I have a Heads of Terms document for the sale and leaseback of Ibrox, Murray Park and the Albion Car Park.
The purchase price for all three assets is £7.285m. In addition to this there is a £6.9m loan provision with 15% interest payable monthly (£985.5k annually). Initial rent for all three properties is £1.8m. The 20-year lease provides for upwards-only reviews every five years by either 2% p.a. or RPI, whatever is greater (so assuming RPI is less than 2% each year, after five years, rent would be £1.987m).
Annual costs for rent and interest would be £2.835m. Current season ticket sales are reported to be approximately 36,000 with a standard adult price of £286, income net of vat will be around £8.5m.
Although the top line figure for both sale and loan is £13.835, “the initial payment will be less 3 years rent [£5.4m] to compensate for the lack of guarantee covering the rental payments”, so monies paid would be £8.435m as the first three years rent is deducted from the total.
Crucially, rent is to be securitised against ticket receipts and the new landlord is to be granted “first charge on the season tickets”, so, just as Craig Whyte planned with Rangers, Sports Direct FC would collect ticket money before passing it on to the security holder.
If the buyer attains planning permission for residential properties at Murray Park, a provision releases the seller from having to repay the £6.55m loan and cancels future interest payments. This speculative clause would release the club from punitive interest repayments but would require them to find a reasonably priced ash park to train on. Perhaps the Albion Car and Training Park.
“The tenant” will be able to buyback the stadium. In year one the price would be £10m (they would still owe the £6.55m loan). The set price increases by 12% p.a. for 10 years, so the year-10 price would be £27.7m. Thereafter “price will revert to Market Value but will not be less than £20m”. The market value of Celtic Park is around £50m. There is no buyback provision for Murray Park or the Albion Car Park.
The deal is on the table but will not be signed before the share issue, or if “the tenant” wins the Euromillions Jackpot (that’s not a euphemism for Champions League money, I mean the actual lottery), or finds some magic beans.
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Paul Robinson gk
Irwin Bruce Adams Bale
Pfayr
tyrehoops
22:05 on 26 October, 2012
just watched the full interview on c4 website……compelling stuff
surely this must make headlines tomorrow….not
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
I’m starting to wonder if the media silence on this subject is born out of fear of zombie threats etc …??
A wee tribute to Minx 1888
And indeed all the CQN ghirls, who are too few in number.
http://www.youtube.com/watch?v=yzU0kUpuObA
Chasbhoy.
2 for 2 quid in Asda stock up,loved fray bentos give me bad heartburn now.hh
HT – all part of the 1888 family there are quite a few of us!!
31003 I would be on to Social Services!!
SoT,
You obviously spend your time in the less trustworthy parts of Italy. In (relatively) honest Ostuni, prices are similar to Catania but you get a receipt for what you’ve paid. Mind you, I didn’t have your experience in my short time in Catania.
Doesn’t everyone in the South of Italy know that it’s NEVER been a proper democracy?
Paul, Another great scoop. You put the MSM lowlifes to shame. Can you imagine how the Record/S.Mail would have treated this if Fergus had tried this stunt?
Front page screamer…Paradise Lost…Asset stripper McCann to sell ground to Developers.
Tomorrow’s papers….diddly squat.
Googybhoy
Nil from five
Minx
Is it the birth year?
Bhoys – it also happens to be Minx1888’s birthday today….! :-)
T4
67Heaven, 22:09
What was shown was only the tip of the iceberg
PF Ayr
Brad Friedel?
Ashley Cole?
….PFayr
What is the question?
Hoopy birdie minx ;)
Peter Gabriel – Solsbury Hill
http://www.youtube.com/watch?v=9fF8wU4Nl9Y
Pfayr
John Arne Rise?
SOAL
To be or not to be?
Unsworth lb?
Great documentary on bbc4 at present about the origins and diaspora of London’s music
Terry ch
And one for Côte d’Ivoire and, indeed, the whole of Africa.
Just cause. That’s how.
http://www.youtube.com/watch?v=08ERGHCU6QI
Ian Harte FB
Steve Watson cb
Sorry had to google
Gonna get my taxi.
Chepstow 4.15
Bourne. 6/1
Lump on it.
I don’t have any information, just like BSR.
EC67
Celtic_first – thank you!! and if I had one of those hatchets it wouldn’t be a tree I would be hitting right now!!
Googybhoy
Last two right
SOAL
my earlier post re all time EPL top scorers in their respective positions 4-4-2 and Gk
….PFayr
Who have you got so far
Hee hee ye gorra larf ;-)
Googybhoy
You need another CB, Winger , GK and LB
SOAL
I’ve all of them ..I know the answer
o.g.rafferty
22:15 on 26 October, 2012
Let me tell you, bhoy ……. It’s one beautiful iceberg …….LOL ……..
Minx1888
Je vous en prie.
Happy birthday.
Just seen an advert for barclays banks new personalised credit card … Send them a pic and thats what your cc looks like
I can think of a right few options
good evening cqn
Regarding NFL comment about the bold Bernard and failed coaches that are here,surely he is not pointing the finger at Super Swally,surely not,his record speaks fot itself.
I dont no about East Kilbride but the holiday resort of Balloch loch lomond is very cold tonight.
Super Ally\’s newest single in praise of Greggs
….PFayr
Less of yer pish and give us the wans you already have
Pretty Please
A song for sevco.http://www.youtube.com/watch?v=gqyN3-bpGug
67Heaven, 22:27
And it’s full steam ahead too
SOAL
Googybhoy has got Shearer,Cole, Giggs,Unsworth,Scholes,Terry&Lampard