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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No not working need to change ony laptop tonight.
Thoughts and prayers are with wee Oscar and his family,God Bless.
Petition signed.
Positive thoughts and prayers for Oscar and the Knox family.
T4
test
HH
Googybhoy,
Ok cheers
I wont have any access other than iPhone for the next week
Petition signed & moniker renamed
Need to try again as that did not work Doh!!
I just found out the game tomorrow is on BT Sports,I have Sky can I get it on that,or can I subscribe to BT to get the game,on a one game basis.Thanks.
Can anybody please help? How do I change my login, for little OscarGod bless him
Done – best wishes and prayers to the wee man
In fuengerolla. Three days ago, checked in at resent, heading for lift first thing I sees, one of themselves in his secco shirt.
Second time hopefully
fanadpatriot @11:21
If yoy have BT broadband with your Sky then its free otherwise you need to subscribe but I’m not aware if it’s on a per game basis.
P
The only thing missing from this mornings gospel was the Timites…!
HH
Should have been sevco. Well actually it wasn’t as it was an old liquidated shirt.
Any way I had to laugh as all the rooms woodwork are painted green.
Newradbhoy
Click your username
Change your nickname
Click update
HH
test 1234
Pod I supports wee Oscar
Thanks for reply ,my broadband is also with Sky so no luck there.
Long time lurker,very rarely do i post.Moniker changed for Wee Oscar!!!!
test
breathe in
Petition Signed and distributed to friends.
Well done BRHT and others for fantastic awareness-raising, and fundraising.
C’mon Wee Man – you can do it again. There are so many rooting for you.
Hail Hail
gutted to hear the news about oscar, prayers with him and his family
fanadpatriot
On Sky Digital Satellite Platform
If you have a Sky satellite receiver box and viewing card, you can easily take BT Sport from us. You don’t need to be a BT customer – but if you switch to our broadband, you’ll get BT Sport for free. And you can only get it here. Includes BT Sport app and online player.
Alternatively, £12 a month plus a one-off £15 activation fee. One-month minimum term.
P
name changed
Saint Stivs supporting Oscar.
hard reading that this morning,
cmon the wee man.
mhark67
10:42 on 16 August, 2013
Any idea how to change nick name on an iPhone ???
Not sure that you can. I cannot but will try on laptop tonight.
Also the hotel supplies towels for the pool .
Yep green WANs. Says to my wife , bet he’s cracking up.
People claiming sun beds with towels over them.
He’s got a dirty old Hun towel over his.
From now on when I pass him ill be whistling the foritsa.
Kojo is right still laughing.
Oh I do feel his pain hahahahahahahahahahhahahahah
testing
breathe out
Pod I supports wee Oscar
Thanks for that,will consider.HH
Petition signed, name changed.
Sad news about the wee man. Keep fighting.
Can’t change my moniker, won’t let me, on iPad.
Will see if I can find a pay as you go computer somewhere.
Syd
Back off. Wrong tack this morning.
May God bless and protect Oscar. The Star of the night versus Cliftonville
Battered mate No we have money to help this kid but PL wants this money to keep his family rich with bonuses
Forget them We have to get back to our roots
.
Bhoys..
I Know l don’t Need to Say this..But l will..
Please Keep Little McKenzie in Your thoughts and Prayers..Her Family will be watching Developments..and Oscars bad News will be a Massive blow yo their Hopes..
God knows How both these Young Families are feeling today..
One thing l know for Sure they Both are in Our Prayers..and Anyone Battling Cancer..
001Bhoy