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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Nice pic from a Spanish friend of mine, Maybe Celtic_First can dig out MAGNIFYING glass
And translate
http://www.facebook.com/photo.php?fbid=4520115254865&set=a.1013055020551.2250.1650319433&type=1&theater#
johann murdoch.
You have mail.
Anyone not yet been on the Ch4 web-site should go to it now and watch the video. Electric!
Does this mean that Chico will be hawking the crown jewels after the sevco fans are relieved of their xmas savings or is he just looking for a plan B ,surely he ain’t going for a double whammy .
You reap what you sow .
hail hail
“Links to paramilitaries in Norther Ireland”
Terrorist loving scum?
The only quibble I have with Alex Thomson’s report is that he seems to be under the impression that the morons are a small minority.
The polis and the SFA, of course, wouldn’t be interviewed. They could defend the indefensible.
Scotland lives in fear of them. Make the Raith Rovers chairman the First Minister tomorrow. He has more integrity in his wee pinkie than shyster Salmond.
Ye have to laugh at the Meeja hun goons………..
….hurtin’ horribly………..
could=couldn’t
Brilliant article Paul. Given the reaction on Sevco sites you’ve certainly ruffled a few feathers. There seems to be a major debate on who is the worst/most obsessed/most republican/biggest liar/ between you and I quote “no mark Celtic loving gutter journalist” Alex Thomson. They also seem to think that you work for the Celtic View. They live in a parallel universe. When it all comes tumbling down again they’ll wish they listened to people like you. The truth hurts.
Gary Allan QC is a good man …..despicable outrageous conduct by the Huns
Once again …this small minority are certainly active
The death of the rotten mob will be rejoiced by all apart from them ..
Well done Paul67. Brilliant as usual.
So far ahead of MSM. Will you please stop embarrassing them.
Do you have any info if Mike Ashley got Wonga to draw up the terms of this deal?
Play
Good evening friends.
Excuse me but I now have a main article and 4 pages to catch up on. Back as soon as I can….
bigbones8867
There was a tweet going about it. Article states how civil the Celtic fans are and nothing like a visit from the zombies.
Shame on Radio Clyde – caller talks about he won’t be bothered to see Celtic going home to Ireland! No response from Gerry McCulloch, Graham Speirs and Allan Moore.
“The Police,the SFA,the media are reticent to talk”
Paul, you are a true Celtic legend! Keep shining the light under the Sevco rock and keep the pressure on! Happy days!
cheers,
ASonOfDan
Love to read the whole article though
BB
buddy morrisey
Why would they respond to a comment they agree with…
Lennon n Mc….Mjallby
So obvious, closing ranks,our Masonic Friends are all covering there work, nothing to gain here,as per norm,maybe AT can rattle some cages, but I very much doubt it.
Awerabest PJ
Train Crashes…?
Most are over in seconds this one at oldco/sevco goes on for months
This is turning into a national embarassment
I think the gov needs to step and find and investigate the lies and corruption
Public inquiry and the lot of them up on oath
Im assuming that CG and his mysterious backers own
ayebroke, murray park and car park. It seems that they
want to lease the three pak to sevco, who still owe 5.5m
to CG for the loan he gave sevco to buy the assets in
the first place. He is doing business with himself.
So he gets 8.5m from sevco plus 1m a year for the loan
and if sevco want to buy ayebroke outright in first year of
agreement they have to pay 10m + 6.9m = 17m.
Spookily close to the money thats to be raised from
the share issue.
So the owners of the three pak woud rake in aproxx
25.5m if the sale went ahead in the first year and
still be owed rent for murray park and car park.
Of course this would leave sevco staring into the
abyss,not that that bothers me in the slightest.
There are many intelligent posters on here, is this
theory possible/plausible?
Was Ogilvie not with Hearts at the time?
Hearts will become the latest
Scottish club to face Her Majesty’s
Revenue and Customs in a tax
tribunal, during a hearing
scheduled for 11 days next
month.
Hearts have been issued with a
bill for £1.75m which HMRC
claims is due in taxation for a
batch of players on loan at
Tynecastle from the Lithuanian
club FBK Kaunas up to seven
years ago. Those players routinely
earned weekly salaries of
thousands of pounds but only a
tiny percentage of that was paid
via Hearts.
HMRC claims tax on these full
salaries should have been paid in
the United Kingdom, rather than
in Lithuania, where rates are
considerably lower. Hearts argue
the scenario was no different to
any routine loan player
arrangement, when wages can be
subsidised by parent clubs.
