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In the winter of 2023, Rangers were not investable or sellable. In the summer of 2025, a new ownership group has brought new ideas and new money to Ibrox. At first thought, there may seem little that connects John Bennett’s speech at the Annual General Meeting two years ago and the statement that confirmed the takeover by Andrew Cavenagh and 49ers Enterprises last month. The words – or, more importantly, the actions – of Bennett were the start of the chain reaction, the sliding doors moment from which Rangers now look forward. Bennett addressed shareholders and supporters and urged them to keep an eye on a figure that had to ‘go away’. The number in question was a pre-player trading loss of £10.5million. It was unsustainable. So was the manner of funding it season after season, window after window, manager after manager. It was pay as you go at Ibrox. Every so often the cap would come round, and directors would let their hearts rule their heads. Bennett ended up in for £23million. Douglas Park didn’t miss his turn, either, while Stuart Gibson, George Taylor, John Halsted and Julian Wolhardt also put their hands in their pockets when they were asked to. The hole was dug ever deeper and the rope was sent down to haul Rangers back up. The fear was that help would no longer arrive one day. That winter, it was evident that Rangers had to be sold. At that stage, there was no buyer. Certainly not one with the wealth of Cavenagh and the expertise of the 49ers. And certainly not one that the board would entertain. The ‘for sale’ signs did not go up on the front of Ibrox for the world to see. In the months that followed, Bennett set about addressing a cost base that had spiralled out of control. He would not have known it then, but it set the wheels in motion for the deal that has the potential to be transformative on and off the park for Rangers. The first team wage bill was reduced from just over £43million to £34million. A handful of the highest earners – including those picking up around, and above, £40,000-per-week, were moved on and replaced by recruits on less than half of that. Changes had already come at Ibrox as Stewart Robertson, Andrew Dickson and James Blair were removed from their respective offices. The next target was Auchenhowie. The next target must be Auchenhowie. That is now the challenge for new chairman Cavenagh and Patrick Stewart, the chief executive officer. Where Bennett led, they must follow. Had Bennett been retired from his day job as director of European equities and portfolio manager at Janus Henderson earlier than the third quarter of 2024, he would surely have made greater inroads into the culture of excess and entitlement behind the red brick and the blue gates. One source has told the Rangers Review how an initial £250,000 was identified in areas that could be trimmed at the training ground. One example was to change the food provisions for youth teams at the bottom of the development ladder. The families of players in the lower age groups are no longer benefiting from the fillet steaks and portions of salmon sent home after sessions. The process was not designed to be saving for the sake of saving. It was undertaken by Bennett and James Taylor, the chief financial officer, to make Rangers more efficient. In the end, it made Rangers more enticing as well. When the figures for the financial year that ends later this month are released, it is understood that Rangers will show a profit at that pre-player trading level. Any business that is losing money at the rate that Rangers were is not going to be an attractive proposition for investors. Or not for the sort of investors that Rangers needed. There were times when the idea of selling 51 per cent of the shares would never have been palatable to those in the boardroom or in the stands but the situation has changed as fortunes have not. Resolutions in the lengthy fights with Mike Ashley and Elite consumed time, money and effort that should have been put to better use. Unlike the regime change in 2015, the Americans have inherited a club that is not mired in legal cases and legacy issues. Every chairman over the last decade will have pros and cons for punters to debate. That level of scrutiny will now fall on Cavenagh and the board members that will hope to avoid the red cross graphic treatment on social media and in the stands. The failings in a football sense - of which there have been too many of late - are always the ones that supporters care most about. Yet behind the scenes, a club that can now see a shining light down the tunnel was heading towards a dead end with no room to manoeuvre. The investment model was not fit for purpose, and directors had indicated that they were running out of road. Speaking in September last year, Dave King expressed a belief that there was ‘investor fatigue’ around the boardroom table. By then, Bennett had made the difficult decision to step away from his role as chairman as he rightly prioritised his health after a period that took a deep toll mentally and physically. The Copland Stand redevelopment – categorised from a farce to an embarrassment and everything, with a few expletives added, in between – overshadowed last summer. A year on, it is wider expansion of Ibrox that supporters are dreaming of as the new hierarchy formulate plans to enhance the stadium and the footprint. The board signed off on the project but were then kept in the dark over the failings in the process that meant it was almost doomed from the beginning. At the same time, a collective decision was made to approve a new contract for Philippe Clement despite the idea not originating around the top table. Bennett stepped aside after resisting family pressure to relinquish his post until he knew a date that supporters would be allowed back inside Ibrox. By then, the club had become enveloped in negativity. A year on, the mood could not be more different as supporters look to the future following widespread changes to the hierarchy. There are no dark clouds over Ibrox today. Cavenagh has taken over from Fraser Thornton as chairman, while Paraag Marathe has been named as vice-chairman. Graeme Park, Alastair Johnston and Wolhardt have gone and been replaced by Mark Taber, Andrew Clayton and Gene Schneur in the American revolution. The changing of the guard was a show of strength, a signal of intent. There was an acknowledgement that now was the time to sell and eventually an acceptance that now was the time to move on. Some remain as interested parties, but their influence has been diluted along with their shareholding. King has sold his entire stake in RIFC plc. The former chairman and former director is now a former major shareholder. Bennett has completed a similar deal, although he remains the single largest lender at Ibrox. Loans which are understood to be in the mid-teens millions will be repaid at terms highly beneficial to the club. Like his former board member, there was a willingness to sell to the right people rather than sell for the best price. Reports that the consortium paid around £75million for their 51 per cent stake are understood to be on the high side. Deals were done at different levels with different shareholders, and it was not a one price for all arrangement. Ibrox sources will not divulge the breakdown of shareholdings within the consortium, which operates under the name of Rangers FC LLC. Some sellers were paid more, some were paid less, and willingly so, to enable the process to reach a conclusion as quickly as possible. It is understood that one shareholder was approached by an American investment firm late on in the negotiations in an attempt to gazump the deal. Having already given his word to Cavenagh, that move was destined to fail. The finishing line was in sight. As reported by the Rangers Review in the days after the story first emerged, the likely conclusion date was the end of May. All parties worked towards that without there being a strict deadline in place and it was all done before the clock struck Friday, May 30. This was no scene like you see in the movies. No champagne was popped around the Ibrox boardroom. Instead, ratification arrived from the Scottish FA via email and digital contracts were signed and exchanged by various parties across the globe. At one o’clock the following day, the confirmation was made public as Rangers marked ten years since regime change with regime change.

