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. Bankiebhoy



    Initially I thought Green was quite sharp …a bit of an operator



    Of late he has proven to be a grade one BS merchant ..mendacious , convenient and conniving ..becoming more and more the man for the job …..if you’re a Tim

  2. Pf ayr



    Whats that old saying … Shaft me once shame on you.. Shaft me twice shame on you…. Shaft me thrice shame on me.




    Pity the zombies as they know no shame

  3. Murdochbhoy, yermanfromMK on

    Good morning CQNers



    Does Scotland deserve Rangers supporters?



    Charles Green went off message this week and told us he’d been threatened by Rangers supporters, but he was quickly reigned in and another press release was rushed out to harmonise Ranger’s uncompromising party line.



    The Scottish media pander to Ranger fans – in this week when Celtic, as Scotland’s representative performed brilliantly in the premier European competition, the Scottish msm felt it necessary to diminish the achievement by highlighting, incorrectly, the percentage of possession enjoyed by Celtic in the match and the rant of a Spanish radio commentator.



    Judiciary, journalists, football players, football managers, football club’s property, football club chief executives have all been threatened by Rangers supporters, even when they are prosecuted Scottish law is found to be incompetent and the miscreants win their appeals or juries find the case ‘not proven’.






    In concluding his piece on Channel4 last night Alex Thompson asked the Scottish constabulary, Rangers and the SFA to comment on the treats emanating from Rangers supporters but not one of the bodies took the opportunity to broadcast their abhorrence of Rangers supporters activities.



    Time and time again we hear it’s a small minority of Rangers supports who are at fault but where is the voice of the majority?



    Taking everything into consideration one can only assume that indeed, Scotland does deserve Rangers fans, all of them.


    FFM 0802



    Got me there,bud-I thought I was being supportive-as always-of Neil Lennon. Even after the Ross County game,btw.



    Not to worry. I should have been more clear,not even constructive criticism from me,haha!



    I hope we put on one of our better displays today,no Euro hangover as can sometimes be the case.



    Also,my niece is going today,wearing her oval CQN badge for the first time.



    Wouldn’t want it to be binned as a jinx….


    MWD 0806



    If he ends up on the nick,he’ll still be SDM.



    Soap-dodging Murray,as he will be scared to go near the showers.

  6. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on

    Really looking forward to a day in Paradise today …….great news about Sammi



    That dr has plunged to new depths today………

  7. Lennon n Mc....Mjallby on

    Huns are waking up today ‘tarred with a sickening sectarian brush’,throughout theses islands neighbours will stare and point the finger at the cheating bullies as they slink about their business.



    Thank you Alex ;)

  8. The Evening Times



    Celtic manager Neil Lennon says bidding for Victor Wanyama starts at £25million



    NEIL LENNON has slapped a £25m price tag on the head of Victor Wanyama – and warned the player’s agent that Celtic won’t be harassed into selling the player before they’re ready.




    Rob Moore, the players’ representative, revealed yesterday that Wanyama would be knocking back an improved offer from the Parkhead club, claiming that the deal had fallen short of his expectations.



    While Lennon thinks that Wanyama is ultimately capable of playing at the very top level, he believes the midfielder is settled at Celtic, but his agent is agitating for a move.

  9. 67heaven



    I’d rather not go onto that wretched site



    Any chance you could briefly give a synopsis

  10. Lennon n mc mjallby



    Seriously mate ..the zombies know no shame.



    In their minds its all lies… The hidden fenian hand at work.



    They will NEVER accept their clubs death .. Their blatant cheating .. And their countless sins against society

  11. The Sun







    NEIL LENNON has told clubs looking to swoop for Victor Wanyama that he won’t leave Celtic for less than £25MILLION.



    Wanyama knocked back the offer of an improved deal at Parkhead.



    But boss Lennon is furious the Kenyan midfielder’s agent spilled the beans on the snub before telling him.



    And the Hoops gaffer insists 21-year-old Wanyama — who is under contract until 2015 — won’t be going anywhere on the cheap.



    Lennon said: “What value would I put on him? They can start the bidding at £25million.



    “Victor’s been a great performer for us but obviously there’s a lot of speculation and interest in him.



    “He has the world at his feet. Is he good enough to play for Barcelona? I think he is, yes. I think Victor can play in any company. He’s very consistent and you have to look at what he could develop into as well.



