Options are a right but not an obligation to acquire or sell an asset. There are derivative markets all around the world in which options & futures are bought & sold. Options can also be traded off-market, called over-the-counter. Options have value – they are worth money, even in private transactions.
Actual options when solely awarding Celtic the right to acquire land by Glasgow City Council should have been paid for & not in token amounts like 1p or £1. None of the GCC documents mention any option charge.
Even where there was no Actual Option contract an Implied Option can be constructed when both Glasgow City Council and the NHS GGC did not market their land and open it up to the whole market but dealt solely to Celtic throughout negotiations. Sometimes over years. They gave Celtic pre-emption rights ie. options by their actions and did not charge for them.
Both Glasgow City Council & NHS GGC may stand accused of providing State Aid even in the manner of their transactions never mind the valuations.
London Road Primary School Option
As we have seen before, Glasgow City Council in 19 January 2007, announced they were giving Celtic a 3 year option on the London Road Primary School then in December 2013 a GCC Executive Committee document announced that the option started in April 2009 (it took 2 years to write a contract?) and what was a 3 year option turned out to be a 4 year option ending in April 2014. So in effect Celtic have had a 7 year option to acquire the London Road Primary School during which time it was left to rot. No other party was considered for 7 years.
Also announced in the same 17 January 2007 document is the Council giving Celtic ‘a right of pre-emption, to last 3 years’ over land in the ‘Celtic triangle’. This is also an option.
Indeed Glasgow City Council admitted that none of the land sold to Celtic was openly offered on the market to others parties at the same time.
2009 The Celtic Triangle (Four plots of land)
2013 London Road Primary School plus other land
Similarly the NHS GGC dealt exclusively for the Upper site at Lennoxtown only with Celtic with no open marketing of the land.
The amazing thing is they have no idea that this modus operandus is wrong under EU State Aid and with the GCC the number of times it has happened it shows it is systemic which is much worse.