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

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By on CQN BLOG & Comments

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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  7. macjay1 for Neil Lennon on

    Mate

     

    Mary`s brother was a pal of ours.

     

    Sad story.Won`t repeat it here.

     

    We were at Uni at the same time,with mutual friends.

     

    From the Sandeman family.

     

    Port ,Whisky,etc.

     

    Highland “royalty.”

     

    At that time I was already in Oz.

     

    Maybe you should get to your kip.

     

    Points to be won ramorra against our pals from Ayrshire.

     

    Enjoyed the chat .As always.

     

    Hail,my fellow Tim.

  8. Mea Culpa on

    The main reason why Sevconians get so aggressive and abusive when people discuss events in Glasgow is because they know deep in their heart of hearts that their ‘great’ club is dead and it’s all because the level of cheating and fraud they employed simply to try to make up for their woeful inadequacy.

     

     

    Deny, deny, deny. Never admit to anything. Never face up to anything.

     

    Attack anyone who threatens to force you to look in the mirror and face the truth.

     

    Keep it up forever and you will never have to uncover the conscience that is eating the heart out of you.

     

     

    This wholly unrealistic approach to life is further nourished by the MSM who share the same philosophy.

     

     

    Just as the world is filled with people who deny the existence of God.

     

    The full scale reality will hit them one day. And that pain will never go away.

  9. macjay1 for Neil Lennon on

    Mea(maxima)culpa.

     

     

    Ain`t got much sympathy for them.

     

    NO sympathy for the club.

     

    Usually they respond by resorting to violence.

     

    The cornered rat syndrome.

     

    Our people need to take great care.

  13. macjay1 for Neil Lennon on

    FFM

     

    The sleep of the just.

     

    Denied to our forefathers.

     

    Ramorra a new game ,a new stage,a new challenge.

     

    Life`s good.

     

    Kip well,pal.

  14. lionroars67 on

    By GLENN GIBBONS

     

    Published on Saturday 27 October 2012 00:00

     

     

    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. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    FORTUNES FAVOUR MIBBES

     

     

    FFS,FFM-YOU STILL UP?!!!

     

     

    Just finished my nightshift and off to bed for two hours.

     

     

    Then it’s the pub.

     

     

    Plan was for a trip to Bath,but my bud has the lurgy,aka manflu.

     

     

    How’s things-spoke to PETEC yet?

  21. Fortunes Favour Mibbes on

    The Wanderin Star quotes are class.

     

     

    But important to clarify for the youngsters amongst us I think..

     

     

    “There’s two kinds of people. Them goin nowhere. And them going somewhere.”

     

     

    For you fholks finishing education, you might see a mountain in front of you, but in truth you are the leading light.

     

     

    The Tories and Thatcher kept us subdued in the early 80s and made us humble in our requests for work.

     

     

    Keep the heid, enjoy the music, and keep the progression happening.

     

     

    http://youtu.be/_h4RnduOjyw?t=3m4s

  22. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    FFM

     

     

    I live in Swindon,so Bath is a favoured destination on a Saturday-particularly during University term-time………

     

     

    Smashing place for a day out,less than half-an-hour by train-which includes a wee trip through Box Tunnel….

     

     

    AnoraksCSC

  29. Fortunes Favour Mibbes on

    Sorry fholks, I do go on.

     

     

    Hope you can forgive me.

     

     

    I just luv coming here for the Tic Chat.

     

     

    Oor Lenny has never hidden himself away in Glasgow, though I’d be scared to give away me email.

     

     

    He’s a special one, sent from Heaven.

     

     

    Hope we can all see that and give him 100% support.

     

     

    Whit a mhan he is :))

     

     

    Courtesy of Fred C who kept this one going and never questioned oor Lenny.

     

     

     

    https://www.youtube.com/watch?v=Z2NlXagj-l8

  31. BOBBY MURDOCH'S CURLED-UP WINKLEPICKERS on

    FORTUNES FAVOUR MIBBES

     

     

    I think the majority supported Neil Lennon even through the hard times and bad results.

     

     

    The fans who questioned him during those times generally did so for the right reasons.

     

     

    Criticism CAN be positive,and even those who criticised his initial appointment,wanted him to succeed.

     

     

    I think he may be on the way to creating a right good team. I wouldn’t go so far as to say he will make us once more a team to be feared in Europe-remember Bayern celebrating a 0-0 draw?-but we will no longer be simply brushed aside.

     

     

    I’m fairly confident of that!

  32. bankiebhoy1 on

    …..aye, it’s a braw bricht moonlicht nicht………….this morn’!

     

     

     

    Welcome Winter – we’ve been expecting you…….

     

     

    ……Oranges and Lemons to the Glasshouse………

     

     

    GreenFingersCrossed CSC

  34. ASonOfDan on

    Morning

     

     

    BY GLENN GIBBONS

     

    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.

  35. Jobo Baldie on

    Good morning friends from a very dry, clear skied, BEAUTIFUL (contrary to yesterday morning’s scurrilous comments) and frosty East Kilbride. Extra tread on the old running shoes for this week’s ParkRun.

     

     

    Jobo

  37. The Boy Jinky on

    I see the rm zombies are asking their members to complain to ofcom about ATs channel 4 story .

  38. ASonOfDan on

    Fat Sally talking about how he has a great relationship with Chuck. Hope the zombies remember that. Oh! they have a great relationship, as in each others faces fighting all the time.

     

     

    Why do zombies accept this as normal behaviour?

     

     

    As Big Jock said,” It is not religion that is the problem, it is the lack of it.”

  40. bankiebhoy1 on

    Glenn Gibbons……….bullseye..

     

    …on the bluff bored-room throwback.

     

     

    Lets hope he next takes aim at the ‘Busted Flush’ and the boul’ Grimmond…..

     

    ………

     

     

    Cock-The-Hammer CSC

  41. ....PFayr on

    The boy jinky

     

     

     

    Quite right …how dare they print the truth

     

     

    Outrageous example of a lack of preferential treatment …they are the peeepil after all

     

     

    Righteous indignance from the Hun hoardes …almost as funny as Greens PT Barnum routine

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