Sale and leaseback of Ibrox, Murray Park, Heads of Terms


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.

Click here to read the fabulous CQN Magazine for free, or strain your eyes squinting below. You can also buy a hard copy of the magazine here from Magcloud.

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  1. Gordon64:



    Nah, I think Paul67 does us all a service by getting news like this out. God knows the MSM have no stomach to confront the financial chicanery that continues at Ibrox, so the likes of CQN, RTC etc have to do it for them.

  2. Marrakesh Express on



    my thoughts exactly…pint sunday week?





    An underrated pie.




  3. marrakesh express



    23:48 on


    26 October, 2012



    That story does indeed sum up the difference between us and thems.



    Self policing has always been part of our support, so many examples.

  4. SFB & OBI


    I absolutely agree with the sharing of information


    but there must be a clearer agenda.




    If Scotland gains its independence after the forthcoming referendum, the remainder of the United Kingdom will be known as the Former United Kingdom (F.U.K.).



    In a bid to discourage the Scots from voting ‘Yes’ in the referendum, Unionists have now begun a campaign with the slogan: Please Vote No For FUK’s Sake! About which they feel the Scottish people can relate.

  6. Gordon64



    We have seen a major financial fraud attempted in our midst with little noise raised by our press guardians no matter how many winks we tipped them.



    We have also seen a conspiracy to let Rangers be re-born with their history intact and their debt dropped for the price of a few titles, a scummy deal, which they did not even intend to honour.



    My agenda is clear. I want justice done. I want the authorities to act appropriately. We have been let down so far by both our legal and football overseers.



    If we were not “picking over the bones of this” they may well have got away with their dirty scheme.

  7. pedro.


    Thanks for that Michael Marra. ive been away for a long time and unfortunately have never been aquainted with him, seems to be a character and im sure will be sadly missed.

  8. The Ghood will prevail on

    Just watched the C4 news article about the threats made to the QC, etc.


    It’s not surprising, but it’s still incredibly depressing. When added to the deafening silence from the game’s authorities and the scottish media (and the ‘decent’ rangers fans), still in the thrall of that dreadful institution’s zombie offspring, it leaves me with one sober conclusion – they must cease to exist. If Scotland is truly to move on and become a mature democracy then rangers, in whichever form, must be no more. It’s not enough to blame a ‘tiny minority’; that minority feed off the appaling supremacist ethos of the former club, such that even the ‘decent’ fans , and other people who should know better, keep silent.

  9. Gordon64



    For me, justice would have been served by the ending of their history and a new club born for them to follow.



    I doubt you or I are impartial enough to weigh their sins fairly though.



    But I do know that those who did weigh them and tried to do a deal for them to remain in the SPL, with their debt dumped but their history intact, for the loss of a few titles, got the mood of this country completely wrong.



    I still have hope, diminishing though it may be, that they will get their just desserts and we will get our jelly n’ ice cream.

  10. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    Play by the rules. If you dont accept your punishment. Pay your bills. Dont break or bend the rules. Dont break the law. If you do accept your punishment. Recognise the establishment and its authority over you. Stop telling lies. When that happens and they are sound up and punished with these sentiments established again within the realms of Scottish professional football then it will be over but that will never happen.




  11. So…..due to the blog crashing earlier on, the finest post I ever wrote has disappeared into the ether and I can’t remember what I wrote except I know it was worthy of a Pulitzer or a Schickelgruber or a Carlsberg or…………..




    hand me that claymore, a hun approaches.

  12. First thing on SSN @ 1205 re racism in footy? The one, the only Neil Francis talking about our ZT policy, excellent wee man

  13. See this bit in the Ch4 report about Norn Iron hard men sending $#|+€ and HIV covered razor blades through the post (the things those wee minds come up with) ? Well….how thick can a hun be? For a start, the HIV virus dies after contact with air in a couple of minutes.


    They never think things through, thae clowns.


    That’s why their beloved fraudulent enterprise is sinking faster than The Titanic and taking their loot with it.


    If I was Chunkles I’d be running….but where to? The Red Hand has a notoriously long reach and it will soon want to be around his slender swan like in the not too distant future once they figure out exactly how deeply he was willing to con them.


    Stupid huns. Even more stupid Chunkles.

  14. Saint Stivs



    00:56 on 27 October, 2012




    We would not have sung the add ons…… Honest

  15. Awe_Naw_No_Annoni_Oan_Anaw_Noo on




    CHARLES Green, the cartoon Yorkshireman whose deepest pleasure seems to derive from revelling in his own, tell-it-like-it-is “honest”, also appears to have been afflicted by a condition not uncommon among natives of that peculiar county.