    “But we don’t have to sell unless we want him to go and accept an offer which matches our valuation.”



    Lennon blasted Wanyama’s agent Rob Moore for going public on the deal which chief executive Peter Lawwell wasn’t obliged to offer Wanyama.



    Lenny wanted to reward the player for his displays since signing last year.



    He said: “I’m annoyed with his agent for a number of reasons.



    “I was with him on Monday night and he never mentioned he was turning down the contract. It looks more like the agent who has done that than Victor.



    “We didn’t have to offer him a contract and the fact we have is a goodwill gesture from us and a reward for his performances.



    “Negotiations may be on-going but they’ll remain private so long as his agent keeps things out of the public domain.



    “But it’s not an issue for me. It’s not an issue for the club. We’re quite comfortable with it all.



    “I think the agent is trying to make a big thing of it. He seems to talk a lot out of school. He’s trying to get the player’s name out in the public domain.



    “A month ago Victor said he was very happy here and I see that every day in his performances.



    “It has nothing to do with Victor, it’s his representative who seems to be stirring the pot a little.”



    Wanyama was a virtual unknown until Lennon plucked him from Belgian outfit Beerschot.



    The Hoops boss added: “Who knew about him before he signed for us?



    “We recognised what a good player he was and felt we could develop him.



    “He’s adapted brilliantly to the British game because he’s a top player.



    “Progress is progress and if a huge club came in for him I doubt there’s anyone here who would stand in his way and stop the boy fulfilling what he wants to do.



    “But for the time being he’s our player and we’re protecting him.



    “We want him here until we feel it’s time for him to go and we get an offer we feel befits his talents

  12. Lennon n Mc....Mjallby on




    Aye I know but outwith Scotland Huns don’t have that same protective mentality,in communities elsewhere they’ll get pelters hehe.

  13. CultsBhoy loves being 1st forever & ever on

    Glen Gibbons has the measure of Charles Green but crucially an even better handle on Craig Whyte.


    I don’t like Craig Whyte he is immoral and tax avoiding and apparently without conscience. He is a man who will die with no friends and many regrets but his riches will outweigh his regrets , I suspect. One thing for sure he is nobody’s fool. I have said this all along.


    However we may parody him he is a guy who may be supping porridge in due course but he will return to his Bentley, Castle and Monaco lifestyle.


    He might be the ultimate Hun destroyer in the end but I still can not relate to his lack of scruple . I don’t underestimate him though.

  14. The Sun




    I’d rather listen to these 3 than your rambling nonsense Schuster






    SIR ALEX FERGUSON, Martin O’Neill and Gordon Strachan.




    Three names that have flashed up on Neil Lennon’s phone this week.




    And three opinions the Celtic boss will always respect far more than the one spouted by Bernd Schuster yesterday.




    The former Real Madrid manager claimed the Hoops should be kicked out of the Champions League for their defensive approach at Barcelona on Tuesday.




    But Lennon said: “It’s not really high up on my list of priorities, Bernd Schuster’s pleasure of the game. In the past few days I’ve spoken to Gordon, Martin and Sir Alex Ferguson, and their opinions mean a lot more to me than a lot of other people’s.




    “I was actually sitting an hour into the game thinking to myself ‘What’s Bernd Schuster thinking of our performance tonight? I’d better throw James Forrest and Kris Commons on in the hope it’d please him’.




    “Seriously, it was the ramblings of someone born out of ignorance.




    “Obviously Spain have their own field of ex-managers who like to ramble on. We’ve got a few of them here in Scotland as well.




    “It’s just complete nonsense and I’m sure at Real he did the same thing at the Nou Camp in 2007.




    “I thought we played very sensibly, we played a realistic game and took Barcelona to 93 and a half minutes — and not many teams can say they did that.”




    O’Neill took Lennon to Celtic, Strachan handed him the armband then gave him a coaching role.




    They’re men he’s always been close to. But now he’s developing a new relationship with the most successful modern-day British boss.




    Manchester United gaffer Fergie might be a Rangers man but it’s not stopped him showing how highly he regards the current manager of their Old Firm rivals.




    Lennon said: “We’ve been in contact on and off for a few months. He has been a great source of encouragement and advice.




    “I don’t want to dwell too much on it because it’s a private conversation but he has been pretty helpful at times.”




