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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ACGR, well said.
canamalar1 23.02 kilbowie kelt 23.21 etc etc
I hope that the proposed resolutions make it to the AGM.
Both of you, as well as several other posters, are demonstrating a welcome determination to find genuine common ground here notwithstanding the holding of entrenched opposite opinions elsewhere. Thanks for caring enough to try.
For me, the silence from the club to the support about the apparently unanimous re-election this year of the SFA President is unacceptable and contemptuous of our concerns.
Despite pounding the man repeatedly in this blog during the weeks leading up to the meeting, I think Paul67 is “the dog who isn’t barking” since then on this matter.
I haven’t understood how an Untenable has become an Untouchable so maybe we’ll find out at our AGM.
I’m signed up and I wish you good luck.
There are few of us that like a wee drink on CQN.
On Monday I will be on my 8 Week Plan, where I will do absolutely what I set out to do, as if my life depends on it.
So no bevvy.
And it works.
Associated reading… Alan Carr How To Control Your Drinking
The Dalai Lama The Art Of Happiness.
Must watch… http://www.youtube.com/watch?v=7ZVWIELHQQY
I am envious of those that enjoy a strong belief in a religion ,and a god.
I wish I had such a faith.
Yet all my common sense tells me it is just psychological babble.
If there is a God .
Why would he make Wee Oscar and his family suffer like this?
My heart goes out to that wee bhoy and his parents.
Science and the doctors are his greatest chance of survival,but just in the off chance I will say a wee prayer to a God that I don’t believe in.
Stay strong wee man .
TT
crc @ gfafah
Get a grip. :(((
Weefra HH
So sad for Wee Oscar and his family. Family just getting back to a normal life
http://www.oscarknox.blogspot.co.uk/2013/08/devastating-news.html?m=1
Never give up Wee mhan, we are all here for you!
HH
CRC
Have you guys not read back? Get a grip.
Weefra HH
Disgusted with some bloggers re the wee mhan. I’m off.
Weefra HH
Wee Oscar is a wee fighter
canamalar1,23:02 on 15 August, 2013
KK,
No, a bit to go yet, slowing down again, needs another push, thinking it needs someone else to take control, too many withholding support because who is asking. As suspected I believe it’s a personality thing, thomthetim has made that clear.
I’m asking and he’s sniping, I’m better out of it, it appears no matter how I temper the resolution my distaste for the board is the only thing that should be considered, so its all flawed.
…………………………………….
I’ve not posted much recently but have looked in on the blog only to see the usual whining and distrust of the Celtic Board. Fair enough as that’s to be expected given the angst around the uncertainty on the field side of Celtic business.
However it amazes me that all these whiners continue to whine while Canamalar presents a vehicle for their grievances to be aired. FFS, at the last count he had 60 shareholders willing to lend their support, that is utterly shameful, he should have 6000 fighting to get to his door.
If you’re not prepared to put up then you should shut the fuck up and stop your whining.
Weefra, calm down. The wee man need your strength not your disgust at fellow Celts.
Hail Hail
acgr
Fair comment, I stand corrected. :))
Weefra HH
acgr
But, do you see my point?
Weefra HH
hoopythehuddlehound @hoopyhuddle 4m
When you beat it again, we can have a kick about on the park. Nobody about this time, just you and me my wee friend. @Wee_Oscar
:-):-)
acgr
I may well change that response, there are posters on here talking about betting issues after the news about the wee Mhan was published. If you are quite happy with that I really do not believe for a second you are. Still, everyone to their own.
Weefra HH
Weefra, no I don’t. We all feel the hurt and shock at the news that this little boy and his family is yet again facing an uphill battle for his very survival. Getting annoyed is not going to help you or the boy. Stay calm, and if you have faith in a higher power then now is the time to pray. There’s nothing to be gained by being annoyed because other don’t feel your exact level of pain tonight. We all deal with trauma and bad news in different ways and you strike me as a thoughtful and genuine guy who this news has with very badly.
We worked before to triumph for Oscar and we will do so again.
Hail Hail Weefra
ACGR,
Like I said at the start, I’m thinking its a personality thing, there’s them that don’t like me and them that seem to be jealous. I’m thinking it might bear fruit if I stand aside an let someone else take over.
The CST did tell me it was not as easy as you might think to get enough shareholders interested enough to make the commitment.
Then there’s the lack of support from the movers and shakers, like KDS who were simply hostile to the idea, at least p67 is just ignoring it exists, the KDS actually ridiculed the idea.
Seems to me there are too many feeding of scraps from the top table who are afraid they might have to join us plebs again if they show any support.
Had a couple of promises that the issue would be given airtime on Celtic web broadcasts, never happened I presume, sorry to those who said they would, if it was censured but was told the point would be made.
