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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Gordon64
regarding VW ~ the story begins with him leaving for significantly more than we paid for him.
the story ends with us signing another quality young player for a fraction of the money we pocket for him, eager to take his place and prepared to stick around for a few years.
celtic use the money to expand and improve the business side of the club and we can afford more in terms of first team budget, allowing us to keep our better players for longer and then selling for higher to repeat the trick time and again.
i will be amazed if we have more than a handful of the players we have now in four years time and i will be pissed right off if we have not seen every phase of the celtic triangle fully developed
The Boy Jinky.
Mail to you.But if you want I can converse here.
….PFayr
Agreed
Minx1888.
Happy 21st,hope you have loads more.
Shearer Cole
Giggs Scholes Lampard and ????
???? Terry, ????? Unsworth
Schmeichel???
Barca’s passing and possession was outstanding
and something to behold.
What do you do if can’t get the ball ?
You defend and tackle.
That is football.
Good to see the hunderclass getting exposed on C4 tonight. No surprise to any of us but at last the spotlight is on these thugs.
Great scoop by Paul; Sevco the gift that will keep giving for years and years.
http://www.youtube.com/watch?v=BvuRxD47yfA
‘Gonna get along without you now’
….PFayr
Brad Friedel?
Pfayr
Surely Ian Harte at LB?
Why is it that not one decent Sevco/Oldco fan has come forward to call for calm and reasoning as their beloved club and their support reach new levels of depravity almost every day.
So called Rangers greats like Walter and DJ have been cowardly silent as the ned section of their fanbase, led by conductor Green and teaboy McCoist, run the show . Its obvious that they dont do contrition.
I thought the huns had reached an al-ltime PR low when they wrecked Manchester, trying to murder a cop in the process. Unbelievably they are outdoing that shameful episode and it looks like there’s worse to come.
A despicable football club and a support to match.
o.g.rafferty
22:32 on
26 October, 2012
Straight to hell….
A song for sevco.http://www.youtube.com/watch?v=gqyN3-bpGug
….PFayr
Ian Harte?
Happy Birthday Minx1888:
http://www.youtube.com/watch?v=HgqD826HGuI
a wee bit of FZ………. zombie woof
http://www.youtube.com/watch?v=cpf2IoJZhqI
Googybhoy
Sorry I misdirected you …Unsworth is the LB …you have that
Need a RB and the others
Howard scored forvEverton while in goal?
Alex Thomson talking about a Sevco hate site and polis, after pressure from Ch4 will investigate.
Anyone know which one, as they are all hateful.
marrakesh express
22:39 on 26 October, 2012
ABSOLUTELY …. Their ‘silence’ tells us all we already know …… It is an Estabishment ‘thing’ …….. And they don’t even realise their ‘silence’ FOR YEARS contributed to their demise ……… I would just like to officially thank them from the bottom of my heart……
Oldtim
Mailed you back … After match suits better for me
Marrakesh Express
22:39 on
26 October, 2012
Why is it that not one decent Sevco/Oldco fan
you answered your own question
Clashcitybhoy
22:21 on 26 October, 2012
If you bring the merchandise, we could meet up at the normal spot tomorrow :-)
HH
CRC
Googybhoy
Howard ..bingo
Julian Dicks RB?
….PFayr
Who is left?
Just watchd Alex Thomson’s report.
What can you say?
We all know it’s the truth, but it’s still shocking to see it laid out in technicolour.
As for the police and SFA refusing to comment…
Oh dear, it’s all a wee bit too light hearted on here tonight. So what will be the evening’s touch paper subject? Surely someone can come on to defend Mr hately’s description of Green as SEVCO’s Bunnet?
Funny thing is, we might be supporting a statue in the Gallowgate alongside those of our hero Mr whyte and the erstwhile Mr McCann.
S
Well done AT
this one’s for
fat sally
http://www.youtube.com/watch?v=q1ZV4Mx7tw8
The Boy Jinky.
We can have coffee or tea before the game,I enjoy a coffee in the morningI’ll go into the park around Half one and have a couple in the lounge before the game,what do you think.
SOAL
RB,CB & Right Wing
Galas CB?
CB William Gallas?
Non
SOAL
stoap it !
Googybhoy
Teams ….RB ..Chelsea
CB…Liverpool
RW…Man U
Berlusconi gets a 4 year sentence for tax fraud
but will probably never see the inside of a jail cell.
Philvis where are you ?
Oldtim
I can meet you about 12 if that suits you ok
Damian duff
ASonOfDan, 22:44
Vanguard Bears I believe