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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neil lennon & mccartney
I think that was one of Jimmy Sanderson’s catch-phrases. Like “Were you there,caller?”
Out of order by the record. Press Complaints Commission should be notified,I reckon.
petec –
Please stop it.
Seriously, I know you mean well, but for the love of God, stop it.
Tom McLaughlin
04:29 on 16 August, 2013
petec –
Please stop it.
Seriously, I know you mean well, but for the love of God, stop it.
_________________________________
Stop What Tom?
Southampton have agreed to a fee with Roma to sign Argentine-born Italian international Pablo Daniel Osvaldo.
However, a deal is far from certain as Inter and Arsenal both remain interested in the 27-year-old striker as it is unclear whether the player is keen on a move to St. Mary’s Stadium.
According to the Corriere dello Sport, the fee agreed between the Giallorossi and Saints is worth €18 million.
================
So, Billy Sharp to Celtic looking more likely? Ah well, Kojo will be Laughin’
God bless wee Oscar
petec –
If you really don’t know what I mean then I’d rather just leave it at that.
Especially for Tom.
Hacking the DNA Ladder
Sorry petec but I never download stuff I when I don’t know what it is.
Tom, np.
;)
Better safe than sorry.
God bless the wee Mhan.
I loved the Christian podcasts from Nashvilles finest and I was disappointed when they called it a day after 7 years.
Futurequake past shows for the Win
Charlotte Fakeovers @CharlotteFakes
Imran contract 7/12/12 and 5% bonus reference. 350k basic + 15k car allowance + 18k rent + other benefits
i.imgur.com/7qtHYSp.jpg #Nice
Green and Whyte failed to enter into any dialogue with Pinsent Masons re purchase. Not sure how the SFA could have ‘cleared’ Green.
God bless wee Oscar
“……….it is suggested that Sharp will not drop his current wages lower than the £20,000 a week he is on with Southampton, pricing out the Sheffield club.”
…….so we can furgetaboot him then
…….who can we afford? Paddy Madden?
God bless wee Oscar
BOBBY MURDOCH’S CURLED-UP WINKLEPICKERS
Excuse my ignorance, but who is Jimmy Sanderson?
God bless wee Oscar
Another battle to fight for the wee Celtic champion fs. :(
YNWA Oscar kid,and the bold miki67 as well.
KTF
Just in to say….
TerryONeill Neil ah love yae
_______________________
Great to read yer stuff last night fella.
I hope yer well Amigo.
You’ll always be afforded HERO status
in – Kev’s Jungle :)
It was grand to meet ye at the kosc in Blantyre(that place is dear to me).
Take Care n God Bless
There will be no ‘bored’ bashing today as a mark of respect for the Oscar Knox family.
God Bless n Best Wishes n Heartfelt Sympathy for the family.
Off oot.
Richie BT oldtim Estadio make for good company
thanks bhoys
KevJungle – “C’mon the Cellic !!!”
can you point me towards terry’s writings
t
We are just about to set off for a weekend in Sydney.
Going for a lunch cruise at the harbour Saturday afternoon.
Got the best seats in the house for La Traviata on Saturday night, thereby fulfilling a dream, to see an opera in the Sydney Opera House.
I have Aberdeen v Celtic on record and will endeavour to stay offline till I get home Sunday afternoon and watch it as live.
Thoughts and prayers with Wee Oscar.
Hail Hail.
Waking up to the news of wee oscar…. feeling deflated.
But as his parents have requested support .. prayers and positivity. … lets all keep him in our thoughts today and try not to have petty squabbles on and off blog.
God bless and protect oscar knox .. give him strength
Tom McLaughlin
eat here you will not regret it He is a lovely man and it is a beautiful place- the food is exceptional
http://www.tetsuyas.com/
Good morning CQNers,
Reading through the posts there were many topics of interest: –
Ibrox sold and leased back…..
The conspiracy of silence of Celtic and other SPL/SFL teams regarding Rangers/Sevco…..
The treachery of Green exposed for all to see in the latest Charlottefakes releases….
http://www.scribd.com/doc/160457695/RIFC-Response-to-SFA
But there are of little significance compared to the latest news from the Knox family, may God bless and protect Fearless Oscar.
whitedoghunch –
Just mentioned it to Tracey. She knows the restaurant and agrees with your assessment.
Thanks mate.
Our chariot awaits.
Hail Hail
Tom McLaughlin
it is a long time since I have been Tetsuya is revered by all who understand food
macanbheatha
01:27 on
16 August, 2013
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
—————-
A fine suggestion, but I do not think this wonderful diverse blog could stay on a sole topic exclusively for an hour, never mind a day:-)
If I may suggest an alternative, a couple of years ago, we all adapted our Moniker to include Neil Lennon one weekend in support of the terrible treatment he was receiving at the time. Perhaps for this weekend, we could do the same.
God Bless Wee Oscar and his family
HH
CRC
Done, hoopfully
thoughts and prayers for wee Oscar and his family at this difficult time
test
Morning,
From the Herald.
‘The sale of Mr Ahmad’s stock sale comes after he revealed he is to launch a £3.4 million legal action against the club for unpaid bonuses and legal fees. Mr Ahmad is named in the Rangers share prospectus as a key employee and locked-in shareholder bound not to sell his shares until December. However, that agreement was made to Cenkos Securities, the club’s former stockbroker, which was recently replaced by Daniel Stewart.’
I assume Chuckles can and has done the same with some of his shares. MSM in full ostrich syndrome.
yep to aid CRC’s request; you can change you moniker by logging in, hit your moniker name at the top of the page, then go to Nickname (required) and change it :)
How about this gem from BFDJ in today’s evening times
” Like many thousands of Rangers fans , I hope the Ibrox board summit next week gets rid of Charles Green for good.
But I fear , with the club being a PLC company , it will not be easy . Can you just boot a major shareholder out? ”
If ” the club is a PLC company ” surely it died with the company when it was liquidated , Derek.
That might be to hard a question for BFDJ , maybe he could get media house to answer it for him .
Come on Wee Oscar , you can beat this .
God bless wee Oscar you have beat it once you can do it again
Just heard the news
Thoughts and prayers with the Knox family
Ghod bless you wee mhan keep fighting it
Good morning all from a dry but grey looking EK. Like to maintain a positive outlook but my normal BHF message somehow doesn’t seem right this week.
Fight it wee man!
Devastating news from Oscar family. Prayers and thoughts with them.
Sad to hear about little Oscar our thoughts and prayers are with you, stay strong.
for those close to Oscar keep a good eye on his family.
Illness is dealt with better by the person who has it loved ones have a tougher time
Terrible news this morning on Wee Oscar. I pray he and his family find the strength to fight this.
Also to those within our community who have worked so hard and got to know the Knox family, you will be devastated.
Just logged on to read about wee Oscar. Puts things into perspective. Stay strong Oscar, prayers for you and your family.