahman guys a sharp cookie eh