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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Oldtim
Wasnt thinking la lanterna for coffee … Just a place to pick you up near the station
You still thinking about their coffee and that bread we had in there lmao
Gordon64
Typed a long & tedious reply but browser crashed. Basic question is would these still be decent folks if they supported a ‘no blacks’ policy as opposed to ‘non catholic’?
S
Magnificentseven
Oh dear.
Those who do, don’t say, those who say, don’t do.
Sort of sums thems up.
To them a grandmother escorted by her 2 grandsons aged 14 and 11 constitutes a ‘Republican terror gang’.
67Heaven … I am Neil Lennon..!!.. Ibrox belongs to the creditors
23:18 on
26 October, 2012
What does ‘HEADS OF TERMS’ mean, please..?
—————————————————————-
this is the starting point for a legal agreement for a transaction for a lease.
Marrakesh Express
23:23 on
26 October, 2012
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
ohhh it’s definately mob rule….try and shout them down and see how far you get…..too many of them are amongst the minority (whooops) who are bigots…unfortunately it’s the very VOCAL majority…. they need to die!! but we will still have the huns without a team…leopards and spots!
HT
Did you make it to Worcester in the October week? My time got sucked into seeing family and friends as often as poss as we are to depart these shores soon.
Did you make it to the soft, southern version of the Sarry Heid?
S
They’d need to be coming out of Mass of course….
shady
Nail on the head mi amigo.
Pablos threads on Youtube give us this –
http://www.youtube.com/watch?v=SfRRCKcLGhE&feature=plcp
Shady
I made it to Worcester but not to the pub, I was still traveling when the game was being played.
When are you for the off?
or better still,
I am hopefull this is the man himself, and not pie in my face –
http://www.youtube.com/user/pablophanque/feed
saint stivs
Fantastic story,
My love of this brand comes from years ago. We went to visit my Uncles family on a Sunday afternoon and my mother was tidying up after a wee cup of tea.
She was in the kitchen as we were leaving cleaning the tops like busy mothers do when she found this piece of light brown slime on the side.
She threw it in the bin. It only dawned on her on the way home that she had thrown away the pastry from the Fray Bentos pie.
Why they separated to cook who knows? We do not visit for a while.
Sitting here, Friday night, family off to bed, CQN, tumbler of vino, The Godfather on more 4. Sevco about to go “POP” again.
Carlsbergweekendcfc
Time for bed.
Take care and god bless Timland.
HH
Wee tune Its a cover version but what a cover.
http://www.youtube.com/watch?v=ICAsimtEsU8
Good night all
“Oscar Knox celtic warrior YNWA”
TET
My thoughts put to music
http://m.youtube.com/watch?v=t2Oy7-sMnWc
Off to see SLF in Belfast in a couple of weeks – probably my last visit to Ireland b4 oz.
S
HT
28th Feb, Adelaide one way. Two more Worcester trips in November & Christmas so we might get that pint yet.
S
Shady
Take your point but social change does not
happen overnight.
All i’m saying is the Rangers fans who drank
in the Vogue Bar were decent guys who bore no malice.
This is how it feels to be lonely
This is how it feels to be small
This is how it feels when your world means nothing at all…
Dedicated to all Sevconians ‘decent’ or otherwise
http://www.youtube.com/watch?v=J-fX0UbpZls
Saint Stivs @ 23:15,
That’s the most preposterous insurance claim I’ve ever seen.
Shady
That would be good I’m pretty sure to be there for New Year.
Right, eyes knittin’ together…..
Night all and God bless.
It’s lucky Broadfoot wasn’t a lover of Fray Bentos!
also a link from Pablo-
Kano’s video, a hard watch still.
http://www.youtube.com/watch?v=CiY2jJggYM0&feature=plcp
Great week, tinged with a little bit of sadness.
Michael Marra RIP
http://www.youtube.com/watch?v=ktqsrMgceCs
pedro 67
Well said.
Primal Scream seems apt:
‘Movin’ on up’
http://www.youtube.com/watch?v=7hL8MYFBtV0
Gordon64
In contradiction to what I said before, I had a short term relationship with a rangers season ticket holder in my past. I was impressed at the time that she did get hassle at games for shouting down any racist abuse she heard.
My only absolution here is that she would have been a bit too young to fully understand the sectarian policy that had been in place and was happy that it had been terminated.
