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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Early one for me tonight, coupla tunes for pablophanque
Radiohead – Everything in its Right Place: http://youtu.be/VrpGhEVyrk0
Arab Strap – The Night Before the Funeral: http://youtu.be/QOg7LDDklig
RIP.
HH.
Ronaldo Rw
Andrei Kanchelskis
Googybhoy
Yes
The Boy Jinky.
That would be great, Where and at what time.
OG
Dreadful cesspit that place
Googybhoy
Teams ….RB ..Chelsea. Petrescu
CB…Liverpool hyppia
RW…Man U. To also
o.g.rafferty
Cheers
Did not realise that was still on the go. Thought it banned ages ago.
Call me Googlebhoy
Googybhoy
Correct
Have to say that Petrescu and Hyppia done my head for hours
Well done :-))
GHOOD NHIGHT, FELLOW BHOYS…………
Oldtim
What time do you arrive in town
Pfayr
Think a few goalkeepers have scored EPl goals though.
Ivanovic for RB?
Tarrant
Thanks for the links – keep them coming.
S
Googybhoy
They have ….Howard has scored more than once tho
The Boy Jinky.
I can arrive by train every 1/4h,not sure what time they arrive but it’s every quarter of an hour.
Who are the ‘good’ rangers fans? I demand to know their names
B-)
Does anybody really know who “The tenant” is that Paul refers to in his article?
I do not understand this thread. I feel that Paul67 was presented with an exclusive but had to type it out under pressure and has not had the chance to correct any mistakes.
The Boy Jinky.
You pick a place, an approximate time, and I’ll be there before you.
Oldtim
12 noon … Outside la lanterna … I will slow down and you can just dive in the window :)
So
Howard
Petrescu Terry Hyppia Unsworth
Ronaldo Scholes Lampard Giggs
Shearer Cole
Need to remember that.
Not a bad team.
i hope you bhoys are answering the vanguard bears question honestly :-)
Are you prepared to take up arms alongside Vanguardbears, to smash the threat of Irish Republican terror gangs and their hate-filled and sectarian Bheast cohorts who have polluted these shores, and to destroy Scottish Nationalist activists and their pro-independence parasites in defence of the United Kingdom?
nae wonder they are fecked….what a load of moronic twats
fiddling the books, no paying tax, sectarian policies……
http://www.youtube.com/watch?v=wAVl_IJV5eI
answers on a postcard
I know and have known many decent Rangers fans.
Some of whom were regulars in the Vogue bar.
Maybe misguided but very decent people none the less.
Seems appropriate. canny do the link thing http://www.dailymotion.com/video/xe3o92_the-clash-wrong-em-boyo-paris-80_music
googybhoy ♥ Celtic
20:55 on
26 October, 2012
Off the subject.
How the hell do you open a Fray Bentos pie. I have had to open one of those tins and they are impossible
——————————————–
Fray Bentos – a true story.
My handsome half spanish nephew Brendan now plays U16s at Antonine in Duntocher and is a joy to watch,
it might have been very different if evil Fray Bentos had its way.
Picture the scene, I am dispatched to watch the year old in my house in his walker , as his maw and my missus, her sister, depart for the shops.
its a bright sunny afternoon,
left on the worktop in the kitchen was a fray bentos chicken pie.
we say cheerio at the door .
an hour later or so , i go back in the kitchen, oven on, nae pie on worktop. the nephew follows me about in his walker at double quick whizz speed , cos you can do that on a laminate floor.
nae pie, sure i left it out when i put the oven on,
open cupboards, look in the fridge, did i walk out to the front door and leave it in the hall, all round the house looking,
wee man following in his walker,
get back in kitchen, still cant find, front door goes, go to get it, wee man in front of oven, turns to follow me.
BANG.
whole house moves,
5 seconds between getting into the living room and the kitchen exploding.
oven door embedded in the kitchen unit,
PIE TIN ON THE ROOF AND FRAGMENTS STICKING OUT THE FRIDGE.
the whole worktop lifted.
the window and back door were open, letting the smoke , a wee flame and nice pal smell escape.
Panic set it, lifted the fat ginger wean out his walker , and out to the garden, passed him to neighbors who all came running, phoned fire brigade.
real sick feeling as i realised the wee man was seconds from being injured.
fire brigade turned up, 2 units, cos they expected a gas explosion,
came out some time later
YOU HAVE PIE TIN ON THE ROOF AND FRAGMENTS STICKING OUT THE FRIDGE.
DID YOU PUT A FRAY BENTOS UNOPENED IN THE OVEN FFS YOU COULD HAVE BEEN KILLED .
dont talk to me about Fray Bentos, the Zombie Sevco company of the pie world.
sister in law put the unopened tin in the oven, never seen one in spain, thoughts that what you do.
bloody tasty though.
and the whizzy ginger kid plays at west calder on sunday 2pm on the scottish cup.
you never know the minute indeed.
keep it lit,
the oven i mean, but remember and take the lid of the pie tin
The Boy Jinky.
Do they do coffee and a sandwich,by the way you won’t need to slow down.
Magnificentseven
Are they really posting crap like that ?
Irish Republican terror gangs….well I never.
Could be about Minty.http://www.youtube.com/watch?v=kUlgN__Jrxk
Gordon64
23:11 on
26 October, 2012
I know and have known many decent Rangers fans.
Some of whom were regulars in the Vogue bar.
Maybe misguided but very decent people none the less
I agree and the misguided ones suddenly aren’t really interested in fitba’ only the huns still support the zombies
What does ‘HEADS OF TERMS’ mean, please..?
THE EXILED TIM
23:17 on
26 October, 2012
Magnificentseven
Are they really posting crap like that ?
Irish Republican terror gangs….well I never
it’s a requirement for membership to agree to that statement
67heaven
Principal important parts of the proposed agreement or similar
dixiedeans 23.17
top tune
at first i thought it was going to be “death on two legs” by queen……ouch.
I know the morons and bigots among them are plentiful, but can we seriously say that they do not have one genuine discernable high profile supporter who is brave enough condemn whats going on?
If not,its mob rule.
There is no way that it wouldnt be allowed to get this bad at our club.
wouldnt = would