    The Celtic defence has more often been a hindrance rather than hailed as heroes.




    Lennon hopes Tuesday’s showing, when they were only denied by Jordi Alba’s 94th-minute winner, is a coming of age for his side. Hoops sit second in Group G.




    Lenny said: “I think Emilio Izaguirre is back to his best.




    “He had to play a totally different game in Barcelona to what he’s used to.




    “Mikael Lustig has been excellent since the start of the season. I now have two very capable right backs in him and Adam Matthews. We’re very strong in that position. Kelvin Wilson is at the top of his game at the moment too while Efe Ambrose has had a seamless introduction to the team and shown what a good player he is.




    “We also have Thomas Rogne and Charlie Mulgrew when we need him to play in the middle.




    “There was a lot of negativity towards Fraser Forster coming from other quarters, albeit probably from outside this country.




    “It was ‘You’ll never play for England playing up there’ or ‘you won’t do yourself any favours by going to Celtic’.




    “He’s probably now thinking it’s the best decision he ever made, he’s going the way we felt he would. He was fantastic the other night, as he has been in other games away in Europe. His stock is rising all the time.




    “So the defenders, and the team, are really pushing themselves beyond their limits at the moment and they are finding the answers, which is fantastic.”




    Those excursions take their toll and that’s why Lennon will rotate the side that faces Kilmarnock today. He said: “I’ll freshen things up because that game took a hell of a lot out of them. That was as demanding as it gets, mentally and physically.




    “I’m not drained. The game panned out the way I expected it to. I was not too up or down.




    “Football can be cruel at times but you have to accept it for what it is and we will try and go one better on November 7 when Barcelona come to Parkhead.




    “You have to keep going right to the end against the great teams. We have done it many times in Scotland.




    “Manchester United have done it many times under Sir Alex.




    “The Barcelonas and Real Madrids seem to find a way and it’ll be no different at home.




    “Our record there is pretty impressive in the Champions League but we’re under no illusions it’s going to be any different from the Nou Camp.




    “It’s a work in progress. There’s never any finished article, I don’t think.




    “You’re judged by silverware and, particularly at Celtic, by your European performances.




    “We’re playing very well at the minute, we’re in a very good place individually and collectively. I know it can change at any time and we don’t take it for granted but we’re enjoying watching them at the moment.




    “If you’d said at the start of the season we’d win in Helsinki, Helsingborgs and Moscow then go to the last kick at Nou Camp I’d have snapped your hand off.




    “They’re probably playing beyond their expectations. Domestically we’ve been fantastic the last month or so.




    “I watched them train and there doesn’t seem a hangover. They’re looking forward to playing each game and weve got a heavy schedule coming up.”

  15. The Sun



    Neil’s stiffs could finish 2nd in SPL






    GARY HARKINS has insisted that the best two teams in the country are from Glasgow — and they both belong to CELTIC.



    Harkins reckons that Neil Lennon has built up such a strong squad that the Hoops reserve team would finish second in the SPL!



    Kilmarnock travel to Parkhead to face the champions this afternoon.



    The 27-year-old midfielder said: “They have got two really good teams and that’s because they have these tournaments to compete in.



    “We have to do the best we can and hope they have an off-day.



    “Their reserves are worth more than any other team in the SPL so you would expect them to finish high up the league as well.



    “Second? Aye. They have such a good squad and so much depth it’s hard for other teams to compete.



    “For us it’s like you’ve started seasons before when you knew it would be Rangers or Celtic first and second.



    “Now it’s only one, so everyone is competing for second, third or fourth.



    “We’re aiming to finish as high as we can and it’s about consistency for us.



    “We’re good enough to do it if we can play well every week and not put in the bad couple of performances we have recently.”



    Harkins was impressed by how close Celtic came to earning a point in the Nou Camp.



    He said: “It was great for Scottish football to see Celtic putting on such a good performance and they nearly came away with something when almost everyone had them pencilled in to be hammered.



    “They should be really proud of themselves. It was great to watch.



    “They put in some shift and I’m sure their whole club will still be on a high.



    “There’s a lot of negativity around the place but with Celtic almost getting a result from against that good a side it should lift everyone in Scotland.”

