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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stein
Brilliant. :)))
Weefra HH
Evening all
Re article by Paul/BMCUWP/STEINREIGNEDSUPREME
I was posting yesterday that the plot was increasingly like one of my naively plotted ( unpublished) thrillers from 15-8 years ago, but message got lost. My novels were bits of the Big Heat/Get Carter/Chinatown reheated. The Huns story is like these tales – but written and directed by Mel Brooks.
JakegittesCSC
Jimbo
67 heaven @ 18:47
With all due respect, not sure what your point is…
to say NFL is a “fantastic young manager” is a conclusion (not an argument)… On what do you base that conclusion?
He has produced some good results (e.g., Barca), and some bad results … (league cup, for example)…
The quality of the football on display by his teams, however, is, quite frequently, poor …. slow, and east/west … ponderous, and, in the long run, likely to cause fans to stop turning up to watch games …. (maybe winning every game 9-0 agsinst SPL cannon fodder would also do that … but that’s the sort of discussion that we should be having).
If you disagree, tell me why… I’m always happy to have a good chat about Celtic, and frequently learn something new …
As for loved by all the fans… I think most fans (including myself) love the guy…. but that doesn’t mean he is the best guy for that job, or even suited for that job…. I’d always have a place for him at Celtic Park … (director of football) … just not sure he is the right guy as first team coach…
so, if ‘expert’ means having an opinion .. then I would hope that we are all experts on the blog … .as I said, I’m always happy to discuss on CQN…
HH
HH
Weefra
Im allergic to bum skelfs ;)
Stairheedrammy
18:38 on 15 August, 2013
Saw a great fight in Kelly’s once- the place was that packed that the 2 groups fighting couldnt swing for each other so the whole pub saw a sway forward and backward as both groups pushed against each other- it was like the tide moving around inside a pub- and it finished with no-one injured
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Brings back memories of a packed night in The Braemar, at the Barras. An argument broke out between two guys, there wasn’t enough room for them to get a good swing at each other, so the barman Eugene, leaned over and shouted “Move back, move back and give them some room”
“@TheAwayEnd: Aberdeen have sold over 19,000 tickets for Saturday’s clash with Celtic. Ticket office open until 7pm tomorrow for fans still wanting to go.”
Marvellous stuff, wasn’t going to go but changed my mind.
So this new Sevco deal??
Leases/sale/buy back/rents
Does anyone see this is the way Wee Craigy gets paid ?
Miki 67
Hope it’s just routine u being in the hospital, keep the faith buddy
Hail Hail
TBJ
Why do I believe that? Lol. Right burdies needing attended to and the dugs walked. Later CQN’rs. :))
Weefra HH
marakeesh/SHR…
the sons were never in the mulberry, the starry plough were there for a season before moving to satchmo’s in battlefield for the following year and onto mcnee’s..mulberry around 90/91…the sons started in 82/83 breaking away from the govanhill emerald based in the penny farthing.as for keiran sharkey he’s a lyin bassa…PMSL..
Weefra
Are you macca in disguise… wheres the burds;)
TBJ
Ah wish. Hehehe
Weefra HH
Masty
Watched a few celtic matches in the penny ….
jinky
I am talking about the mid 80s, my missus worked in there at the time i .was the bus conveiner
Good or bad news ?
Peter A Smith @PeterAdamSmith 2m
STV News understands Sandy Easdale bought 1.2million shares in Rangers today and Imran Ahmad is the seller.
Grew up in Battlefield as one of very few time. You want to know anything about any surrounding pubs or clubs am yer man. I will be here for the next 30 to 60 mins.
Pavel Brozek free, 3 games 0 goals
Bangura £2.2M 16 games 0 goals
Murphy Undisclosed fee 19 games 3 goals
Miku loan 11 games 2 goals
Lassad free? 14 games 3 goals
Rasmussen £1M? 10 games 2 goals
Fortune £3.8M 32 games 10 goals.
So for every Hooper n tae a lesser extent Stokes you get 3 of the above.
We have had an exceptional piece of business in selling Vic for £12m,
for this reason and for this season only ah say spend an extra
£2-£3M over our usual £0- £2M
and sign Finbogsson.
We can have a policy of signing young up an coming / free transfers £0 -£2m as our default policy 80% of the time
Surely we can have the flexibility that if we get a windfall like Vic we can make an exception,especially when we are looking to replace a [B]proven[/B] scorer.