As previously confirmed, Abdoulaye Doucoure, Ashley Young, Joao Virginia (GK), Asmir Begovic, Mason Holgate (28, CB) and Neal Maupay (off to Marseille) will leave Everton when their current contracts expire at the end of this month ... In the Under-21s, Owen Barker (AM, 20), Jack Butler (19, left back), Luke Butterfield (DM, 21), Billy Crellin (GK), Matthew Apter (19, MC Scot/Eng), Zan-Luk Leban (GK) and Jack Tierney (CB, 20) will leave Everton this month. https://www.evertonfc.com/news/2025/june/09/everton-player-contracts-update/ Michael Keane (CB, 32) is a freebie too, unless something changed. So the prices should be "right" ...

Would take Keane or Holgate if the price is right.

Everton just released 17 players. Wonder if Thelwell and Purdy have ear to the ground on any of them.

Able was I ere I saw Elba.

From the daily record. No way Ramsdale is coming here, will cost upwards of 15 million and again more than double what our highest earner earns. Its so stupid.

Some of the transfer talk is daft, linking us with Flynn Downs who Southampton paid 16 million for last summer, and is probably on 70 odd grand a week is just lazy rubbish.

A portion of twenty quid won't go far 😉 10M well spent is better than 20M poorly spent. Celtic spent around 20M on Engels and Idah, whilst we spent around 5M-6M on Raskin and Dessers. I'd rate our two players as currently better.

Rangers are tracking Westerlo forward Matija Frigan, 22, while a move for Maccabi Tel Aviv striker Dor Turgeman, 21, remains on. (Record) But Rangers have been told to up their £4m offer for Turgeman. (Football Scotland) Rangers interested in Kwame Poku after Peterborough exit Rangers are one of several clubs interested in out-of-contract Peterborough winger Kwame Poku. Poku, who managed 20 goal contributions (12 goals and eight assists) in just 27 League One appearances last season, has played for the Posh since 2021. The 23-year-old is also understood to be wanted by Birmingham City and has suitors in both France and Germany. Poku, who is a left-footed right-winger, was part of the side that defeated Birmingham at Wembley last season to retain the EFL Trophy. https://www.rangersreview.co.uk/features/25223574.rangers-interested-kwame-poku-peterborough-exit/ There are conflicting reports on the PSG youngster Oumar Camara ... Breaking Through: Oumar Camara’s Big Step to Rangers Jun 8, 2025 Rangers appear to have pulled off a coup with the signing of highly-rated French winger Oumar Camara from Paris Saint-Germain. The 18-year-old, who captained PSG’s U19s last season, is joining the Ibrox side on what will be his first professional contract—turning down PSG and interest from several top European clubs in the process. He is believed to have been pitched the vision for Rangers under the new owners and sees this opportunity will allow him to develop further. Known for his versatility across the front line and his preference for the right wing, Camara brings both leadership qualities and attacking flair, having registered seven goals and four assists in just 19 appearances in the French youth league. His arrival signals Rangers’ continued intent to invest in promising young talent with a clear pathway to first-team football. amara reportedly rejected a new contract at PSG in favour of Rangers’ offer, drawn by a clearer pathway to first‑team football and the promise of European competition . According to RMC Sport, he opted for a ‘long‑term deal’ in Glasgow, prioritising meaningful minutes over staying in Paris. There’s compelling context to his decision: Camara was reportedly tracked by Manchester United, Borussia Dortmund, Benfica, PSV, Bayer Leverkusen, Eintracht Frankfurt, and RB Leipzig. A Manchester United insider noted how “he’s been on the radar for many European clubs”. By choosing Rangers, Camara apparently prioritised immediate development and senior game time. https://www.ibroxinsider.com/2025/06/08/breaking-through-oumar-camaras-big-step-to-rangers/ vs. Oumar Camara’s move from PSG to Rangers in doubt According to a report from L’Équipe, Oumar Camara’s (18) move from Paris Saint-Germain to Rangers is in doubt, following the sale of the Scottish club. On the 30th of May, Rangers announced that a consortium consisting of Andrew Cavenagh and 49ers Enterprises had purchased a majority stake in the club. It’s a move that Rangers supporters hope will bring them a first league title since the 2020/21 season. However, the change will likely mean that Camara’s mooted move away from Paris to Glasgow will no longer take place. Talks had begun with Camara before the new owners completed their deal, and the striker isn’t expected to be included in their plans for the future. PSG had reportedly offered a professional contract to Camara, but he had been swayed by the project sold to him by Rangers. The young striker is not expected to remain long in Paris, and he will be looking for a new club. https://www.getfootballnewsfrance.com/2025/oumar-camaras-move-from-psg-to-rangers-in-doubt/ By the looks of it, anyone we will sign now is probably meant for first team football, as the B-Team is virtually non-existing any more. EDIT: OP updated

According to Rangers Review it is a portion of the £20, money set aside this last season and money from player trading.

You would imagine that a good proportion of any net incoming transfer monies would be.