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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Can I Have Raspberry On That Champions League Ice Cream
Good for you then >}
……………………………………………
EDB
We can only go by what we read in the rags, and then make up what ever suits the agenda.
From what I have read, the only clubs interested in yer man, we could probably compete wages wise.
Not seen any english club linked.
Maybes Pedro will surprise us all, no holding the breath though.
burghbhoy,the boy jinky,bada bing an masty is neil lennon cheers lads.
masty am barred fae clyde.
Lee Wallace must play for Scotland,…a thought the Huns didn’t want any Sevconions players to play for Scotland?
TET
I haven’t read the rags for at least 10 years and not listened to Clyde, Shortbread etc. for at least 5 years.
And have the rags indicated that the lad is desperate to come to us? You’d apparently know the answer to that.
Anyways I hope you and yours are well.
Right TELLY TIME, be nice people.
Nothenus.
Cheers for that.
If they were ever to put all the brain cells together then they might come up with a coherent sentence, though I doubt it.
Nothebus even.
EDB
Don’t read the rags either, just go by what others post, they apparently don’t read the rags either >}
I think the young fella would be happy enough to come to us, going by his tweet anyways.
Fine thanks.
You stay strong mi amigo.
HH
Spurs must be selling Bale ….they’ve spent £60m this summer ….
They run a tight ship…Levi isn’t a spendthrift
….PFayr-Bale is obviously injured at the moment……….aye right
Barrowbhoy
they’ve missed one pub out..Armstrongs on battlefield rd across from langside college..was full of tims anytime i went in there but i’ve been down in dumbarton for 3years now so maybe its changed,would recomend queens park cafe as already mentioned..good beer and good ghuys in it..still owned by benny rooney but ran by his son martin ..not been in there since we won the league at rugby park..what a day oot that was..sons were in the park bar for most of 80’s and 90’s i think..my young bruv and his girlfriend were members ..great any time the tones were playing in the claddah club ah the days..or the plaza ..boy do i miss mcnees best of them all
New local Kebab shop drive thru.
This photo was taken by my youngest Bhoy this afternoon. Yesterday evening I was sitting on the other side of this window at this very spot with my oldest Bhoy. You never know the place or the hour.
thinkingmyselfluckycsc
TET
With bangers like Easdale at the Huns all is well ….
tommysbhoy
amstrong’s is old satchmo’s mate……oh and benny sold the café last year I was told….
lots of good tim shops from shawlands down to the city centre…none better than the brazen as marakeesh and tonyd will verify..
Celtic Gossip @CelticGossip 15m
Speaking to IS Sport Pukki’s agent Tapio Raatikainen said of the speculation: “It is true, it is useless to deny.” White smoke maybe HH
Bada bing
Injured in the same fashion as McGeady was a few years ago
Btw ….few bhoys considering going to Ayr races on Friday the 20 th sept ..
You or any the Vogue bhoys fancy it ?
That time of year again – fantasy football!
fantasy.premierleague.com
If you played last year, just redo your team for this year and you are able to renew yourself in the CQN league
If you are new, 5 minute registration, set up your team and then use this code to join the league
Code to join this league: 383718-99007
Classic league, at the end of the season, person with the most number of points wins!
Ill try to keep you all updated on CQN, was rubbish at it last year but will improve his year :)
Got around 100 already so far so should be an exciting season
HH
….PFayr-Will ask mate,thanks.
PF- did you think I was at the wind up with the reply from the BBC a couple of days ago? oit was genuine
Breaking Bad Info required
Anyone know when the final series will be out on DVD? I have BB5 episodes 1-8. I think there are another 8 episodes due. I have tried on Amazon and Play, where yoiu can normally pre order, but nothing is coming up. I hear Netflix are screening it but would prefer the DVD. Any help appreciated.
HH
Tommysbhoy satchmos armstrongs still going strong on the tim front. Claddah was amazing tim shop but sadly gone. Grew up in country club n mulberry before there was anything else. Govanhill, you couldn’t walk fifty yards without a tim shop. Still the same although cafe gone downhill. Mulberry was amazing late eighties!
Masty
I satchmos it was for a few years..watched the real madrid champions league final in there a few years back..the madrid bus went by me on the way to the pub,saw zidane waving at the madrid fans on battlefield road..amazing moment that was.benny wasnt keeping to well the last i herd maybe promted him to sell on..yeh the brazen,was in there with pall from the gobals when italy played the republic in the world cup usa ’94..crates of big tennants bottles at our feet for the duration of the game due to it being mobbed..took my bhoy in there when he was 3 1/2 to use the toilet after we gubbed the deidmob..took him back outside to his mum in the car with about £20 in coins stuffed into his dungarees he had his Celtic away top underneath..he’s still askin where it went lol
BobbyRussell
DI doubt it will be out on DVD yet Mate they just screened the first one last Monday night and very good it was too…
….PFayr
I was just wondering why Imran would sell to Easdale.
I understand that the bros are well in with Chuckie, was just thinking who will benefit from this sale.
If the sale and lease back thing was to work, it would need to be passed by the board, and as Imran and Chuckie want it to happen, why sell the shares, unless it’s all part of the spivery, who really knows, who really cares, as long as they are suffering, that will do for me.
HH
Bobby
Episode 9 just aired this week… be another few months before you can order dvd
You could always get a free month on netflix in s few weeks to catch up then watch them as they air
DJBEE
were you a member of the starry plough?
For anyone who thought the Sevco fiasco is all a big switcheroo being pulled by SDM who will suddenly reappear on a big white charger (how appropriate), I’m sure that the involvement of the Easdales was in no ones plans- and with them on board anything, and I mean anything, can happen. sit back and watch the fireworks
Pukki would be a great signing.
the celt rapak
pukki would be a pukka signing.
djbee
19:41 on 15 August, 2013
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.
———-
Eh……
Blackhill?
Royston?
Germiston?
Govan?
If we sign alfie we can sing… whats it all about
If we sign pukki …. ????
castlemilk.
garnghad.
garthamloch…
Djbee
i thats good to know armstrongs is doing well..shame about the cafe..it thrived when benny took over..was in the mullbery once after church on the hill opened..sat across from pedro grant in the restaraunt 94? He was celebrating his wedding anniversary as were we, all married in the Celtic centenary year(thers a trivia question:quite a few players were married in that year of 88)..went to the mullberry after..oh had my surprise 30’th in the mullbery..jeezo just remembered that..
HT
My uncle was the first dux of holyrood
Weefra
Dont be offended by my uncle ;)))
Nasty
Short answer is no.
Went with a wee minibus that went from the beachwood. Wouldnt like to say the name on here as its not poltically correct.
Masty
The Garngad was a part of what’s now Royston.
Castlemilk I’ll give you but no way am I buying Garthamlock!!! :-)
TBJ
What’s a dux??