Rangers chairman Dave King has confirmed today that he hopes to raise £6M by way of a new share issue.
Initial reaction from some fans has been disappointment, at the lack of apparent outside investment in concert with this sum.
But supporters keen to castigate based on this statement must remember three critical aspects:
1: We still have second place to secure. There is £2.5M up for grabs by way of finishing runners up. That added to the £6M suddenly makes it £8.5M.
2: Europa League qualifiers beckon based on that second (or at worst third) placed finish. That is a further roughly £250,000 per round, for three rounds. Assuming Rangers make the group stage that’s shy of a further million plus the £2.5M default credit for making it there. Suddenly it’s now £3.5M before the transfer window even closes.
3: This does not include player sales. Are some fans so naïve they actually expect the board to fork out multimillions or for new investment to buy us a pile of new players when we ALREADY have a tonne of dross on our books? How big do you want the squad to be?!
We spoke earlier on the site about the need to drastically thin the herd – but doing so will bring in millions. Alfredo Morelos off the bat will net around £5M, ditto all the other assets that Stevie Ger doesn’t want to retain. We are talking circa £20M for a dozen plus players we need to sell.
How bizarre and poor management would it be to sign six new players without bothering to cut away the chafe?
If we then add up the SPL cash (£2.5M, the share issue (£6M), the player sales (£15-20M), and the potential Europa League plunder (£3.5M) Rangers, over the course of the whole summer, could have around £30M to invest in new players.
It’s ifs and buts, yes, but how on earth can we just invest in new players without getting returns (and player vacancies) on our existing ones?
Some fans seem to want us to have a 40-player squad and a wage bill the height of Everest.
Let’s be a bit more realistic.