It has been five years since Steven Gerrard left Rangers for Aston Villa, and the club's transfer activity since then shows his warning about ambition was eventually heard. Fresh from an unbeaten Premiership season and title triumph, Gerrard was offered the chance to take charge at Aston Villa on November 11, 2021.
The call from Villa Park came just months after the Liverpool icon had urged club chiefs to "fix the roof while the sun is shining" following the 55th league success. Looking back on his sudden departure from Ibrox, he admitted he felt a lack of ambition from the club's higher-ups, having wanted to go for back-to-back titles.
He said: "The conversations with Rangers after we won [the league], the recruitment and finance chats we were having, it didn't feel like Rangers were ready to go again."
Transfer windows since Gerrard's exit
In summer 2021, off the back of claiming the league title, the Light Blues kept their cash in the bank with Fashion Sakala, John Lundstram, Nnamdi Ofoborh and Juninho Bacuna all joining as free agents. Alfredo Morelos, Ryan Kent and Glen Kamara all remained, which was seen as the real victory of the window at the time. The club broke even with no outgoing players commanding fees, with Jordan Jones and Greg Stewart leaving as free agents, while Cedric Itten and Niko Katic departed on loan for Greuther Fürth and Hadjuk Split respectively. Estimated spend on player sales: £0. Estimated incoming fees from player sales: £0.
The winter 2022 window saw Gio van Bronckhorst take over from Gerrard, with the loan arrival of Aaron Ramsey grabbing the headlines. Amad Diallo (Manchester United) and James Sands (New York City FC) also agreed temporary contracts. Mateusz Żukowski was the only fee paid out for a player, coming in from Lechia Gdańsk for £400k. But the club banked a massive profit from academy graduate Nathan Patterson joining Everton for £12million, while Juninho Bacuna quickly departed for Birmingham City in a deal estimated to be worth around £1million. Estimated spend: £400k. Estimated incoming fees: £13million.
Spending increases after European final
Having reached the Europa League final in the previous season while losing the Premiership title, the club were keen to respond and splashed the cash in 2022/23. Ben Davies came in from Liverpool for £3million, while Ridvan Yilmaz arrived from Besiktas for £5million. The arrivals of Antonio Colak and Rabbi Matondo cost another £5million, while Nico Raskin came in the winter window alongside Todd Cantwell for around £2.7million, having already penned a pre-contract from Standard Liege. However, all of that spending was covered by the summer departures of Calvin Bassey to Ajax (£22million) and Joe Aribo's move to Southampton (£6million). Cedric Itten also joined Young Boys in a £1.5million move. Estimated spend: £15.7million. Estimated incoming fees: £27.5million.
In 2023/24, Michael Beale was in charge for the summer window, and Gerrard's former assistant was given the chance to splash the cash that the England hero didn't receive in his final window. Cyriel Dessers (Cremonese, £4.5million), Danilo (Feyenoord, £6million), Sam Lammers (Atalanta, £3.5million) and Jose Cifuentes (LAFC, £1million) all came in, while Abdallah Sima came in on loan. Jack Butland, Dujon Sterling and Kieron Dowell all joined as free agents. The club opted to cash in on Glen Kamara, who joined Leeds United in a package that reached around £5million before the Finland international later switched to Lens. Saudi Pro League side Al-Fayha paid out £4million to bring in Fashion Sakala, while Parma forked out £2million for Antonio Colak. Ryan Kent and Alfredo Morelos would see their contracts expire and leave for nothing. Estimated spend: £15million. Estimated incoming fees: £11million.
Recent windows under Clement and new owners
Philippe Clement was handed another bumper transfer kitty in his first summer window in 2024/25. Mohamed Diomande made his loan switch permanent in a £4.3million switch from Nordsjælland, while Nedim Bajrami came in from Sassuolo in a £3.5million switch. Hamza Igamane joined from AS FAR for £1.7million, and was followed by Robin Propper (FC Twente, £1.5million) and Jefte (Fluminense, £680k). The club brought in Connor Barron from Aberdeen, with a tribunal deciding the compensation due for the move was £639,920. The club cut their losses with Sam Lammers as he joined FC Twente for £2.5m, while long-serving Connor Goldson joined Aris Limassol for around £1.4million. Departures for Todd Cantwell (Blackburn Rovers) and Scott Wright (Birmingham City) for a combined £800k also boosted the coffers. Estimated spend: £11million. Estimated incoming fees: £4.7million.
In 2025/26, Andrew Cavenagh and 49ers Enterprise completed their takeover of Rangers, and the cheque book was out for a host of big deals as the club threw their weight behind Russell Martin in the summer. Youssef Chermiti was the statement signing from Everton in a mammoth £8million deal which could rise to £10million with add-ons. Bojan Miovski joined from Girona in a £3million switch, while Emmanuel Fernandez also arrived from Peterborough for £3million. Thelo Aasgaard arrived from Luton for £3.5million, Djeidi Gassama came in for £2.2million from Sheffield Wednesday, and Oliver Antman made the £4million switch from Go Ahead Eagles. Joe Rothwell also came in for a reported £400k, while the club paid £4million to make Oscar Cortes' move from Lens permanent. When Martin was axed, Danny Rohl was handed the war chest. Ryan Naderi came in from Hansa Rostock for £5million, £4.3million was paid to take Tochi Chukwuani from Sturm Graz, and Tuur Rommens came in from Westerlo in a £3million deal. Some big transfer fees also came into the club, with Hamza Igamane joining Lille for £10.4million, Jefte joining Palmeiras for around £5.5million, Cyriel Dessers joining Panathinaikos for £4million, Ridvan Yilmaz returning to Turkey in a £2million agreement with Besiktas, and Robin Propper making a quick-fire return to Twente for £1million. Estimated spend: £28.1million. Estimated incoming fees: £22.9million.
After Danny Rohl left Ibrox for RB Salzburg, Derek McInnes was left in charge of yet another dressing room overhaul in summer 2026. Kevin Kelsy proved to be the most expensive addition from Portland Timbers, with the Glasgow giants forced into a £9million move following Youssef Chermiti's injury. Winger Minsu Kim arrived in an £8.5million deal, while Olwethu Makhayna joined for £3.5million. Ivor Pandur arrived for £6million from Hull City, and Partizan Belgrade captain Vanja Dragojevic joined for £4million. Daisuke Yokoto (£2.75m) and Ross McCrorie (£900k) also commanded fees, while Lawrence Shankland, Dan Neil and Cammy Devlin came in as free agents. Jack Butland was the only departure to bank the club an outright fee, a £3million payout when he joined Hull City. The likes of Danilo (Botafogo) and Nedim Bajrami (Al-Taawoun) were shipped out on loan after proving to be expensive mistakes, while captain James Tavernier left as a free agent. Estimated spend: £34.65million. Estimated incoming fees: £3million.
Total net spend since Gerrard's departure
So it took a while, but the club did finally hear Steven Gerrard's warning, particularly since the American takeover. Cavenagh and Co have thrown their weight behind three bosses and are clearly showing the ambition that Gerrard had doubted. Now, they will be looking for Derek McInnes to steer the club to the silverware that would match the lofty goals. Estimated net spend on player sales: £104.85million. Estimated incoming fees from player sales: £82.1million.
