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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How do you know ET is an Orangeman ? Because he looks like one.
Marti
Afternoon all
Well, that’s all the Holy Cross kids safely home (on my run anyhoo), tell me, Ive read on twitter that section 111 is to be kept open and “coloured” st cards issued to the GB. Anyone heard anything about this? Sorry if been posted before.
Weefra HH
Finnbogasson or otherwise…
Here’s a thought for those who baulk at a £5M price tag-
What price would we have demanded for Hooper had he not been content
to run down his contract and still had a couple of years left to run?
What was our true valuation of his services to the team?
Marti Sandino
No I don’t >}
HH
TET
Ha ha!
Marti
Malonebhoy
“That was a massive advantage to BATE as well”
Eh?
WeeFra
My eldest started at Holy Cross yesterday, I hope it’s no’ the Sevco bus you’re driving :-)
In two minds about Jackson Irvine going out on loan to Killie till January. Feel that Jackson could be Wanyamas natural replacement, and six months first team football could hone his skills, to drive us on, in the last 16 CL. However, who was the last player, we loaned out who returned to play for us? None under Lenny!
WeefratheTim
A fine school, many fine CQN’ers have padded it’s corridors dodging in and out of trouble!!
Hope Jackson Irvine can’t play against us…..
How’s the SFA investigation into Sevco being Green and Whyte coming along?
ThingsYouNeverHearAbout CSC
LiviBhoy, timmy7_noted, timaloy29, !!Bada Bing!!
Thanks for the info much appreciated
Dexter
Love yer pain ..
.try stronger medication
Don’t mean to be petty,but,can we loan our players to teams who actually have
no hatred for Celtic?Know this leaves few options in Scotland.
Bada
“Hope Jackson Irvine can’t play against us…”
He’ll be the first if he is.
Bada Bing
Think the young Aussie would damage us more than Bangura did.
I believe the GB have a meeting on Sat. Whether its to do with re admitting them I don’t know. I hope so.
How are Sevco getting on with all the court cases against the entire playing squad that walked away?
Charlotte Fakeovers@CharlotteFakes2h
SFA and Rangers – A few documents discovered.
1. RIFC to SFA
http://www.scribd.com/doc/160457695/RIFC-Response-to-SFA …
2. SFA to RIFC
http://www.scribd.com/doc/160457671/SFA-reply-to-RIFC …
—————————-
Charlotte Fakeovers@CharlotteFakes2h
Green and Whyte failed to enter into any dialogue with Pinsent Masons re purchase. Not sure how the SFA could have ‘cleared’ Green.
Geordie Munro 17:04
I’m presuming that if Shakhter were not allowed to play BATE at home and had to travel 200km from home also, and won.
HT
I’m doing again tomorrow, Quarter, Glassford and Strathaven. Anything about the GB?
Starry. :)))
Weefra HH
Malonebhoy.
Aahh, get you now.
I’m pretty sure they played bate in their own stadium.
Bada
From henceforth that’ll be known as. a Bangura clause.
Bosman CAC
Having sold three quarters of the spine of the team, I sincerely hope that we don’t sell the remaining (and perhaps most important) quarter, i.e. big Fraser. That would be reckless bordering on negligent.
I also see we are being linked with a 2m Finnish striker if we fail to sign our 5m Icelander.
You generally get what you pay for.
Might just be the usual MSM garbage of course, but I must confess to feeling a bit uneasy about it.
BSR- Exactly ,one of the reasons that i and i noted a few others starting to wane re Sevco omnishambles.While it is a source of untold pleasure,i can’t see anything substantial re punishment fitting the crimes.The Club is doing nothing and we are having a moan on a blog about it.They have “been punished enough” and of anything they will be fast tracked rather than getting what is due to them.The MSM are obviously compliant with their agenda and will bury any “internet bampottery” they can.Time to concentrate on CFC for me.HH Sorry to be so serious …:(
First post – son of terrytim and very long term lurker!!!
Haven’t seen all the posts but what of craigy craigy whyte’s property charge over bigotdome?
Surely this means that any sale would involve him and / or ticketus being recompensed for monies they are owed? In very loose terms like when you sell your house and the mortgage company get their debt back as a priority?
Or is this a way the Huns see getting rid of the charge by selling to a third party and a subsequent future buy back? Sevco go bust and The The Rangers are set up as the new newco, either leasing the stadium or buying outright?
HH
glendalystonsils
Removing the spine?
If Forster goes aswell,
It seems more like an autopsy…
Any news on our bhoys who were away on international duty least night, all is well I hope.
HH
Wisnae that much of a spine anyway, too many weaknesses, a bit like mine.
Timvestor
I’d love to know who is the buyer? No doubt they will have connections to Chuckles/imran.
Timvestor
Oh, and welcome.
Kazakhstan media say that according to the information from British Embassy , there were issued about 100 visas for Celtic supporters traveling to Kazakhstan for the game. There will be few more Celtic fans at the game, fans who work in the country.
Tet,
No news is good news I’m hoping.
timvestor
17:25 on 15 August, 2013
====
Hello Hello ya Hun!
Right that’s over and done with.
HH
Disappointed to see young Jackson Irvine going out on loan, but wish the bhoy all the best.
Would rather have seen Beram Kayal go on loan.
Imo of course.
HH!!
http://broganrogantrevinoandhogan.wordpress.com/2013/08/
BRT&H Latest ,don’t know if posted already.HH
sorry to be a pest lads as I said before my daughter is moving to Shawlands I have googled it the two nearest pubs are the Old Stag inn and The Quaich any info on these bars ?
timaloy @ 16:22
Dexter @ 16:28
Why is the blame either on the players, or the board? there is another option, but one that nobody really seems to want to discuss on CQN….
Coaching/management…. personally, I think that is where we are weakest…. I think NFL has a great eye for players …. and, largely, PL has delivered a pretty good pool of players (given the money available to us)….
But, I personally think that, at least from the perspective of the quality of football, we are getting less out of these players than we should …. a large part of that seems to be the ‘system’ if you can call it that, that NFL has them playing … slow, ponderous …. and creating relatively few chances per game…
I have said for a while that I would like NFL as director of football, but someone as coach for the first team…
Tin hat on …
PS….. (Dave) King of the Road? Great tune … There’s got to be a song about this using that tune….