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. Two articles in the daily ranger today, Cowans and McCoist admiration of Greengrasss mention the 10% possession figure against Barca. How bad is it when days after the figure was corrected by UEFA they still do not get it right. Lazy journalism indeed. Dropped them an email pointing out their error but understand that there will be no retraction, apology or reply.

  2. CultsBhoy loves being 1st forever & ever on

    Barca games are just learning opportunities. Keeping score down the only objective.



    I was pleased with 2-1 and would happily accept same again. Many teams would fair worse.



    Outwith. EPL top 4 all would suffer bigger defeats than 2-1 IMO.



    Stupid Huns!!

  3. Lennon n Mc....Mjallby on

    Re Wanyama



    Celtic should be in a position to hold out for a premiership transfer price for any of our players wanted down south,how much would Fergie offer the likes of Villa or anybody else down in that league for a player like Vic,this idea spouted by the msm that he’s worth 8 n 10m is nonsense,he’s worth what the buyer would pay in his own country especially as Celtic don’t need to sell.

  4. O.G.Rafferty



    I am still here.



    And still underwhelmed by the “you tube gold” and I have not seen one “exploding head”.


    You clearly have an inside tap to Mr T.



    But as I say there was far too much hype from you on the effect that this would have.



    Infact it’s news that is months old and has been regurgitated.



    Credit to Mr T for keeping the pressure on though.



    Now Paul67’s news about a sale and leaseback, that is the type of news I was hoping for from your over hyped build up.



    Even Paul’s news will not have there heads exploding.


    They don’t want to report it or read it.



    I hope Mr T sticks to the case ,but from my personal point of view I still believe that you overhyped this particular piece.



  5. Lennon n Mc....Mjallby on




    I think if any of us was close to AT we would all be a bit excited to let everybhody know,antagonism toward O.G on this doesn’t look good,like anybody else if you don’t like what he’s saying,scroll past.




  6. Lennon Mjallby



    I am responding to him calling me out.


    I have no malice in mind and certainly none toward’s O.G.



    I had to change my blog name on here for personal safety reasons.



    Under my previous blog name I have heaped praise on O. G.



    I have no truck with him.


    You seem to think he was over excited by his info also.




  7. BigYinMilan



    Re ——–



    People over 75 being sentenced to imprisonment in Italy .?



    Did the research . Very complex / very complicated / very confusing / very contradictory / very Italian ..



    The answer is theoretically- yes —- get convicted of ” cold blooded murder ” and you could go to jail . However the reality is that is very unlikely to happen and the perp would most likely be sentenced to ” house arrest “.



    On the Berlusconi front ———– met my elderly neighbor earlier —– Silvio’s sentence came up in the conversation —- My neighbor’s view ————-



    ” he will never go to jail — there is more chance of The Pope eloping to get married in Las Vegas “

  8. Lennon Mjallby



    Oh ,


    do you not see the irony in telling someone to scroll on bye , if they don’t like what they read.



    Then commenting on what you gave read.



    If everybody just scrolls on bye , there would be virtually no comments.




  9. Andrew67


    nice to catch up with you over in Barca..


    oldtim was fairly annoyed by the long await and the distance required to walk after the match, I’m sure he will tell you about it this afternoon..

  10. •-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on



    10:11 on


    27 October, 2012




    And still underwhelmed by the “you tube gold” and I have not seen one “exploding head”.



    I was a bit stunned by AT’s latest pieces, although I didn’t at the time connect them with what OGR has been promising.



    For me, what’s head-popping about this is not what AT says (and in particular what Gary Allan QC says), rather that it’s being said in public, by a respectable QC & journalist, and not just by internet bampots and keyboard clatterers.



    As to the impact it will have – well it was never going to have any impact within the msm, we all know how that works. Any impact it has elsewhere will take longer to become apparent.

  11. Morning, CQN



    Not much time to post these days but always time to venture a team:





    Lustig Ambrose Wilson Izaguirre


    Matthews Wanyama Mulgrew McCourt







    (No time even for harmonious dots – hope bsr isn’t too concerned)




  12. I’m loving the lazy journalism of the rags putting price tags on our players and ‘quoting’ our manager. He’s playing them like a cat with a near dead mouse.



    The bottom line is that due to our football model we look financially secure: Champions league participation and players with a real sell on value. This must hurt some of the biggest knockers of the Scottish game-pun intended!



    We have an excellent scouting system and young players pushing for first team places. We realistically wont get £25m for Victor but when he does go it will be the biggest fee we’ve received. I wonder how they’ll spin that.

