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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I was jumping up and down that we can’t afford 5m pounds for a striker
Get a grip bhoys. Money means nothing
DontPatmadug
Every month too!!
CRC’s post is a very good explanation of the current position for Oscar and his family at the minute. Thanks CRC for that.
Sydney Tim – cash is not needed. Moral support is. Just have the common sense to say no more on the subject please and at least change your moniker to give that moral support.
Marti
Just heard the news on the wee mhan.
Thoughts are with the Knox family
Brogan Rogan Trevino and Hogan supports Kano 1000
08:51 on
16 August, 2013
Petition against current treatments and protocols re Neuroblastoma
https://www.change.org/en-GB/petitions/uk-government-and-the-nhs-provide-more-adequate-treatment-options-for-children-with-neuroblastoma-and-relapsed-neuroblastoma-in-the-uk
Please sign and pass on to contacts.
This really does need to stop.
………………….
Petition signed and passed on.
“There can be no keener revelation of a society’s soul than the way in which it treats its children.”
sydney tim
Enough! All the best to Oscar and family.
“When a poor person dies of hunger, it has not happened because God did not take care of him or her. It has happened because neither you nor I wanted to give that person what he or she needed.”
SydneyTim
Yer going to need lonnnng ladders to get out the hole you are digging for yourself.
There is a lot of serious thinking on faith and the meaning of life behind the responses to the sad sad news of Oscar’s relapse.
Step back and give it space.
Sydneytim
I really hope you have been drinking .
Now go and have a lie doon.
God Bless Oscar and Miki 67
Thoughts and prayers to the Knox family at this very difficult time.
Give him enough rope, hopefully we’ll see the last of him on here!
T4
If I may, I’d like to say a word in defence of SydneyTim.
His original idea is an extremely generous one.
Terrible and sad news about Wee Oscar, thoughts and prayers with him and his family.
Can’t change blog name on iPhone , will do it tonight on laptop.
Hail Hail Wee Oscar
Very best wishes to Wee Oscar & Family – Also to other kids / family members suffering from this disease.
Never give up
What I think the club should do is charter a flight to sydney so those of us who feel Sydney tims comments are distasteful can fly over and give u a good shake, or a kick in the haw maws if the shake does work.
Petition signed.
Doesn’t
SydneyTim
can almost picture you frothing at the mouth
shocking behaviour,get lost
Devastating news.
Thoughts and prayers to Wee Oscar & his Family.
Just on and seen that the news has been released about Oscar’s condition.
Please, even if you are not normally inclined to do so, pray for this incredibly brave little boy and his family.
Celtic 1st. Thank you
Auld heid We are a cash rich club at this moment in time
What harm would it be to our values of our club, to send this wee bhoy to the best doctors In the world and say ” money is no object ”
What would they Cost us? Kelvin transfer fee ? Something you me and the support would not miss
Petition signed, but can’t change nom de plume on i-Pad!
C’mon wee man, keep fighting, we’re with you and your family all the way!
God bless.
HH
I had the Red Cross (who i give to on a monthly bases) on the phone to me yesterday wanting me to give £200 to the Syria appeal. I explained that I was now a pensioner and had just increased my monthly donation but he wasnt for having it and started to put the pressure on. I finished up putting the phone down on him.
Is there an appeal page set up for Oscar yet?
thoughts and prayers.
jude2005 is Neil Lennon \o/
12:17 on
16 August, 2013
Ridiculous to say the least.
SydneyTim
Your sentiment may be well intended but I think you need to read between the lines on this one, and the statement made. I don’t think this is about money any more… If it is I’m sure there will be a push to raise any funds needed and funds will be raised.
Thoughts are with Oscar and his family.
Craig white a boot in the trousers would be worth getting this wee bhoy the best treatment money can buy
We can afford it
ST
Read back. The money is in place for treatment from the last campaign. It’s not about finances.
Today is not about right or wrong opinions.
Look around you and count your blessings,I have many.
Just managed to change my moniker. This is a most worthy cause. Wouldn’t it be something if we managed to get the politicians to make a change here?
jude
Doesn’t sound like the Red Cross.
Are you sure someone wasn’t trying to scam you?
Sydney Tim
I think your point has been mis-interpreted by some on here. I dont believe you were having a go at PL et al, but a genuine plea for some form of financial intervention from the board.
KTF
HH
jude – it will be one of those charity collection companies that act on behalf of certain charities, they can be quite persistent. I’ve stopped sending donation texts now due to the annoying follow up phone calls. If they can’t get you to sign up for a direct debit, then they try and persuade you to pay by optional monthly texts.
They also make ridiculously big profits at the expense of said charities. I believe it’s called Chugging….charity mugging!
Give direct to the charity, where you can.
T4
Syd, best treatment may not be enough this time, that wasn’t my cripe, it was your dig at the board and using oscar as the reason I found distasteful.
Very sorry to here the bad news regarding wee Oscar,
Sydney Tim, take a break mate HH
YNWA Oscar
Don’t see anything wrong with anyone suggesting the club should make a healthy donation to either the wee bhoys family or towards his care. It’s a heartbreaking story and one very close to the whole support.
And to those hurling abuse at ST wind your necks in. He’s a parent too and it’s an emotional issue.