At the time of the payments,
Kaunas were controlled by
Vladimir Romanov, the man
behind the Ukio Bankas
Investment Group (Ubig) which
also owns Hearts. Hearts have
referred to the tax case in their
annual accounts dating back to
year end 2009 but had previously
failed to specify its exact nature,
even upon questioning at their
annual general meetings.
The Edinburgh club have stressed
there is no comparison with the
employee benefit trust scheme
which led Rangers towards their
high-profile tribunal with HMRC
worth tens of millions of pounds,
which is subject to an as-yet
unconfirmed result, and that the
football authorities are not in
pursuit of them. Linked to the
Rangers affair is an ongoing
investigation by the Scottish
Premier League regarding
allegations that the Ibrox club
illegally registered their players
during their employee benefit trust
years.
Hearts have launched a share
issue seeking £1.79m from
supporters in exchange for a 10%
stake in the club; Tynecastle
insiders are adamant the close
proximity of that figure to the tax
issue is purely coincidental. A
brochure detailing the share
scheme will go live online on
Friday evening and will include
the tax case as a potential risk.
HMRC declined to comment.
Despite assurances in the football
club’s annual report, Ubig is
apparently now unwilling to meet
any financial shortfall; Hearts are
currently subject to a transfer
embargo from the SPL because of
the late payment of player wages.
Hearts’ present salary bill is
thought to be in the region of £7m
per year, with the club looking to
halve that burden. A string of
their highest-earning players,
including Marius Zaliukas,
Andrew Driver and Andy Webster,
will run out of contract at the end
of this season.
Wonder how many institutional investors who were pondering investing in Sevco watched Alex Thomsons piece on Channel 4 news, and what effect it had on their thinking? I wonder how many ordinary supporters(there are some) would look at their club in a different light after that?
Loved the fact he interviewed someone in Cathkin Park, just reminding the Zombies they are in fact Zombies.
tbh I’d expect the police not to say anything, especially in cases of this nature.
But the media and the SFA have no excuse. Cowards one and all.
Apparently Paul67’s scoop was brought up on Snyde. Cue tumbleweed.
They never learn do they?
Paul
Your making it up … Must be … ;)
Whod a thunk that john bummer broon was right all along
Oldtim
Mail me
Parkheadcumsalford
I admire AT for his tenacity in this matter but I also agree that his constant talk of a minority of rabid huns doesn’t paint a true picture.
Where are all these supposed “good” rankers fans? They’re never heard from other than when they’re belting out banned bigotted songs on matchdays.
Good rankers supporters my a**e.
jimroylecsc
Rangers Tax-Case @rangerstaxcase
For those asking- my take on the @CQN story is that this is Plan B after the share issue. Question: is it plan A or B OR plan A then B?
Hey hun your gonna carry that weight,
Carry that weight a long time.
Rangers Tax-Case @rangerstaxcase
Plan B: a profit maximising, unemotional investor would take cash from share issue THEN sell off future revenue streams.
Rangers Tax-Case @rangerstaxcase
Fortunately for Sevco fans, Green has Rangersitis so we can rule out these actions as part of his plan.
Sounds like the Sevco fans have a wee wasp in their bonnet regards Lennys valuation of Big Vic but you can’t really blame them when we …….
Sell one midfielder (Ki) for enough to buy their whole job lot from Duff n Duffer
Then Lenny tells them that we can sell another one for the price of their rent of the Big Hoose for the next 10yrs .
It’s just not been their day
Hail Hail and C.mon the hoops
ASonOfDan
Mate, what do you post from? Your posts are long and narrow on my laptop.
Forgot my manners.
Was lucky enough to meet Blantyre Tim and and oldtim67 in Barcelona this week.
Lucky old me indeed:)
Many belated thanks to Celtic_First et al for calming my fraying nerves with relayed travel info
as we hung about Southend Airport for hours.
HH!
Has there ever been a club whose name & reputation has been tarnished and dragged through the gutter it’s evils and corrupt practices exposed as much as the Huns,a truly awful,disreputable and disgusting organisation of thugs bigots and criminals the sooner they are dust the better
Area 412 – I emailed you earlier amigo so get in touch and let me know when you are coming to Toronto. Paul67, thanks for providing the email address for me. Keep up the good work, amazing stuff my good man:0)
slainte
tony
TootingTim-nseglad to hear you made it. I did enquire of your whereabouts on the evening of the game but no resposne
Jimmybhoycampbell,
If you’re around I’ll log back in later – the dog’s taking me for a drag now.
“very small minority” indeed,that may the case in regard to those
Who are actively involved in these cowardly acts,
But they are passively supported by the vast majority of “them”
Does anyone know any of “them”who has condemed these acts?
BB