  13. Morning, All.



    Is it too early in the day or year to start a poppy debate … ?



    How about this as a starter for 10:



    From: http://www.heraldscotland.com/comment/columnists/why-i-refuse-to-buy-into-politics-of-the-poppy-brand.19254994 (see also the comments at the foot of the piece.)



    Why I refuse to buy into politics of the poppy brand – (By Ian Bell)



    At the heart of our community stands a fine, lovingly tended war memorial.



    The simple fact tells you nothing. All it means is that I could be living anywhere in this country. Only someone attuned to local names, to the truth that hellish loss is always specific, could make a guess at the region.



    The edifices are everywhere: we grow up with the fact. When someone mentions Scotland and war, the ubiquitous memorials are invoked. Sometimes, one of the better historians will try to decipher what the sober statements mean as expressions of unthinkable grief and indiscriminate bereavement. You might even be reminded that in the first of the world wars our losses were “disproportionate”.



    The lists of names, dates, ages and long-gone regiments invite, perhaps demand, remembrance. It is a tricky word. Year by year, those who can truly remember fade from the world. No-one with a physical memory of the 1914-1918 war remains; memories of 1939-1945, and of all the rest, slip away, one after the other. The long march into the past is ceaseless.



    The word, though, means something more than memory alone. My dictionary offers “that which serves to bring to or keep in mind; a reminder”. That’s why the memorials endure. We speak of “acts of remembrance”, and of forgetting as a kind of betrayal. So what is it that we bring to mind?



    The public language is a compromise. It is acceptable to speak of service and talk of sacrifice. We say, some of us, that they gave their lives so that we might live. We deplore war, always, but honour those who fought. Yet on the second Sunday in November it is a brave soul who says remembrance should encompass mindless bloody slaughter, needless loss, futility, waste and cynicism. That would be “inappropriate”.



    Each year I put my money in the tin and decline the poppy. It offends me that the money has ever been needed. As for the symbol, I refuse to be conscripted.



    Revisionist historians can muster their tin soldier arguments, explain that German aggression made conflict “inevitable” in 1914, or argue that every nation suffered horribly in an unavoidable – so they say – war of attrition. For my part, I’ll have nothing to do with anything bearing the mark of Field Marshal Sir Douglas Haig, he who gained a military education at the expense of all those lives. Call me old-fashioned.



    Equally, I’ll have nothing to do with those who still, even now, exploit the dead, who treat honest emotions as an opportunity to excuse every modern disaster. The poppy implies assent. Wear the poppy and, whatever your private thoughts, you sign up publicly for the lot: good wars, bad wars, wars legal, illegal, or merely insane. The idea of sacrifice is deployed as blackmail.



    The poppy has meanwhile become an excuse to manipulate ideas of nationhood, patriotism, faith, community and unity. By these means the 57,000 lost on July 1, 1916 – Haig had “no choice”, they’ll tell you – become moral guarantors for Iraq and Afghanistan. Honour the slaughtered and you accept every slaughter. Worse than that, worse because it is trivial and barely noticed, the poppy has become compulsory.



    Anyone in the public eye who fails to wear one will attract comment. Newsreaders, absurdly, are given no choice in the matter. Politicians long ago learned it is pointless to struggle against manufactured “public opinion” if they are not to be accused of “insult”. Remembrance has been turned into a cult and put to political use. So the bereaved, whether they know it or not, are truly insulted, and insulted twice over.



    Had I the wherewithal, I could be a corporate partner of the Royal British Legion. If I ran a business, and felt like becoming complicit in a charity mugging, I could “increase sales and competitive advantage”; “maximise brand affinity”; “attract and retain customers and staff”. The Legion suggests, in fact, that it would be a smart move to “Give your business poppy appeal”. Trust me: the ability to make this up is beyond my talents. Try http://www.britishlegion.org.uk/support-us/corporate-partnerships.



    There, as the centenary of the 1914 debacle approaches, as two more families wait to receive two more of those lost in Afghanistan, you will find the following: “Companies working with us enjoy a host of benefits. With 97% awareness of our poppy brand in the UK and a significant presence overseas we are uniquely placed to tailor partnerships that meet your specific business needs.”



    The Legion does good work and needs money. The professional fundraisers capable of composing drivel have probably received lectures on sensitivity. But is this what remembrance has become? Are the legions of the dead, ancient and modern, simply marketable items in the modern British sentimentality industry? Are young people killing and dying in foreign fields for the sake of “our poppy brand”?



