Rangers Football Club is reportedly in advanced discussions with US billionaire John Halsted regarding a significant cash injection at Ibrox, according to the Daily Record.
The discussions, which took place on October 29, involve Halsted, a Wyoming-based managing director at Pamplona Capital Management, who has emerged as the leading candidate to provide the much-needed investment. This potential funding was initially hinted at by interim chairman John Gilligan.
The news comes on the heels of the club’s recent annual financial report, which revealed an operating loss of £17.2 million, despite record revenue levels. While this highlights the club’s financial struggles, it also indicates that substantial capital may be forthcoming from current investors like Halsted, as the club seeks to address its fiscal challenges.
Rangers’ expenditure is not the main issue; rather, the return on that investment has been disappointing. Since securing their 55th league title four seasons ago, the team has achieved minimal success on the pitch, winning only one Scottish Cup under Giovanni van Bronckhorst and one League Cup under Philippe Clement.
The club has faced criticism for overpaying amid a trend of underperformance, prompting management to implement cost-cutting measures. The current manager has been tasked with reducing the wage bill and offloading high-salaried veterans, which reflects the club’s urgent need to balance its finances.