Ladies of a certain vintage?
http://m.youtube.com/watch?v=bU_bGYaa3FY
S
A couple of incidents from a cup semi final v huns at Hampden 1996 has stuck with me, and summed up the difference between us and them.
On the morning of the game (which we lost 2-1), I was told that a busload of huns emptied off at Holmlea Rd Cathcart and chased two tims for their lives, just because they had Celtic scarves on. I knew one of the guys and if he wasnt a whippet he’d have been caught. His mate was also young and fit so both got away.
After the game I was walking up through Kings park with hundreds of deflated Celtic fans, when this 18-19 year old Rangers fan appeared from nowhere and walked straight towards us. I thought he’d turn and walk away but instead, from about 30 yards away he started spouting the usual F”” B”’ stuff, taunting a group of about 40 Celtic fans. Eventually one guy went for him but me and a few others pulled him back. The hun boy strolled off still dishing it out to others on the way.
The next thing two coppers appeared and it was brought to their attention. One of the police said ‘let him go he’s harmless’ but the other said to me ‘there is no way a Celtic fan would get out of that situation alive if it was in Mt Florida’.
And thats the difference.
Gordon 64,
You should not need to make your original statement & you certainly don’t need to justify it,
There can be few of us who don’t know thoroughly decent Rangers’ men,.. & we also know Celtic men that we would never have as friends.
There is good & bad to be found where we least expect it.
For the bravery and love shown by Oscar Knox’s mammy and daddy. These are the ties that bind
Lullaby
A song for Chico (its true)http://www.youtube.com/watch?v=jd5UkWHnQhA
I’m not sure how healthy it is for us to be preoccupied
with their predicament.
We seem to have become vultures picking at their bones
Took me yonks, with my first Fray Bentos pie, to realise you use the tin opener on it’s side, cutting off the entire lid, ridge and all, as opposed to a regular tin-opening.
On a similar note: anyone ever bought a tin of Spam or Corned Beef, only to find no key attached to the side?
67Heaven … I am Neil Lennon..!!.. Ibrox belongs to the creditors
23:18 on
26 October, 2012
What does ‘HEADS OF TERMS’ mean, please..?
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This just been posted on SFM by poster geordiejag, dont know if completely accurate as he does ask for input from others on whether he has it right.
The Heads of Terms (HoTs) doc is significant but we shouldn’t get carried away by it, or at least not yet. I am not a lawyer but I have been involved in drafting a number of commercial agreements for my employer. In many but not all of those cases, a HoTs doc is produced once the parties have reached an agreement in principle and sets out in reasonably plain terms (i.e. with the minimum of legalese) the key points and legal framework of a POTENTIAL subsequent legally binding agreement. The HoTs may be signed off by both parties but only to the effect that they will work in good faith to iron out the details and seek to come to formal and legal agreement. Also, the final HoTs is of course preceded by one or more drafts put up by either side.
It is unclear from the CQN article if we are talking about ‘agreed’ HoTs or ‘draft’ HoTs in this case. If these are agreed HoTs then the significance may be that they indicate that a sale and leaseback agreement has been reached in principle but it does not necessarily mean that an agreed sale and leaseback will go ahead in practice. It will be very interesting if it comes out who the prospective purchasing party is.
IMO they are a bit less significant if they are a draft HoTs proposed by the other party as CG could claim that they were unsolicited, but they become much more significant again if they have CG’s or his lawyers’ paw prints all over them.
I’m happy to be corrected by any of our resident legal experts if my narrow experience of HoTs doesn’t reflect their wider use.
Pedro.23.21
Maybe Minty is another unsung hero in the demise of The The peepil of sevconia.
Hail Hail.
Gordon64
The “obsessed by Sevco” jibe is thrown at us a lot and I do not buy it.
I am not obsessed by Sevco.
I am obsessed with seeing justice done in Scottish football.
Their cheating affected our ability to triumph legitimately.
Once they are found guilty and punished appropriately, I can lose my so-called obsession with them.
I was brought up with two very close pals who supported RFC. I never see one now and the other one is dead. I am 90% sure that both would admit guilt and totally condemn whats happened and is still happening at their club. Btw both were at the Thistle game in 1979 when the crowd was given as 2000 so they can be classed as diehards as well as decent guys.