    That is, a crass inability to tell the difference between blunt speaking and rudeness.



    Like Brian Clough, Geoffrey Boycott, Fred Trueman and other well-known boors from the region, the Rangers chief executive is at risk of simultaneously offending everyone in sight and of tumbling into parody every time he exercises his tongue. This certainly gives him a veneer of ridiculousness, but beneath the clownishness there are implications which should cause the Ibrox club’s followers a certain concern.



    When Green had to apologise for insulting Aston Villa recently, the most significant element of his outburst was not that he called the Birmingham club “useless” (hence the grovelling), but that he should, quite without compunction, underline the point he was trying to make by introducing a “fact” that was a complete fabrication.



    Trying to talk up Rangers’ entitlement to a place among the biggest clubs on the planet, Green said, “Why should Manchester United get £320 million (in annual revenues, much from TV) and Aston Villa, who are useless, get £250 million?”



    The figure attached to Villa was plucked from the ether, and bore no relation whatsoever to the £90m+ that was lodged as their revenue in the club’s latest financial returns. What should be at least slightly disturbing for anyone with a chance of coming within Green’s field of influence is that he should quite unhesitatingly invent a figure he must have known could be exposed as a blatant lie literally within a few seconds.



    This readiness to dive headlong into near-certain condemnation as a glib charlatan suggests two things, neither of which could be considered commendable. The first is that he simply doesn’t care, an insouciance stemming from the belief that he will be able to talk his way out of any potential embarrassment.



    The second, however, is much darker and should be considerably more discomforting for anyone likely to invest either faith or money in the chief executive’s plans for Rangers’ revival. It is that he is a firm adherent to PT Barnum’s most famous dictum: “There’s a sucker born every minute”.



    The evidence so far makes it difficult to resist the notion that Green arrived in Glasgow with the conviction that anywhere north of Leeds is a backwater populated by yokels who would be susceptible to the famous mushroom system of cultivation (“keep them in the dark and feed them a load of manure”).



    How else would anyone explain not only the aforementioned Aston Villa nonsense, but this week’s staggering public somersault over his claim to have received death threats from rather feverish Rangers fans in the wake of his taking control of the club? Unusually, Green supported his reporting of the abuse with the entirely credible revelation that he had been forced to move house almost on a weekly basis in order to avoid the possibility of GBH or worse.



    The instant he learned, however, that Rangers supporters were “upset” by his claims, he rushed to the club’s website to reassure his former tormentors that they are, indeed, the world’s greatest fans and that he merely reported the threats as a way of demonstrating how far “we (meaning, presumably, this band of brothers) have come together.”



    As a form of monumental audacity, the expectation that this explanation would have been accepted without question by anyone with an IQ in double figures may even have topped the absurdity of the Villa affair. It is also as despicable an insult to the national intelligence as it is possible to imagine.



    In a fertile period for commentators, Green’s risible antics were accompanied by the reappearance on stage of his predecessor, Craig Whyte, the latter promising a future of intriguing developments by implicating Rangers’ administrators, Duff and Phelps, in dubious practices.



    These allegations will surely be settled in law, but, in the meantime, Whyte took the initiative in the matter of claim and counter-claim by producing evidence that included recorded conversations with a senior executive in D&P who has consistently denied all allegations of impropriety.



    If this episode proved anything, it was that, whatever else may be said of Whyte, he is no fool. Time may show that those who thought he was made the biggest mistake of all.

  16. If the S.F.A. are found to be complicit in these shenannagins. does anyone think that they could be sued for letting people spend hard earned money paying to enter a sporting arena where the game was in fact rigged.We all know it has NEVER been a level playing field( god bless the bunnet).I wouldnt even begin to try and calculate how much revenue and kudos CELTIC and there SUPPORTERS have been deprived of by the cheating and audacity of these bunch of (insert your own metaphor) chancers.SomeBODY has to be held accountable if we can all move on and justice is seen to be done.


    are sevco Scotlands shame or does scotland have no shame.

  17. Huvnae read the Awe Nae thing.



    I stopped because, well… they’ve been Awe Nawed.



    So theres no point.



    Plus… my attention span is about three lines of text.



    Which is Shite if you admire Stephen Fry



    But fine if oor Paddy is yer bhoy.



    So i’m fine.

  18. A cream bun did call clyde saying “they can go back to Ireland for all I care”.



    Clyde said they cut him off…naw they didney! they answered his points without any reference to his racism/bigotry.



    They said later that they cut him off…didn’t sound like it to me.