  16. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on




    08:48 on


    27 October, 2012



    Hately talking up greengo



    Big story about a loyalist who was leader of a murder gang getting his picture taken with a celebrity he approached in a pub. This happens to all celebrities. They get asked by complete strangers all the time to have their picture taken with them ……so why is this a big story in the dr……..because the celebrity was NEIL ….Celtic must now ban the dr permanently from CP




  17. Just wakened up after night in pub. First thing to do in morn, go into cqn. WOW!! Does this story ever stop giving? I feel like a spoiled child.



    What are we getting next?



    Ha ha ha



    Stupid sevconians!!!

  18. CQN Saturday Naps



    Lads, for those of you in the CQN naps competition, please go back and post your selections on the previous article:



    “Gruesome elements attached to the game”



    Cheers, fleagle1888

  19. 67Heaven ... I am Neil Lennon..!!.. Ibrox belongs to the creditors on




    09:06 on 27 October, 2012



    Hateley says grenngo’s arrival was like signing a new consortium…..

  20. Henry clarson- thanks for posting the clip.



    Interesting how it’s a “tiny” minority and suggested it is loyalist paramilitaries, well the voice from the podcast didn’t have much of an Irish accent.



    What we have is a significant minority indulging in peddling in on-line hate/threats but the majority giving this tacit approval by their silence, including the club itself.


    Alex Thomson should be making this fact clear.

  21. Pf and 67 heaven



    Your missing a big part of the exclusive story and pic of NFL and skelly …. Not only was sammy a uda terrorist and one of mad dogs uda henchmen …. But he is also gay



    Its a real scandal that nfl gets his pic taken with people like that eh !



    These rags are way beyond a joke

  22. The Boy Jinky .



    I’ll be on my way shortly, !2 midday outside La Laterna (sp) ,The forecast is for rain around 3.00pm

  23. Neil Lennon ‘annoyed’ over Victor Wanyama contract saga at Celtic



    By Roddy Forsyth The Telegraph



    It was on this weekend last year that Celtic – 10 points adrift of Rangers and third in the SPL table behind Motherwell – were jeered from the field by their own fans after a goalless draw with Hibernian at Parkhead.



    On Saturday they are at home again, this time to Kilmarnock, but the atmosphere will be radically different as a consequence of Tuesday’s Champions League encounter in the Nou Camp, which Barcelona edged with almost the last kick of the ball.



    Celtic’s performance was such that it takes a feat of recollection to evoke their state of mind at this time 12 months ago, as Neil Lennon acknowledged on Friday.



    “A week is a long time in football and a year is a lifetime. I don’t know where I’ll be this time next year. We don’t take it for granted but we enjoy what we have got,” said the Hoops manager.



    Even three months ago, the prospect of playing seven Champions League ties and winning five – three of them in Helsinki, Helsingborg and Moscow – plus taking Barcelona to the final attack of a game in Catalonia was beyond any reasonable assumption of what could be achieved by a youthful squad who had only just acquired their first domestic title medals.



    “I’d have snapped your hand off for that,” said Lennon. “They’re probably playing beyond their expectations at the minute. Domestically I think we’ve played fantastically well the last month or so.




    “There doesn’t seem to be a European hangover. They’re looking forward to playing each game and we’ve got a heavy schedule coming up.”



    For all the enthusiasm in the dressing room, Celtic made a rod for their own back by offering Victor Wanyama – who has three years left on his contract – an improved and extended deal, which has been turned down, to Lennon’s manifest displeasure.



    “We didn’t have to make the offer,” said Lennon. “I am annoyed for a number of reasons. One, I was with his agent on Monday night and he never mentioned that he was turning down the contract.



    “Two, it looks more like it is his agent that has decided to turn it down. Three, Victor is tied to the club until 2015 so we don’t have to offer him a contract and the fact that we have done so is a goodwill gesture from us and a reward for his performances.



    “And, four – negotiations may be ongoing but they will remain private so long as his agent keeps things out of the public domain. We don’t have to sell, unless we want him to go and unless we accept an offer we think matches our valuation. It may be that in time an offer does come in for him – he is worth £25 million so they can start the bidding at that.”



    Fraser Forster is another whose value has surely soared lately and whose outstanding saves in the Nou Camp justified his call-up by England, despite barbed comments by Alan Pardew and others about the goalkeeper’s decision to stay in Glasgow after a loan period. “There was a lot of negativity towards him coming here,” said Lennon. “It was, ‘you’ll never play for England playing up there’ or, ‘you won’t do yourself any favours’.



