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.

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  1. On the subject of independence



    Until the SNP guarantee constitutionally (embold) Catholics in an independant Scotland will be afforded the same rights (not interested in any fake claim to a crystal throne) as those decreed as of Westminster 2012



    Then the fekkers will never get my vote



    Independence means all change and the huns will want the schools to go first



    Guarantee the tims will be okay constitutionally and Scotland on its Jack Jones may work



    Otherwise its a recipe for sectarian disaster



    Beacuse the huns now see independence as a means to an end here in Scotland



    tim in the uk doing no bad so far csc

  2. A Ceiler Gonof Rust on

    Rascar Capac 01:12 on 27 October, 2012



    A question to everyone.



    Why are we different?






    Because we dont have nazi outlook on life and think we are better than every one else in the world.



    Because we dont need to tell people “we are the people”.



    Because we dont threaten to kill someone just for their different opinion.



    and on and on………………….




    Listen dude, Petec was offering tickets to you, me and FFM in the early hours this morning. I think it was for a game in Jan / Feb. I’m fine, me and young ACGR have seats but if you want a ticket make sure you track him down. Might cost you a boatil a voddy, but you’ll enjoy a good day out:-)



    He’s different, but an offer like that shows how unselfish and genuine a guy he is.




    HH the Celtic family

  3. Awe_Naw_No_Annoni_Oan_Anaw_Noo on

    By Mark Hateley | 26 Oct 2012 00:01



    WHEN Charles Green first walked through the front doors of Ibrox the biggest fear among Rangers fans was that they were getting landed with another Craig Whyte.



    Five months on, it’s beginning to look as if what they’ve actually got is their very own Fergus McCann.



    OK, I can’t claim to know the man currently at the helm of my club and steering it through the most troubled waters in its 140-year history.



    The truth is I’ve met him just once. For about five seconds.



    But I will say this – I’m really beginning to warm to him. And I don’t think I’m the only one.



    His latest comments in today’s Daily Record have struck a chord and not just because he’s talking about staying in place until the Champions League theme tune is blasting out around Ibrox once again.



    No, it seems Green has caught the bug. We call it Rangersitis.



    And the way he is talking reminds me very much of the approach The Bunnet brought to Celtic all those years ago when he turned that club around.



    Wee Fergus put his cards on the table and told Celtic fans he would be working to a five-year plan. He promised them – as a fan himself – he would restructure their club from top to bottom within that timescale and then leave. And he was as good as his word.



    Now Green appears to be singing from a similar hymn sheet and I don’t think it’s any coincidence that, having spent so much time at the club over the last few months, it seems Rangers have got under his skin.



    Believe me, as an Englishman who came up here in 1990 I know how that can happen. Rangers are not just another football club. Rangers are a way of life.



    Twenty two years later I’m still here and I can’t imagine living or working anywhere else. The club means that much to me.



    There is a magnetism about the Old Firm that people just don’t understand until they find themselves wrapped up in the middle of it all.



    And I think it’s hit Green right between the eyes.



    He’s been at Sheffield United in the past and they are a big club in their own right. But they pale into insignificance when compared with the scale and pull of Rangers.



    And I think that’s probably caught Charles by surprise. He thought he knew what he was getting involved in but in reality he didn’t have a clue.



    As a businessman – and a smart one at that – he will be seeing opportunities open up that he didn’t even know existed when he first gained control.



    There is money to be made and that’s another big reason why he’ll be in no rush to move on. Let’s be honest, there’s no way he could have imagined selling 38,000 season tickets for a club in the Third Division.



    Even I have been stunned and delighted by the sheer ferocity of the support behind the club, so a guy like Green must be pinching himself. Half the teams in England’s Premier League don’t shift that amount of tickets.



    But if there’s money in it for the businessmen that can only be good for the football side of things. And if the aim is to deliver Rangers back into the Champions League then, ultimately, everyone will be a winner.



    I may not have had a proper chat with the man but people I know and trust – who have the club’s interests at heart – have spoken with him and are impressed with what they heard. They tell me he is a credible guy with credible plans.



    That means he has come a long way from those early days when no Rangers fan wanted to touch him with a bargepole. The fear was that he was a snake oil salesman looking to cash in on a club that had already been dragged through its darkest days by Whyte.



    It has taken Green time to win people over and understandably so.



    But he is working hard to gain their trust and he’s defending their club, which hasn’t always happened in the past.



    He’s standing up for the fans and Rangers and fighting for their best interests. In short, he’s putting his heart and soul into their club and that’s all any Rangers supporter ever asks of those who represent them.



