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. kikinthenakas



    Great to meet you as well, just a pity we had time constraints.



    Was intending to go back to the bar after the game, but got well lost.



    Another time.



    Take care and god bless.




  2. Celtic_First



    Would you be good enough to text/call Swanseabhoy and ask him if it’s today I’ve to meet him please?

  3. jimmybhoycampbell on

    morning bhoys and ghirls



    very happy to be back in Glasgow where the sunny is shining (but still bliddy freezin’)



    and extremely to going to Paradise for the first time in a year



    Lenny said he would freshen the team up as the players gave so much, physically and mentally, against Barca.



    c’mon you bhoys in green





    Snake Plissken



    They are just doing what they always do. No doubt it has an effect on the wider Celtic support, many of whom still buy the poison.



    Suspect we’ll hear some comments directed at Wanyama from the stands today.



    Like you wrote, though it’s testimony to how well the Celtic are doing. The progression Mr Lennon’s young team are making is exciting. Some will be sold, some retained (due to the fees gained) and others added.



    But we are on the right road and it’s great to be a supporter, with a like-minded supporter in charge.

  5. HamiltonTim



    He sent me a text back, but he didn’t answer the question.



    He’s from Coatbridge, you know …

  6. Celtic_First



    I know but I’d arranged to pick up a signed top from him that he’s very kindly offered to be raffled/auctioned for wee Oscar but can’t remember if it was at today’s game.

  7. SwanseaBhoy



    Good lhad. I knew that would bring you onto the blog. Well done with the signed top.


    South Of Tunis



    Are they in an orange packet ? Do they contain the same poison as old packets ?



    Think yo could be onto a winner if they do.

  9. Ah and as if by magic ;-)






    I’ll send you a direct message on Twitter with my mob number and hopefully get you about 2.15pm at the Pool’s Office if that suits you?

  10. pabloh_AKA_NEIL LENNON on

    My coupon accumulator today;



    Arsenal, Cardiff, Brentford & Crawley.



    £10 pays £72.



    Apologies to operator if coupon chat is deemed pointless

  11. pabloh_AKA_NEIL LENNON on




    If I could take one out of the CQN coupon it’d be Jobo’s Leicester. They play palace who haven’t lost since August. But hey, I’ve been wrong b4!!

  12. Personally I enjoy hazarding a guess at picking the team and seeing how close I can get to Lenny’s selection. Not that I think he will but I would like him to rest as many of the Barcelona heroes as possible until St.Johnstone game. I would favour giving a run out to the likes of Matthews,Rogne,McCourt, Miku & Watt.

  13. pabloh



    Palace are 6/1 ish, just lost their manager this week, who has gone to Bolton, for the life of me no idea why, Palace are alwaqys a bigger club than Bolton.



    Anyways, Palace and Bolton for away wins, or maybe not…….

  14. Andrew67


    The Youtube Gold element was planned but not filmed and I mentioned from the start, and repeated that this could well be the case.


    I thought the fact that this subject was addressed online and on national TV, and in detail, was very important. And judging by the twitter messages, personal abuse and attempts to get at Thomson, so do the exploded-of-foreheads amongst us as well.


    Your complaint that it is months old doesn’t stop it being important and doesn’t mean that it shouldn’t be exposed to a wider audience. In fact it’s underreporting and how afraid everyone is to speak out is part of the story.



    And if you think it’s old and underwhelming news how can you praise Thomson for keeping the pressure on?

  15. Regarding the pumping of Kille today.


    Of this happening I’ve no problem at all.


    I’d settle for a good win though and for us to use this game to sharpen our passing and movement off the ball in order to create lanes for the pass to be made. Also for us to retain possession and not give the ball away cheaply.


    Get it built into the players’ minds that as long as we have the ball, we’re more likely to score and the less likier the other team has of scoring.


    So, on that note, it’s off to Paradise with Mrs SPF and Miss SPF.


    Really looking forward to today’s game.


    There’s a real buzz about our team just now.




  16. Forster


    Matthews Efe CW Izzy


    Kayal Vic Joe


    Forrest Watt Commons



    433 or 4321 or 4231 or 2521



    Probably best just leave it to Lenny.



    How many layers needed for the ole Gazebo the day?

  17. Never had a lot of time for Alex Ferguson,but he has come up in my estimation by his phone calls of encouragement to Neil.

  18. ::::::::::::::::::::::::::::::::::::Forster:::::::::::::::::::::::::::::::::::::















  19. And whilst I’m on a roll, Villa will skelp ‘flash in the pan’ Norwich today in the lunchtime kick off.