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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Sydney Tim – you’ve really scraped the barrel this time. Using the wee man’s bad news to have a go at PL and the club.
You’re no better than the Twitter trolls who have been having a go at the family overnight.
Shame on you.
SYDNEYTIM
At the moment,Oscar’s situation is not about money.
It is about courage.
.
Colin..
A cheap Snipe at PL is Not what anyone wants to hear Today..
Please ask for Your Post to be Removed..
Before l Do..
T4
Oh,please.
Don’t tell me some people have stooped so low as to “have a go” at Oscar’s family.
yes?..no?
Sydneytim
You should request that last post is removed.
Sad, sad news about Oscar.
HH
YNWA
Horrible news…..
Keep up the fight wee man.
You and your family are in my prayers.
Low? Amazing he needs a large amount of cash Cash that our CEO has put aside for his bonus
Lets get back to our roots
God bless wee Oscar and the Knox family.
Petition signed and a wee candle going up in St. Boniface’s, Toronto this afternoon.
C’mon the wee mhan.
Teuchter ár lá
BMCUW – don’t know the full story, but MWD and our good friend Gerry Glesga have been fighting the family’s corner. Think someone had a go at the family for putting the bad news on social media, without knowing the history.
You’ve really got to wonder about some people….
T4
Morrisey or anyone where do I donate toSkydive
SydneyTim,
You are embarrassing yourself now…..wind your neck in, truly unbelievable.
Just read the news about Oscar. Gutted. Thoughts and prayers for the Knox family
BCW – I’ve done it for him….!
T4
Keep fighting wee man !!!!
changed
Fred C Dobbs 00.13
It doesnt matter what time b t called me what he called me he shouldnt have. I did not deserve it. This kind of lingo seems to be coming quite common on here. I hope he is man enuff to apologize in the cold light of day.I have not checked to see if he’s already done that.
We can all light as many candles as we like. But hard cash is what he needs. The best care that the world. Can give him comes from the USA
And it comes with a cost
God bless wee Oscar and family
HH
SydneyTim, your comments re P. Lawell and family are deplorable and are worthy of a hun message board. Oscar needs treatment for sure but in no way does his name deserve to be used in this way. God bless wee man.
leftclicktic oscar in our thoughts @ 11:54
‘Morrisey or anyone where do I donate toSkydive’
https://mydonate.bt.com/fundraisers/morrissey23rdskydiveforstiliyan
Thank you!
http://www.youtube.com/watch?v=bVJ4unEjhhc
SydneyTim
If you read what Oscars mother says on her blog his situation looks very bad. Money not the issue any more.
Courage from the family and Wee Oscar may be all that they have left.
God Bless Wee Oscar
SydneyTim
11:50 on
16 August, 2013
As I understand it, sufficient(?) cash for the treatment is there and re-fenced for the wee mhan for the next five years.
That is not to say that the family does not require financial support. Hence the request for the name change for moral and financial support to the family.
When the cancer went away through the normal treatment process, the plan was to get him this immunisation treatment. Without it, there was a 50%/50% chance off the cancer coming back. With the treatment, the chances were reduced to 20%/80%. This is what Vanessa has gone through.
Unfortunately, Wee Oscar has not been stong enough to undergo the treatment and nearly died in Philli. The hospital in Philli saved his life and they reckon that if he did not gone there he would not be with us today. So money well spent in my view.
As we all now, the cancer has now come back and the family are now having to deal with this devestating fact and now consider what options are available.
Hope this allows you and others an insight on where this family is right now.
GBWO
HH
CRC
re-fenced =ringfenced
SydneyTim
In all my years supporting Celtic I don’t think I have ever come across such a bitter Tim as you, attacking PL and his family on a day where family is foremost in all our minds.
Classless and crass beyond description…
Sit back. He needs huge amounts of cash And if enough pressure was put on Our club and funds were released for his treatment to help him then all for the good
.
Anytime l Feel Bad or Down or Dare l Say Jealous of Someone or Something..
..
I Wait Till Lola.. My Wee Ghirl is Sleeping..
And l just lie down beside her and watch her Breath..
All other thoughts..are Overpowered within Seconds..
I Am Proud to be Her Dad..And it has Made me the Richest Person l Know..
001Bhoy
sydneytim
For Gods sake man , read CRCs post above before opening your mouth again .
SydneyTim
You’re a moron, no more discussion needed………..
Sydney Tim
give it a rest you`re embarrassing yourself
Very best wishes to Wee Oscar & all others suffering from this disease
petition signed and shared. was looking forward to a few days on the beer over the wknd for the fleadh here in derry. wee oscars news has put a dampener and perspective on things.
god bless we man keep fighting.
Not caught the full story but will catch up later.
Wee Oscar is an inspiration to all the Celtic Family.
Standing up for WO.
Sanna
“A drop in the ocean when you consider we give £1 Billion in overseas aid to Pakistan alone.
RobinBhoy”
Was wondering why Sarwar jumped ship…
Fred C Dobbs 00.13
Mc Dowell Celt told CQN about Wee Oscar at 23.44pm b t sent that abuse to me at 23.53pm nearly 10 mins later so he was fully aware of the terrible news abt Oscar.
Maybe the screen was blurred?
ST
You are winding yourself up over this, relax man.
Morrissey the 23rd
Done finally
Not much but every little helps :))