    I’m not saying Green has won all the hearts and minds at Ibrox. He hasn’t. But he’s proving himself to them and although he probably still has a lot more to prove, he is saying and doing all the right things.



    And now, by saying that it’s no longer just about turning a fast buck, by buying into the dream of returning the club to the top of the game before he leaves, he is showing he shares all the ambitions of the supporters. He is displaying the kind of passion that is a requirement of the badge.



    And he is also acting with the transparency the Rangers fans deserve after everything they have been put through over the last couple of years.



    He’s the opposite of Whyte – and a throwback to Wee Fergus.



    And if he delivers what he says he will – whether it takes him four years or 10 – then his place in the history of Rangers will be secured.



    Made up by Keith Jackson

  4. A Ceiler Gonof Rust on

    The orcs are going crazy on ZM………………………………………….Nice.

  5. A Ceiler…



    Ye canny come back at me with my arguments from last night!



    I am genuinely interested in this question.



    Why is there such a difference?



    Is it left and right politics?

  6. A Ceiler…



    Aye, I caught Petec’s offer today.



    He is different, but he’s a gem.

  7. A Ceiler Gonof Rust on

    Rascar, too true. A prince amoung men, a bit whacky but a gem just the same.



    Hail Hail bruv.



    Mon the (whichever fourth tier partimers are unfortunate enough to be playing the deid heids tomorrow).





  8. A Ceiler Gonof Rust on

    Rascar Capac



    A Ceiler…



    Ye canny come back at me with my arguments from last night!






    Rascar, I didnt know the answer last night and I still dont. The huns I know (getting fewer by the week) vary in their politics so I dont think it’s that. I’ve met far too many and they cover the whole spectrum of poilics from left to right. They still think they are the people regardless,



    I’d look for the probiscus monkey gene and a more scientific, genetic rationale. Maybe they all eminate from dumfries. Thats a hot bed of hunnery?



    The question is a good one but it wont be answered in my life time, so I’ll have to console myself with their death by a thousand cuts and just try to enjoy it as it unfolds.

  9. A Ceiler Gonof Rust on

    Tooting tim, I’ll give you the “good tunes one for PC67’s Michael marra link”



    But FFS them others?




    I’ll need to give ma wee brother a slap tomorrow for them at the game:-)





  10. Ceiler.



    R u a barra bhoy I posted n last blog.


    last post.


    Anyways we all no green was in for a quick buck.


    whyte has bn shafted and is putting the frightners on his accompliances.


    The one I want nailed is Murray as I’m sure he was in compliance with bos to shut us down before Fergus came in.hh

  11. Naw…



    It cant be we just don’t know.



    This is an important question for our country, and particularly for the referendum.



    Is Scotland in the grip of organised crime, in the shape of the Orange Order, or the Masons?



    If it can be true in Italy or the US, why not Scotland?

  12. A Ceiler Gonof Rust on

    Dear Deirdrie, my brother in law is a hun. I’ve not seen him in a long while and we generally used to get on well. We play golf and rib each other about celtic and rangers.



    Recently he’s not been very chatty on the phone and I wanted your advice on how I should approach our next meeting.



    Should I wear my hoops shirt and point at him while laughing. Or, would it be more sensitive to have my son wear his new away top and we can both laugh and point?



    Please help, I’m getting so bent out of shape over this.



    P.S. he’s from Dumfries, is he genetically different?

  13. Dear A Ceiler.



    You should always try to empathize with your friend’s angst.



    But there is a real risk he will turn his angst on to your good self.



    I have passed your letter on to J Traynor to see if he acknowledges responsibility.



    Have you considered submitting a photocase book with topless burds?



    Yours in agonizing Aunt love,




  14. A Ceiler Gonof Rust on

    Sipsini, I posted are reply and wished you well for the wedding on the previous article. I’m a Glasgow man (rottenrow material) but I’ve been visiting Barra all my life. It’s paradise without the glorious turf and I really do love the place.



    Make sure you go there. It’s heaven on earth and virtually hun free.



    + some great wild brown trout fishing.



    + some great pissup opportunities



    + the castlebay bar live music



    +The Vatersayboys









    + The list would be endless.



    Hail Hail Celtic Men and Wummin. I’m off to my chariott before the drive to paradise and my lunch meet with that tunester brother of mine PC67.







  15. setting free the bears


    23:59 on


    26 October, 2012





    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.





    This totally sums it up for me.