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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Lads, my nap for today is :
Godolphin’s Royal Empire (Newbury 14:40)
Happy punting… fleagle
Dance and Dance 3:50 Newbury
Perth 18:20 – This Thyne Jude
I’m going for Glen Moss in the 3.50 at Newbury
Be lucky bhoys and c’mon the Hoops
Morning all,
Going for ‘Red Paladin’ in the 1.55 at Chester.
Good luck to all…………..except 16 roads ,WITS, Che and my ole buddy Bada Bing.
hh
Where’s T4s Nap?
Ridiculous that’s 12.20 and I need to know which one to avoid.
I’ll have a go with Speedy Approach in the Newbury 2:05.
Good luck,
T4
Right on cue, fannybaws!
T4
Che – the money is also going on Lupo D’oro in the 3:50, stepping up in trip to 7f for the first time.
Wish me well !
T4
Che
Ha…someone else does the “donkey” work…I’m just the poacher.
I was out hill walking and came back to :
Newb, – Somewhat and ninjago. Market Rasen -strongly suggested.
No idea of the strength of the message. Soon find out though.
Afternoon,all!
After TNT’s forensic dissection of the 330,I feel a bit of a fraud tipping
FAST SHOT 250 Ripon.
Lovely name,nice colours,etc……
Obviously I hope it wins-I hope everyone’s nap wins,ffs-but TNT really deserves this one.
Cap duly doffed.
GBWO
KK Kiss of Death today goes to Fashion Fund. 1.35 Newbury.
Good Luck to everybody
Fleagle1888
I posted two weeks ago, but I believe you started last week!
So, in advance of 2013/14 season, thanks once again for organising this, it’s a good Craic.
Not for the first time, I shall side with
CAPTAIN DUNNE
Doncaster 1615.
waylander in the last race at tramore for me
good afternoon gents todays binger is
Dream Catcher 2:20 Newmarket
best of luck
Newmarket 2.55 Ninjago
good luck
VP
well done good choice, can you pick one for T4 next week?
VP,
remarkable win, your horse was about 10L down with a furlong to go…
fleagle1888
ps – unlucky with the late withdrawal, 20p R4 deduction
15:25 Newmarket………………..Amood.
good shout fleagle!
Fleagle well done….I actually looked at that one…but being a republican
decided against it…..each to their own :O) hh
Fleagle my one was a nonner, can I have Hallings Treasure 5.25 Chester
cheers
well done fleagle, hope you keep it going, and thank you for taking the time to organise, the naps. Thought I was the only duff tipster, bookies know what they’re doing, had a look at last years results, doesn’t fill me with confidence, but so far its still saved me money as I’m sticking to the 1 bet on a Saturday, so far.
HH
CQN Saturday Naps Competition : Week 2 results & standings
fleagle1888 (Royal Empire @8/1) was the biggest priced nap this week !
:)
Voguepunter (Red Paladin @4/1), Bull67 (Glen Moss@5/2), Sponsored by Cheetah (Kassiano @4/5) are the other winners.
+£10.00 16 roads (1)
+£ 7.00 fleagle1888 (1)
+£ 6.50 What is the Stars (1)
-£ 2.20 voguepunter (1)
+£ 1.75 Che (1)
+£ 1.50 BULL67 (1)
-£ 0.20 Sponsored by Cheetah (1)
-£ 2.00 Bada Bing
-£ 2.00 BMCUWP
-£ 2.00 bonbhoy
-£ 2.00 Burgas Hoops
-£ 2.00 El Madrigal
-£ 2.00 gordybhoy64
-£ 2.00 green T
-£ 2.00 Kilbowie Kelt
-£ 2.00 leftclicktic
-£ 2.00 Magnificentseven
-£ 2.00 MHARK67
-£ 2.00 pedrocaravanachio67
-£ 2.00 petec
-£ 2.00 PF Ayr
-£ 2.00 Rockon Neil Lennon
-£ 2.00 Som mes que un club
-£ 2.00 tommytwiststommyturns
-£ 2.00 twists n turns
-£ 2.00 unionbearBhind
-£ 2.00 valentinesday
*No selection (wk 2) : El Madrigal, Mhark67
*Non-Runners : green T
Cheers, fleagle1888