Rangers Rumours Archive August 15 2013
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15 Aug 2013 14:23:54
Rumour that there will be a sale and leaseback of Ibrox, Murray Park and the Albion Car Park.
Supposedly the buyer will pay £7.3m for all three properties and, in addition, will provide a loan to RFC of £7m at an interest rate of 15% p. a.
Rent will be reviewed every five years, on an upwards only basis, either at RPI or 2%, whichever is greater. RPI is currently 3. 3%
RFC will take a lease for the stadium and the car park on a 20 year lease at an initial rent of £1. 8 per annum. Interest on the loan works out at £1m per annum, so rent plus interest would be £2.8m p. a.
Top line figure for both sale and loan is £13.8m, however, the first three years rent (£5.4m) will be held back as no one is prepared to guarantee the rent, so actual cash into the business will be £8.4m.
If the new owner of the properties attains planning permission for residential properties at Murray Park within three years of the deal being signed, a provision releases the RFC from having to repay the outstanding portion of the loan. If planning permission is achieved after three years, no element of the loan is forgiven.
Rents will be guaranteed from ticket receipts and a first charge on the season tickets income will be granted.
RFC has the option to buy-back the stadium (only). If the stadium is bought-back in year one the cost will be £10m. Thereafter the purchase price will increase by 12% p. a. until year 10. After year 10 the right to buy-back the stadium will be at “Market Value but no less than £20m”.
Should RFC buy-back the stadium, the lease will remain in place for Albion Car Park at a rate of £250k p. a. (subject to same rent review arrangements).
This will generate enough cash to see out the season.
Nice one chuckie!
The Bazman el FooF
Please tell me this is not true? This is exactly how Coventry have gotten into so much troubles financially!
Money will be held back because no one will guarantee it. Then in the next breath it will be guaranteed with season ticket money.
Make your mind up, it can't be both!
Green sells ibrox to fans in IPO, then 8 months later in negociations to sell ibrox to someone else. (whyte). ? so fans left with shell.
If this is true then we are well and truely up the creek without a. paddle.
We own ground etc. who would want to sell the assests and then pay big rents in the years to come? oh yes got it now people who don't give a dam about Rangers and only want their pound of flesh. God Green and co are not only eating the meat from our bones they are taking everything. what a bloody mess. this makes Whyte and Murray look like they actually cared, what a farce.
Planning permission won't be given to build residential proerties at murray park. Murray park and the surrounding land (including the rugby club) have been specifically set aside for sporting facilities. As the local council won't own the land they will have no reason to do a u turn and grant residential planning permission as there is no benefit to them financially to do this.
No way will East Dumbartonshire grant any kind of planning permission at Auchinhowie. That sir is fact. So if some buisness person wants to waste his money try then more fool them.
No smoke without fire - assume this is the "capital structure" part of Green's consulting role -
"Mr Green's role will be to promote the interests of Rangers Football Club, specifically assisting with shareholder relations and advising the company on its capital structure. "
The way I read it is money is held back for Ibrox only and Murray Park is guaranteed from season ticket money.
Why would you sell 3 valuable assets for £7m with an option to buy back 1 of them for £10m in the 1st year?
Sounds like a pile of hot steamy stuff to me.
Total nonsense
In response to some of the above doubting this. As for the planning issue, Waitrose have gained permission to open a store on land currently currently owned by West of Scotland RC. There is a strong rumour that planning is being relaxed in the area to encourage more trade and housing. As for the no benefit to the council in allowing housing, are you mad? Council tax and increase local business trade ring a bell? This has been around the local rag for some time now.
"Capital structure" is correct and shareholder relations is correct. He is flying around building majority concensus to do this.
McColl's initiative is a sideshow.
£25m appears to have gone out too much. Block shareholders (Singapore based octopus, parent of ticketus) could be blue pitch holdings. The Easdale and Laxey could also vote for this.
It's asset stripping surely?
The last two years has seen the death and Phoenix rising and now death of a thousand cuts.
Green to be released as consultant by board and shareholders appointed as chairman.
Does this mean we will be sponsored by "Tenants" next season?
So Mather has just told one load of bs to the fans now by stating he would always do best for the club how the f**k can this be best for the club sell the stadium and then pay a cpl of mill a season to play there so wer does the money come from to pay the lease every year season tickets that the only revenue rangers get all of so how do they pay wages etc
I for one will never be back at Ibrox if they sell the only Assets the Club has. Surely this cannot be true. There are other ways to raise money
If that's the case I, ll buy it for a quid more than is on the table, because that's about the worst bit of business anyone at rangers could do. Whoever bought that is onto a winner.
Talk about selling the crown jewells.
No truth in op at all!
I'm sick of the lot and an getting to the stage wer a really don't care what's happening anymore unless the fans take action soon there will be nothing for us to care about
Its time for all the clubs board to once and for all show total transparency and tell the fans the truth about all that's happening and what the true financial position the club is in. The fans need to become more aggressive in demanding answers or we could have no club to support or home to call our own.
To the doubters, are you the same one's who doubted CW bought the Club with season ticket money?
Rumours usually start somewhere (my mate in the pub who's sister's boyfriend's landlord's cousin's flatmate's hairdresser heard from a client. ect), but this one seems to have no roots other than the poster, therefore I feel that there is no substance to it other than to try to be controversial and clever (both fail miserably). I'm pretty sure if this was in any way being discussed at any official level then the press or at the very least the BBC would have got a hold of it by now and we would be flooded with all the sordid details, as it is only the original poster that seems to have "THE TRUTH" I have decided "HE'S MADE IT UP". No panic then.
Rumours start somewhere?
This one started a while ago with a leaked 'Heads of terms' document that was lined to on TSFM at the same time as Brown was making his speech on the steps.
This is the document he was referring to I reckon.
Now the season ticket dosh is in, they feel safe to go ahead with this plan. You can guarantee that the £7m will be put forward by the people who were behind the initial purchase of the clubs assets from liquidation. Having milked the £22m IPO, paid themselves hansom bonuses and shares, they will aim to extract further cash from the bears by this leaseback arrangement.
Check your pockets on the way out, bears!