please log in to view this image Apparently you can get a lot of bang for your buck when dealing with those honest insolvency practitioners at Duff and Phelps. This is what £5.5m will buy you nowadays: Fixed assets now worth £80 million (according to Chuck) Players and their registrations worth between £8 million and £20 million The history, goodwill and intellectual property rights of Rangers, which are clearly seen as priceless, although sold for £1 The SPL share and SFA membership Over £3.5 million of cash due within the next few months
can't be arsed to look, but i am sure when the deal went through and there was claims that the assets were worth 100m we were told that this was over valued and that the amount paid by chico was closer to the true value. now this at the time also included (in chico's mind) the best players at the club. jabba was one of the most vocal on this. strange how he will not contradict him now...
indeed, maybe you could regale us with a few tales of beel. or maybe (this is gonna sound crazy but bear with me) you could offer an opinion.
Mine evaporated eventually. Besides, it is really hard to bottle the actual steam aff yer pish I wish someone had told me that earlier.
Is it fit and proper for the owner who has taken the club into Administration, nominate the administrators and then organise and set up the new buyer.
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 £6.55m 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 £2.785m. 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. http://www.celticquicknews.co.uk/
£8.5m operating capital from ST but wage bill of £6m and utilities and rates on top of that. Share issue needs to go through pretty soon. Explains why the ST money had to be up front, on credit card or cash and why total amounts instead of instalments were taken from fans accounts. Ye couldnae make it FECKIN up an there will be some stupid enough to buy into the share issue. The more I read about SEVCO the more I am convinced they will not see out the season.
I wouldn't really bother with the value. Its now about whether this was a deliberate ploy to move the assets out of HMRC's reach.
I really hadn't given that idea any thought but now I can imagine it as a possibility. Considering what's gone on so far nothing would surprise me.
I thought it was a distinct possibility but I never thought there would be a smoking gun to demonstrate it. 'It was the whole argument at the start of the admin process of why D&P would be allowed in the door in the first place. I thought they'd be shown to be Whyte's patsy whilst acting entirely appropriately rather than the ones orchestrating it. Whitehouse and Clark might still have acted correctly but Grier makes them all look like ****s whatever the reality of the situation. Someone must have told porky pie to Hodge. wittingly or unwittingly.