The guy from Schalke went 6 months without scoring a goal last season.
terry o
how are ye fella?
miki67
If you are still looking in -take care
thoughts and prayers
Terry O
Exactly my thoughts on the matter
canamalar1
18:48
Derk played 55 times in two years for Ajax depsite of an array of talented wingers being at the club. Hardly a permanent fixture in the treatment room. The player was at pains to play down his injury problem, something that irked him, given that he played for weeks with a broken back.
Ok just a stress fracture but don’t think you can blame the lad for being out (particularly after playing on it for so long).
No doubt he will have the odd hamstring strain, happens to most pacey players. I think, and hope, your dutch friend is mis-informed.
Masty
I lived above the clydesdale bank around 1980 … had to move suddenly when the tunnel collapsed ;).
I’m sure a few locals in the milngavie area will can confirm the chances of getting planning permission for anything expect tattie fields is highly unlikely at the midden park.
Terry
I would love us to sign Alfie
Hi guys
It’s been a wee while since I posted properly on here – I’ve been hard at work on a variety of new projects. Here’s a couple I’d like to share with you all.
http://en.calameo.com/read/00138299380dd89819c41
Smoke & Mirrors. For video game, movie lovers, the Breaking Bad crowd and all you retro greeks. This was a labour of love.
And if that was … this one sure as Hell is …
http://www.calameo.com/read/00138299366196942c5ec
For all you music lovers, especially those who love the local scene.
The best work I’ve ever done. I have a great team working with me, and things are finally starting to click. It’s been a long road … but we’re getting somewhere.
Thanks very much fellas. I hope you enjoy the mags.
To add to that… he’s played a lot more games than James Forrest in the past few years.
the exiled tim
19:25 on 15 August, 2013
Good or bad news ?
Peter A Smith @PeterAdamSmith 2m
STV News understands Sandy Easdale bought 1.2million shares in Rangers today and Imran Ahmad is the seller.
I’m the fitter for no longer using buses in the Erskine area
Feck mcgills
jinky
cathcart rd or jamieson st? I stayed in carfin st at that time I had just got married to a my now missus who hails from govanhill st.
Can anyone state for sure that Finbo is desperate to come to Celtic and that he doesn’t have better offers on the table?
It’s like banging my head off a brick wall on here at times. I think the lad might well want to sign for us but possibly is waiting for CL football guaranteed. Can’t blame him as for me EL football and SPFL hell won’t match up to offers of even lower table EPL clubs.
Just my opinion.
TerryONeill-good to hear from you Terry,nail firmly hit on the head .HH
question for you IT guys…
When I read without logging in, the blog seems to refresh fairly quickly… but if I log in, it frequently seems much slower…
Am I (obviously not a computer guy) doing something wrong?
Holyrood punter, I was part of the biggest intake of first years in Europe ever and outside of the Gallowgate there is not a bigger Tim area in Glasgow.
Fact
Have we fecked off the GB YET?
James Forrest,
Good luck with the mags. Wee glance they look good.
masty is neil lennon
19:28 on 15 August, 2013
Am good thanks.
terry o
miss yer dulcet tones on snyde…wee shug is getting too big for his boots again…needs a terry o tellin..
Debate rafing on FF..Follow follwed by the ostrictches, long may they think denial is a river in Egypt
FF extracts below
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Stories from obsessed tarriers. Including there wesbites/blogs etc.
In the past the majority of bears including myself rubbished everything they would say and come out with. But after all that hass happened and the amount of stuff they have leaked over the past couple of years which turned out to be true. Can we really afford to say ‘its a load of sh*te, don’t believe a word they say.’
All this stuff about Green with Ibrox, Murray Park etc may turn out to be bullshite from them.
But we as a support cannot sit back and rubbish this, the RST RSA or somebody must act on our behalf and get this confirmed by the club asap.
It is indeed a scare mongering story but do you know what, after all that has happened with us I wouldn’t be surprised. There is people out there to make money and they will do that by any means possible
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Mate how much has the tims actually got right . Apart liquidation which in the end we should never been in liquidation as hmrc weren’t owed as much as the taigs and the rest thought
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What did they get right exactly?
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CQN had Rangers going into administration in 2001..
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When the BTC went in our favour, there were literally dozens of timmy blogs, tweets, posts etc all removed/deleted from t’internet.
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Malone…,
I’m with you on that one, I want him to be exceptional and we’re knocking back bids next season.
Hail Hail