Kevin Phillips has lauded the commercial department at Rangers for pulling off a lucrative new kit deal in spite of the current financial climate.

The former Sunderland and Southampton striker, speaking exclusively to Football Insider correspondent Dylan Childs, insisted any deals will be “very much welcomed” given that football experiencing great financial uncertainty.

As revealed by Football Insider, the Gers have agreed a new club-record £20million kit deal with UK-based sportswear brand Castore.

Castore have agreed a five-year deal, worth £4million a year to Steven Gerrard’s side, to become the club’s exclusive kit supplier from the 2020/21 season onwards.

The agreement will see the current Hummell and Elite deal, which was due to expire in 2021, terminated a year early.

When asked by Football Insider how valuable the deal could prove with many clubs facing financial crisis as a result of coronavirus, Phillips said: “If you can get any deal done in this current climate it is good.

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“The commercial department have done brilliantly.

“Castore know they are going to be part of a huge club and not just in Scotland but across the world. Rangers are a global franchise.

“It sounds like a good deal and in the current climate any money is very much welcomed.”

Hummel have been Rangers’ kit supplier since April 2018 and teamed up with Elite in an agreement that was due to run from the 2018/19 season to 2020/21 season.

Hummel also sponsored the club’s training ground naming rights as part of the deal.

The £20million deal is believed to be short of the biggest kit sponsorship ever to be announced across Scottish sport – Celtic‘s five-year deal signed with Adidas in March.

In other Rangers news,  it can be REVEALED that Leeds star could be Ibrox bound after revealing his admiration for the Gers.