    David Cameron, a marketing man to the tips of his polished toes, has grasped an opportunity of his own. Just before the launch of this year’s poppy appeal, with its pop stars and camera-ready petals, he decided to spend £50 million to mark the centenary of Haig’s bloodbath. Handily for the Prime Minister, that will fall in 2014, when invocations of Britishness might work wonders on anyone liable to vote for a contrary proposition.



    That’s no matter. Just over a fortnight ago, Mr Cameron said Britain would mark the 1914 war with a “commemoration that captures our national spirit in every corner of the country, from our schools and workplaces, to our town halls and local communities; a commemoration that, like the Diamond Jubilee celebrations this year, says something about who we are as a people”.



    In other words, he proposes a series of events to honour the “national spirit” that saw three-quarters of a million dead for no earthly reason. He could have said Britain will spend a moment contemplating shame, regret and remorse for its failure to end the old, hideous cycle. Instead, this voice of the officer class said – I quote from a London report – “an advisory board of former defence secretaries, chiefs of staff and military specialists would bring together ideas for the commemorations”. Huzzah.



    This is no black satire. The kind who took us to 1914 sense vindication, yet again, for the “spirit” they depend upon. Yet again, they lay claim to ownership of “who we are as a people”. Is there really much wonder that the wars go on, one upon the other, endlessly, with nothing learned?



    Someone will give me that familiar funny look when I stuff in the note and refuse the poppy. They will interpret the omission as a gesture, and find it offensive. Tough. The poppy was once a symbol of the belief that somehow humanity survives the blood and the mud. It was supposed to say – and when did we forget? – that these things must never happen again. Now it tells us the killing will never end. It is, says Mr Cameron, “who we are”.



    There is no greater insult to the nameless dead than the refusal to learn a single damned thing from a century of industrialised slaughter. The refusal says, after all, that not one of the lost ever mattered. And how does that count as remembrance?






  14. Operator



    This is a blog mate. Tactics/team selection etc spark debate, there’s no harm in it.

  15. Afternoon bhoys, from a damp, but thankfully hun free mountain.






    I see you got home safe and sound.



    Was great meeting you and the auld yin again.



    Bit of a pain after the game, we got well lost, Auldheids mate wasn’t for the walking.



    Then the battery died.

  16. TET











    Great to meet with you before the game n buy you bhoys a drink, we went back to the bar we were in and then the hotel, met a few celebs n will fill you in….


    Looking forward to today, though just got back last night so still a bit fuzzy!



  17. •-:¦:-•** -:¦:- sparkleghirl :¦:-.•**• -:¦:-• on

    3pm on a Saturday is a bit of an odd time for a kick-off, is it not?



    Anyway, just saw this



    KK ‏@krys1888


    Three now defunct clubs have all won at Celtic Park since Kilmarnock’s last win there. Third Lanark, Airdrieonians and Rangers.


    Retwitteado por Celtic 67Live

  18. So let’s get it straight.



    EVERY EPL TEAM are after the Celtic first team.



    Watt, Wanyama, Hooper etc etc



    Celtic must be doing well. That’s when all these stories appear.

  19. Was just about to post a team selection, with the operator up front, but won’t do it now.



    Should i go to a Halloween party as David Sylvian or Justin Beeber?

  20. For the folk who like to keep the bookies in business CQN coupon this week



    LB – Cardiff


    GL2 – Morton


    TTT – Gillingham


    AWATR – Spurs


    EN – Wolves


    PF – Hull


    Jobo – Leceister


    BT – Blackburn

  21. Lennon n Mc....Mjallby on




    I’ve read a few fholk talking about it so there’s no need to tell me about the irony of scrolling past especially when I like reading what he has to say,the guy obviously mentioned your name for a reason and I never thought he was being excited about it either,that was generalising how we might feel being party to his info and as I’ve said a lot have commented on it in a negative way that doesn’t look good,I’ve probably butted in on your business,I admit that,its something I wouldn’t normally do its just I don’t think O.G has let anybody down especially with the huns reaction,so without this going any further and no bad feeling toward your good self,hail hail.




    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.

  23. Cigarettes for sale ———–



    £ 10 for a packet of 20 .



    If you don’t have the necessary I’ll rent you a packet at £ 2.50 a week plus a flat rate of £ 1 for every cigarette you smoke. .[ either that or give me an unopened pack of cigarettes at the end of the agreed rental period ] You will also owe me the £10 necessary to have bought the packet of cigarettes in the first place .



    Any takers ?