    “He’s probably sitting here now thinking it’s the best decision he ever made. We feel he’s just going the way we felt he would. Fraser was fantastic the other night – and his stock is rising all the time.”



    The same might be said – a year after the jeers of a home crowd rang in his ears – of his manager.

  24. fergus slayed the blues on

    Regards the C4 piece


    IMO the need for the current regime to enforce the siege mentality within Sevco’s support to have them believe that the club they previously followed is the one CG and TFPLG are asking them to follow now will only lead to more threats and violence .


    It was always going to be the supporters who were going to pay for any tribute act set up in place of the soon to be extinct RFC .



    The thing that really got me was how many of the fans they seem to have been able to convince that everyone was against them ,even when all evidence pointed to the contrary .How many times in the last 6 months have you heard a Ragers fan saying ,”we’ve been punished enough ” or “why do they keep kicking us ” ,two of the most popular phrases spouted by the two above .How many moderate fans that have fallen for this nonsense have now become more militant ,it’s a dangerous game they are playing and TFPLG knows it more than anyone ,that is why his shameless and stupid call for the panel members to be named ,says more about him as a person ,CG has only been here two minutes but TFPLG has been brought up here .



    People talk now of the silent majority but alas I feel the silent majority died with the old club the only one’s left now are the worst elements of the old guard ,how else do we explain the fact that CG had only sold 600 STs till he played the bigotry card .


    They could have acted with contrition and faced up to their cheating and promised to sail a new course with this new club and earned a lot of respect in doing so ,instead they chose to regress into a mindset that was already miles out of touch with the 21st century when it came to it’s inevitable end and for this I can only see the same end for this new entity .


    hail hail

  25. ArranmoreBhoyLXV11 on




    Seems to me the Vic 67 story is borne out of complete jealousy from the MSM..



    He was a star on tue.. The MSM are sick of having nothing negative to say about us..



    So they perform that old MSM trick of twisting words..



    VIC has a 3 yr contract. The MSM spin it so that on the surface it’s unrest because he’s not signed a 100yr contract and this is what they spin and focus on, creating disharmony and negativity- as is their style.



    We should be talking about being top of league and our Barca performance- outstanding , but the MSM will not have that ..



    Killie today..mon the hoops..




  26. Sammy should be “up and running in 10 days” – “injury not too serious”. Just read on the News Now (Celtic) website. GREAT NEWS!!!!!

  27. Silver City 1888 on

    Just visisted Alex Thomo’s blog. I was wondering why the comments on McOist weren’t broadcast not even on the extended on-line piece. It is fairly fully recounted in the blog though.

  28. CultsBhoy loves being 1st forever & ever on

    The best bit of the Vic ( non) story is that he can stay or go it would not make or break Celtic. Same with Hooper IMO.


    If either depart we are serious ££’s in.


    If they stay great too.


    We win the league regardless.


    I also think there are viable alternatives within the squad. We can also cherry pick SPL talent at will ( Johnny Russell , etc) who can fit in to our system. We have best worldwide scouting system in Britain it would appear?


    What we have is a culture and a system that offers the best 21 yr olds the opportunity to get Champion’s League experience without the pressure of playing for Man Utd, Barca, etc.


    I’m not bothered about the players it’s the back room staff we need to secure.

  29. @alextomo: #rfc have distanced themselves from twitter comments by @rfc_dickson saying he was expressing a personal opinion about criminal threats



    A wee bit of in-fighting going on between angry berrs and lord haw haw.

  30. Nuclear Bovril and a Half Munched Pie on

    Apologies if this a) breaks the blog or b) dissnae work….well worth a watch as there are parallels with a very naughty knight of the realm who once owned a football club that has ceased to be. Perhaps there will be an interview with His Mintiness in about 5 years where a similar lack of penitence will be displayed.



    The interview is a few minutes in….








    Mon the Hoops. Killie Hoodoo Schmoodoo

  31. CultsBhoy loves being 1st forever & ever on

    Ordinary Bhoy



    Only a matter of time before some team gets a serious pumping. Would love to put 8 past Killie.


    Motherwell are the other team I can’t stand was great to see Hibees give them 4 at home last night.