19 Aug 2026 10:54:50
Current Confirmed Transfer In/Outs
IN:
TM - Derek McInnes (Hearts - Perm) £500K - staff, excl. from wage total
GK - Ivor Pandur (Hull - Perm) £6M - ~£13k/wk est
CB - Ben Godfrey (Atalanta - Loan W/£3M option) >£500K? - ~£20k/wk est (Rangers share)
CB - Olwethu Makhanya (Philadelphia Union - Perm) £3M (4yr + 1yr option) - ~£12k/wk est
LB - James Penrice (AEK Athens - Season loan W/option) ~£500K? - ~£15k/wk est
RB - Kosta Nedeljković (Aston Villa - Season loan W/£4M OBLIGATION) - ~£15k/wk est
* obligation triggers on appearances, so the £4M lands summer 2027
RB - Ross McCrorie (Bristol - Perm) £1M - ~£11k/wk est
CM - Dan Neil (Sunderland - Free) - ~£20k/wk est
CM - Cammy Devlin (Hearts - Free) - ~£10k/wk est
CM - Vanja Dragojević (Partizan - Perm) £4M (£2.1M upfront, 4yr deal) - ~£12k/wk est
LW - Daisuke Yokota (Hannover 96 - Perm) £2.75M (3yr + 1yr option) - ~£14k/wk est
FW - Lawrence Shankland (Hearts - Free) - ~£25k/wk
Est Deal Total (spent): £17.75M
(+ £4M for Nedeljković next summer once the obligation triggers)
Est Wage Added: ~£167k/wk (~£8.7M/yr)
OUT:
HC - Danny Röhl (RB Salzburg - Perm) £2M - staff, excl. from wage total
GK - Jack Butland (Hull - Perm) £3M - £25k/wk [sale]
GK - Kieran Wright (Out of Contract) Free - ~£4k/wk est [expiry]
CB - Ben Davies (Bolton - Perm) Free - £27k/wk [sale] (already surplus/on loan)
CB - Leon King (Out of Contract) Free - ~£8k/wk [expiry]
RB - James Tavernier (Out of Contract) Free - £30k/wk [expiry]
CM - Mohamed Diomandé (Çorum FK - Perm) undisclosed, reported €5.5M (~£4.7M) - ~£18k/wk est [sale]
RW - Oliver Antman (Anderlecht - Perm) £4.5M - ~£15k/wk est [sale] (£1.5M profit on a £3M buy)
Loans out:
CM - Bailey Rice (Kilmarnock - Loan) - academy, negligible
AM - Nedim Bajrami (Al-Taawoun - Loan W/£2.5M option) - ~£18k/wk est [loan-out] (Saudi club cover his full salary)
FW - Danilo (Botafogo - Loan to Jun 2027, conditional obligation to buy) - ~£20k/wk est [loan-out]
FW - Kyle Glasgow (Alloa - Loan) - academy, negligible
Est Deal Total (received): £14.2M (Danilo and Bajrami fees to follow only if
their buy options/obligations trigger next summer)
Est Wage Removed: ~£223k/wk (~£11.6M/yr)
of which real savings (sales): ~£85k/wk
contract expiries: ~£42k/wk
loans out (Danilo, Bajrami): ~£38k/wk
loan returns (below): ~£58k/wk
Returned to Parent Club (loan wages Rangers subsidised, off the 26/27 bill):
LB - Jayden Meghoma - ~£4k/wk est [loan-return]
CB - Derek Cornelius - ~£10k/wk [loan-return] (reported portion)
CB - Nasser Djiga - ~£8k/wk est [loan-return]
RB - Max Aarons - ~£10k/wk est [loan-return]
LW - Mikey Moore - ~£6k/wk est [loan-return]
RW - Andreas Skov Olsen - ~£20k/wk est [loan-return]
NET SUMMARY
Fees: £17.75M spent, £14.2M received - net spend ~£3.55M
(a further £4M due summer 2027 if Nedeljković's obligation triggers)
Wages: ~£167k/wk added, ~£223k/wk removed
Net wage change: ~£56k/wk reduction (~£2.9M/yr)
(measured against the Capology-style first-team wage estimate of ~£28M; the audited total staff cost in the 24/25 accounts was £57.8M, a different and broader measure - see the FFP note)
Eleven senior signings in: Pandur, Godfrey (loan), Makhanya, Penrice(loan), Nedeljković (loan), McCrorie, Neil, Devlin, Dragojević, Yokota, Shankland.
UEFA caps squad spending (player/coach wages + transfer fees spread over contract length + agent fees) at 70% of football earnings from 2025/26.
There is no equivalent domestic cap; the SFA/SPFL only require you to pay wages and tax on time.
Last published accounts (yr to 30 Jun 2025): revenue £94.1M, wages £57.8M, amortisation £12.3M. That is roughly 66-75% depending on how much of the wage bill you count as players and coaches, inside that season's 80% limit.
This window lands in the 2026/27 accounts. Its effect:
Wages down ~£2.9M/yr
Amortisation up ~£3.3M/yr net (new signings add ~£5.0M, Antman and
Diomandé coming off the books removes ~£1.7M)
Sale profits ~£8M added to football earnings (Butland ~£3M, Diomandé
~£2.9M, Antman ~£2.25M, all fee minus written-down value)
So the squad-cost line actually rises slightly, by roughly £0.4M/yr: the wage savings are more than swallowed by the amortisation on Pandur, Dragojević, Makhanya and Yokota. The only real improvement comes from ~£8M of one-off sale profit, which does not repeat next year. That is the financial logic behind selling Raskin: a roughly £20M fee on a player with little value left on the books is almost pure profit.
All estimates. The 2025/26 accounts are not published, contract length for some deals are assumed, and agent fees are never disclosed.
As always, any mistakes let me know.
19 Aug 2026 14:35:12
First class post AK.
19 Aug 2026 14:42:19
Great post.
19 Aug 2026 14:57:47
Nice one, AK, good read.
19 Aug 2026 16:25:21
Great information, AK. 👍 🇬🇧
19 Aug 2026 23:49:31
Interesting read, buddy, thanks for that.