No big money buys in the transfer window – but Scottish champions Rangers are still stronger than last season

It is a business model that was long ago declared unsustainable by their former chairman Dave King and there is a tacit acceptance in the boardroom, in the dugout and in the stands that at some stage a star man or two will need to be offloaded so they can start to live within their means.

Yet, once again this week the window closed without Borna Barisic, Connor Goldson, Filip Helander, Glen Kamara, Ryan Kent, Alfredo Morelos, Nathan Patterson or James Tavernier, players who have all attracted interest from down south and overseas, departing.

Their followers, on a high after their 1-0 win in the Old Firm game on Sunday, were pleased that none of their title-winning heroes left on Tuesday night.

So, too, was their manager Steven Gerrard. His squad is arguably stronger now than it was last term when they won the Premiership by a 25 point margin and reached the last 16 of the Europa League for the second season running.

But what does it mean financially for Rangers? Didn’t they have to offload a few big names? How are they going to balance the books now?

The Glasgow giants posted a £15.9m loss when they published their last accounts back in November. And their chairman Douglas Park predicted at the time that not having any fans inside their Govan ground due to the Covid-19 pandemic would make a £10m dent in their incomings despite their impressive season ticket sales.

Then last month they failed to reach the Champions League group stages after losing home and away to Malmo. Gerrard admitted the costly failure could have serious implications.

“I’m not naive enough to sit here and think that the last two results won’t have an impact somewhere down the line,” he said. “If the right number lands for the right player I know the board are going to bring that to me.”

However, Park and his vice-chairman John Bennett last year agreed to provide the assistance – a sum totalling £23.2m – which Rangers required to make it through the end of 2021/22 campaign. The interest free loans will be converted to permanent equity capital, not repaid to the directors. 

The likes of Barisic, Kent and Morelos will go at some point. There could even be outgoings during the January transfer window. But there is, contrary to what many fans of their rivals, not least Celtic, constantly claim, no imminent threat to their existence. If anything, the immediate future looks promising. 

This summer Juninho Bacuna has joined for a nominal fee and John Lundstram, Nnamdi Ofoborh and Fashion Sakala have all arrived on free transfers. If just a couple of them flourish then the Scottish champions will be well placed to defend their title, challenge in the domestic cup competitions and go on another run in the continent.

Yes, Cedric Itten and Nikola Katic have gone out on loan to Greuther Furth in Germany and Hajduk Split in Croatia respectively. But the striker and the centre half require game time. The temporary switches will aid their development. Gerrard wouldn’t have sanctioned the moves if he had desperately needed either man.

The Rangers manager can field Jermain Defoe, Morelos, Kemar Roofe, Fashion Sakala and, if required, Scott Wright up front. Calvin Bassey, Leon Balogun, Goldson, Helander and Jack Simpson can all play in the heart of his rearguard.  

That no significant sums were parted with during the summer perhaps tells a story. Celtic have spent nearly £20m in recent weeks bringing in the likes of Liel Abada, Kyogo Furuhashi, Giorgios Giakoumakis, Joe Hart, Josip Juranovic and Carl Starfelt.

But their age-old adversaries already had strength in depth in every position and can build on the steady progress they have made during the past three seasons in the months ahead at home and abroad.

Not having, for the time being at least, uncertainty swirling around mainstays like Barisic, Goldson and Morelos should enable those individuals to rediscover their best form.