Also had a few who wanted to input but would rather not be publicly linked because they have a good relationship with the board, again scraps from the table as far as I can see, want a foot in both camps and to be perfectly honest, for that reason I cannot fully trust them or their motives, and why should I ?
jude2005 is Neil Lennon \o/ at 00:13,
BT’s post to you coincided with wee Oscars news(he was not to know that) IMO.
Low blow by you IMO of course :o(.
Night Bhoys…….Prayers for the wee fella.
acgr
I really am so devastated by this news. Night.
Weefra HH
it’s been a long long time since passed due to family heart brake! just saw the news on wee Oscar, heartbroken for him and the family.. chip up wee mhan you beat this again ! wgm
acgr
I am crying like a baby posting this. Night.
Weefra HH
Weefra
The family will need us to stay strong for them.
HH
CRC
Weefra…,
Get tae yer bed, you’ll have us all bubblin
The wee mhans been through this have faith, he can do it again.
Perspective required, all thoughts and prayers should be with the wee mhan.
Daunting few days coming up on the Celtic front, pease do not underestimate our next 2 opponents, Dons will be difficult,take a draw, Bright Green Mankinis for the wee mhan and we all go a tenner a head. Supposed to be 100 Hoops over next Tuesday. If one of you wear a bright green Mankini with Hoops on it, we’ll pledge a tenner to the wee mhan.
SBC
canamalar1 01:07 on 16 August, 2013
…………………………………
So Canamalar, with the lack of support for your action goes the last chance the Celtic support ever had of questioning the Club about their future intentions and their past linkages into the past two years of deceit. Quite frankly I’m amazed that the perpetual whinging fannies on this site have the brass neck to continue to whinge.
Maybe P67 should repost Maggie McGill’s post from last night (with toned down insertables).
Well done to you bruv for trying but I see the same apathy in our support that I saw in the hun support prior to their death and to the present day.
I’ll support the club, buy more shares (whaaaajhhjhhhhh), and wait for the next resolution that may question the direction of our club.
Hail Hail Neil Canamalar Hun Skelper. Finally, I think we understand each other.
Just in lads after a few drinks
Can i suggest we show Wee Oscar and his family that we are right behind them by not posting on any subject other than offering up our best wishes for him and his family over the next day or two?
Beir Bua a thaisce
Weefra, do yer stuff and get them chickens and eggs in tip top condition, and while you’re at it look after yourself. Strength versus this adversity, and the support of wee Oscar and his family is unconditional and long term. Get some rest and come out fighting.
ACGR salutes you but in a non military way.
I don’t know if that’s too much but I’m so connected to the child I don’t know what else to offer
Oíche mhaith agus Beannacht Dé ar Oscar Beag
Macan..,
All anyone can offer now is support and prayer.
Lets support by being positive,
I know an auld Celtic supporter whose hammered every cancer in the book, honest he’s cancers cancer, so it can be done, that’s what we must hope for Oscar.
acgr –
Sorry, I didn’t realise Celtic shareholders didn’t have a choice in the matter.
So how are you going to force those shareholders who simply do not agree with or want anything to do with the petition, to sign it anyway?
Good luck with that.
ACGR,
Paul is not going to risk his relationship with the board for anything, this has become his business, it’s been a long time since it was simply a hobby.
AGCR,
There you go, sort of puts it in a new light eh.
macanbheatha 01:33 on 16 August, 2013
I don’t know if that’s too much but I’m so connected to the child I don’t know what else to offer
…………………………..
macanbheatha, we’re a family and that’s why it’s not on your shoulders to decide unilaterally what to do.
This will devastate the daytime bloggers and similar to what’s happened here tonight, a sense of “what can we do” will precipitate into positive action.
Goodnight Celtic Men and Wummin, We Are Celtic, We Are All Oscar Knox.
Tom Mc..,
Can I ask you why you don’t support it ?
canamalar –
I haven’t said I don’t support it.
I m not a shareholder anyway.
Just seen the Oscar Knox latest.
Terrible news.
What must his parents be going through? I can’t even begin to imagine.
canamalar –
Again, what gives you the right to DEMAND that Paul67 support your motion?
See this is what I don’t like. It’s as if people do not have a choice. It’s all support me or be damned,
Tom…,
Where have I demanded anyone’s support, see this is what you don’t like, putting words in people’s mouths yet its ok for you eh
Tom McLaughlin, WTF are you pointing at me?
Where did I say shareholders had no choice?
What does your assertion of “force” have to do with my post?
My point is that on this blog there must be thousands of shareholders, many who make some very forceful posts in a negative manner against out club, our team and our board in respect of the way the facilitating of the new hun up the leagues occurred.
If you’re a shareholder it’s your prerogative to bitch about anything you want, but too many who do bitch have failed to add their support to a question that would enlighten the whole Celtic support.
You can take it or leave it Tom, it’s your choice and your conscience.
Celtic