One Rangers mega payment bagged, another on way: What Stewart should know about Hagi deal
Rangers can afford the permanent signing of Ianis Hagi as their coffers have been boosted by the new club-record kit deal and imminent Europa League windfall, Football Insider understands.
BBC Sport pundit Michael Stewart took to Twitter today to question how the Glasgow giants could afford to splash out “£5million” on Hagi.
It is not an unreasonable debating point, given the Rangers wage deferral due to the Covid-19 pandemic, the costs borne by the early termination of the season and the £11.3m loss posted in the club’s last set of accounts.
I see some media reporting that Rangers are closing in on a £5m signing of Hagi. Can anyone explain how the club lost £11m, was needing £10m to see the season out, then Coronavirus hit and has deferred huge amounts in wages but can be linked with a £5m signing?
— Michael Stewart (@mstewart_23) May 22, 2020
Ibrox sources have told Football Insider the club are well placed to afford Hagi permanently for a number of reasons.
Significantly, the cost of signing the wide forward permanently is expected to be some way short of the touted £5m.
The payments would also be staggered across different times and accounting periods, which is very common for multi-million pound transfers.
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Moreover, Rangers’ finances are becoming gradually more healthy over time.
The club’s revenues rocketed by £20.6m to £53.2m for the year ending 30 June 2019, a 63 per cent increase.
That was partly due to the Europa League run in Steven Gerrard’s first season, which generated £14m.
Rangers have gone even further in this campaign and were midway through a round-of-16 tie before the season termination, with European revenues for the season on course to rake in more than £20m.
Allied to that, the 54-times league champions announced a new kit and retail deal with Castore last weekend worth potentially £25m.
Castore co-founder Tom Beahon has revealed to the Four Lads fans blog that his company have already made a £3m down payment to Rangers.
In other Rangers news, it can be REVEALED that the club have set their sights on matching Everton £45m deal after agreement secured.