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.
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Buying a striker shouldn’t be in order to get through to the CL proper. We SHOULD be getting there anyway, but based on that bringing in one now to settle and to help makes sense. If we go into the CL as we are just now we’ve no chance of making an impact… and for PL that impact not only brings in sponsorship, prize money and more gates/tv money if progression is made. But allows us to sell guys like Wanyama for £12m.
Or… we could stumble in to the CL proper and be also-runs.
Or… we could slip up against the Kazakhs and go into the Europa which we may be able to compete in but little money is made from.
All of these outcomes is a possibility with or without a new striker and/or other players, but you have to improve your odds as much as possible when £20m+ is at stake.
hamiltontim
Don’t worry mate , can’t be long till the next holiday :-))))
GSU
welcome news indeed
Saint Stivs
Yeah I like to go through Terminal 2 if I have the choice when travelling out of Dublin. Usually it also means you are flying Aer Lingus who are great to travel with. There is loadsa room, very little if any queuing at Security and an altogether less claustraphobic air about the place. It cost somewhere in the region of €600 million to build.
Marti
timaloy29
16:22 on
15 August, 2013
To be fair, Dexter.
Their players earn a fraction of what ours do and if Stokes, Balde, Forrest, Derk, Commons, Samaras and Watt don’t have a goal or two between them then they have no business being at Celtic.
I’m not going to buy the notion that we need a 5m striker to beat a team with that budget.
Anything less than qualification will be a massive failure on the 20+ senior pro’s at the club
___________________________
Of course we SHOULD win. But, we are prophecising in the dark here, given our clack of knowledge of the opposition/venue etc. Further, the RISK of defeat lessens with adequate squad re-investment. We need re-investment to replace Vic and Hoops in order to stay in CL contention for last 16. The sooner any investment is made, the longer any replacements have in order to bed in to the club.
IMHO, Celtic are playing a very short-sighted game of dare. A totally unnecessary one at that, too.
HH to the GB
FourGreenFields
Too long, I feel faint at the very thought!
Nurse…..nurse :-)
thomthethim
16:19 on 15 August, 2013
“Ibrox for sale or rent.”
Roger Miller or Proclaimers version :)
Maybe its Nike friday Pikku AND Finnboggason !..with ole Pedro shoutin “how do you like them apples!! you pesky CQNers!!!!”
*dreamon
While over on sevco media, a thread about Paul’s leader has appeared.
Not surprised that they all think it’s made up Timmy sh1te.
Magic >}
…………………………………….
Football matters.
Lenny will play his strongest team on saturday, I wouldn’t, but hey.
Will be good to see Virgil getting a run out, would love to see Derk, but no point in rushing either of them.
Striker, what will be will be.
HH
Malone Bhoy-thanks for reply,as you say sometimes you need to go the extra mile….i think NL deserves it and so do the fans.HH
HT..Tough class?..Mrs M also returned this week..:))..HH
….PFayr
16:27 on 15 August, 2013
I hope they both play along with Amido and possibly Stephen M at the back, I thought he was immense against the Pool
HH
gsu
PUKKI pukki can he pukki it in the nettie……………at what level ?????????????????
Just logged on , my daughters moving to Shawlands in 2 weeks time anyone know any good Celtic bars in the area?
Dexter, I think you’ve started a football thread :)
gsu
Barrowbhoy
Brazen Head not far from Shawlands
LB
Can we all stop talking about pauls header and get back to the same ad nauseum chat we’ve had on here for what seem like ever.
Otherwise I’ll be forced to get a life. ;p
gsu
#weareceltic
HH to the GB
Heraghtys?
PFayr,
The times we’re living through are way beyond the wildest dreams of folk like myself. It is a daily joy to see them stumble further and further into the mire, a mire totally of their own making. Long may it last.
We have all seen Ibrox stadiums deeds and they are firmly in hands of Rangers, not Sevco, green or anywhere else.
A line from sevco media.
Who are the rangers he talks of ??????
top tip
Convince your wife that she’s getting taller by applying a fresh coat of plaster to the kitchen ceiling every night when she’s in bed.
Time to bhoycott Postman Pat
https://twitter.com/davidwhitehead1/status/367905142974070784/photo/1
FILTH
greensideup is also neil lennon
16:29 on 15 August, 2013
thomthethim
16:19 on 15 August, 2013
“Ibrox for sale or rent.”
Roger Miller or Proclaimers version :)
*******
Maybe one of our own?
Barrowbhoy
16:34 on 15 August, 2013
Heraghtys and Kellys are the nearest and best,head down to Govanhill,most of the Shawlands pubs are neutral or hun shops.Both will be busy on Sat morning.
“Of course we SHOULD win. But, we are prophecising in the dark here, given our clack of knowledge of the opposition/venue etc. Further, the RISK of defeat lessens with adequate squad re-investment. We need re-investment to replace Vic and Hoops in order to stay in CL contention for last 16. The sooner any investment is made, the longer any replacements have in order to bed in to the club.”
What we do know about the venue is that its 200km away from their home ground. This is a massive advantage.
We probably need a Hooper replacement for the group stage but I don’t feel we need to rush into anything. We have a few weeks to wrap it up.
Ideally clubs get things wrapped up early but sometimes it doesn’t work out that way due to other clubs/players/agents hanging on.
Also meant to add that there are a few who are Celtic friendly if not actually Tim boozers.
I’d stay away from any on Kilmarnock rd,almost all 100% hun shops.
Queens Park Cafe, Kelly’s and Heraghty’s are the best around Shawlands
“Renting out Murray Park will be like a new signing”
Mark Hateley
Johann
Certainly going to be hard work that’s for sure!!!
You couldn’t swing a cat in my front garden without hitting my Sevconian neighbour in the face.
Bada Bing
I used to think Huns going bust was ‘pie in the sky’… :-)
The only reservation I had/have against the Karagandanians is the travel – that was my only minus to playing them.
I fully expect (Not demand) to beat them. Any damage inflicted by an off day (New striker included) should comfortably be rectified at Celtic Park.
I really don’t remember Gary Hooper stealing the show against that mob Barca last year?
Next round please.
U
timaloy29 16:45
That was a massive advantage to BATE as well/
I’m not too happy that Jackson Irvine has gone out on loan. To Kilmarnock. Naw. We should have tried to get him experience at some club in England.
By the bye, I haven’t been demanding we spend so that we improve the team but I would be absolutely delighted if our major shareholder were to buy their assets and apply for planning permission to build flats, especially in Govan. No lend lease. Let them find another rock to crawl under.
Ulysses,
I don’t fancy the travel much either but the plus side is thems mob have to do likewise for the return leg.
I farted in a lift today……it was wrong on so many levels…..
Kikinth
MSM propaganda ………. Celtic are stockpiling for Sevco return.
ThingsYouAreLikelyToHere CSC