Generic Sevco / Rangers meltdown thread

[poolman]

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It seems Sevco were after the add-on for the sale of Charlie Adam - Green reckons they bought the right to it along with all the other stuff for £5.5m

A bit of detail about gratuitous alienation in there as well.

http://scotslawthoughts.wordpress.co...mpions-league/

I'd love to see a televised dabate on the Huns debacle between Paul McConville and that fat twat Traynor

[jonty]

http://www.huffingtonpost.co.uk/2012...tml?1351260933

Berlusconi is sentenced to 4 years for tax evasion......

[s.a.m]

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I'd love to see a televised dabate on the Huns debacle between Paul McConville and that fat twat Traynor

Not quite what you had in mind, but:
Brian Ferguson‏@brianjaffa One for #oldfirm fans: @alextomo & @markdaly2 will be discussing media coverage of the #Rangers story at @edinburghnapier on 19 Nov

[green glory]

http://www.celticquicknews.co.uk/

One for Cav and CWG?

[jonty]

So, what do our resident accountants etc make of this?

http://www.celticquicknews.co.uk/

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.

[ballengeich]

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http://www.celticquicknews.co.uk/

One for Cav and CWG?

If true, I'd find it one of the less unexpected events in the whole saga. When Green's group took over I suspected they'd try to make their money by owning the property and renting it to the football club and that the multi-company Sevco structure was in part to facilitate this. I think he did something similar at Sheffield United.

There are rumours that Ibrox needs a lot of expensive work done. If that's true, will the rent be enough to maintain the structure in a usable condition?

[Ozyhibby]

http://www.celticquicknews.co.uk/

Sale and rent back. Ha ha.

[Ozyhibby]

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If true, I'd find it one of the less unexpected events in the whole saga. When Green's group took over I suspected they'd try to make their money by owning the property and renting it to the football club and that the multi-company Sevco structure was in part to facilitate this. I think he did something similar at Sheffield United.

There are rumours that Ibrox needs a lot of expensive work done. If that's true, will the rent be enough to maintain the structure in a usable condition?

In commercial deals the tenant is responsible for maintenance.

[Part/Time Supporter]

Looks like Green et al covering their backside in case the share issue doesn't fly.

[greenginger]

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If true, I'd find it one of the less unexpected events in the whole saga. When Green's group took over I suspected they'd try to make their money by owning the property and renting it to the football club and that the multi-company Sevco structure was in part to facilitate this. I think he did something similar at Sheffield United.

There are rumours that Ibrox needs a lot of expensive work done. If that's true, will the rent be enough to maintain the structure in a usable condition?

I am sure it will be a full insuring and REPAIRING lease.

[ballengeich]

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In commercial deals the tenant is responsible for maintenance.

Thanks. That should cripple them nicely.

[RyeSloan]

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I wonder why this is not being reported by the mainstream Scottish media. I still think the McCoist "I want to know who these people are' rant has been brushed under the carpet. I wonder if he really cares what his comments did to this man and his family? How would he feel if it was his family. No Scottish journalist seems to follow it up.

Was a disgusting action from Mccoist and so was the pathetic response from the SFA and the Scottish media. The man clearly put others lifes at risk through a pre determined action, sadly he was happy to take that action safe in the knowledge his position would ensure he faced little retribution for it.

Still it didn't pass everyone's attention and you safely say that one action showed the cheeky chappy to be a cretinous little man that he is....

[RyeSloan]

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Looks like Green et al covering their backside in case the share issue doesn't fly.

Am I the only one that read this a spoof

[HUTCHYHIBBY]

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I think, as will become apparent tonight on C4, that a good few of these Journos are not in the Hun camp, but are too **** scared to write about the truth.........,

What programme will this be on? Is it the C4 News?

[CropleyWasGod]

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Am I the only one that read this a spoof

Was my first thought, but I think it's a mixture of facts and the writer's comments.

[SurferRosa]

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What programme will this be on? Is it the C4 News?

it is.

[ancient hibee]

It's obviously a joke.

[green glory]

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It's obviously a joke.

I don't know. This is being passed about by some of the people who have been leading lights in the whole Hun fiasco.

If it's true it means Bomber Brown was right.

[HUTCHYHIBBY]

Nae mention of Sally demanding to know who the 3 guys on the panel were, thought that would be at the forefront of the report.

[Pinkie]

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Was a disgusting action from Mccoist and so was the pathetic response from the SFA and the Scottish media. The man clearly put others lifes at risk through a pre determined action, sadly he was happy to take that action safe in the knowledge his position would ensure he faced little retribution for it.

Still it didn't pass everyone's attention and you safely say that one action showed the cheeky chappy to be a cretinous little man that he is....

Yip. Couldn't agree more. This wasn't an off-the-cuff remark as he was climbing into his car, or a post-match interview when the adrenaline was running. This was a pre-recorded interview released via the Rangers website. I note in Alex Thomson's blog that the QC gives McCoist some benefit of the doubt, suggesting that McCoist was perhaps unaware that plenty people at Sevco knew exactly who the panel members were. If the QC's remarks are to be taken at face value, he's being pretty magnanimous. Even if that is what actually happened, somebody at Rangers should have been smart enough to realise that McCoist was a bit out of the loop, and stopped the broadcast going out.

For my part, I don't think there was any misunderstanding or miscalculation. I think this was a deliberate and premeditated action from Rangers, done in full knowledge of the likely repercussions. Misinformation and intimidation; two of the standard tools in use by this disgusting organisation, whether oldco or newco.

[SJNB Hibby]

http://forum.followfollow.com/showth...1#post18401055

Been on FollowFollow for the last few months(I lasted 6 months with an email address of Hibs4evr if you can believe it)
Couldnt take it any longer, had to come out of the closet

[Jack Hackett]

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http://forum.followfollow.com/showth...1#post18401055

Been on FollowFollow for the last few months(I lasted 6 months with an email address of Hibs4evr if you can believe it)
Couldnt take it any longer, had to come out of the closet

They've locked the front door.

[Part/Time Supporter]

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Am I the only one that read this a spoof

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Was my first thought, but I think it's a mixture of facts and the writer's comments.

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It's obviously a joke.

Yer man at CQN doesn't do humour.

[theleith hibby]

sorry but why do thuns think there first win away in the 3RD div should be a reason to celebrate , they are even on facebook

[Hibercelona]

Games like that are massive for them now.

[Jonnyboy]

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Games like that are massive for them now.

Exactly. Overcoming the mighty ten man Clyde outfit was mega impressive

[Hibercelona]

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Exactly. Overcoming the mighty ten man Clyde outfit was mega impressive

Stanley knives and buckie bottles in full force in the centre of Glasgow city tonight.

[Ozyhibby]

This thread almost seems like old hat now that we have a Hearts one as well.

[Eyrie]

The Hearts thread is 666 pages and one liquidation behind this one.

But there's plenty of time ....

[Baldy Foghorn]

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The Hearts thread is 666 pages and one liquidation behind this one.

But there's plenty of time ....

676 pages, pedant alert