Michael Beale has promised Rangers fans their "biggest rebuild in years" this summer as the club face up to the prospect of a trophyless campaign.
Celtic ended Beale's hopes of lifting silverware during his first campaign as Ibrox boss with the 1-0 Scottish Cup semi-final victory at Hampden. While Ange Postecoglou is targeting a Treble this season, Beale is now weighing up a massive overhaul of the first team as he weighs up who could be leaving the Scottish Premiership in the summer.
In the last 18 months, Rangers have commanded bumper transfer fees for a trio of key assets. Joe Aribo and Calvin Bassey left for big money last summer for Southampton and Ajax respectively, while Nathan Patterson joined Everton in the winter window to boost the Ibrox bank balance. However, this summer the number of assets that the club can cash-in on to fund the overhaul is dwindling.
The issues start with the number of free agents. Alfredo Morelos and Ryan Kent had previously had big money offers on the table to try and take them from the Scottish Premiership, but now look set to leave for nothing.
Beale has previously hinted Ryan Jack could be offered a contract extension but it has yet to materialise. Experienced trio Allan McGregor, Steven Davis and Scott Arfield all look set to be heading for the exit door as well. McGregor has been number one at Ibrox this term but there has been radio silence over the veteran staying on for another year, while Arfield has been a bit-part player under Beale.
Davis is sidelined with a knee injury and it loos increasingly unlikely the 38-year-old will be offered new terms to stay in Govan. Filip Helander joins the Northern Ireland international on the sidelines and has yet to make an appearance this term as he approaches the end of his deal. Beale has described the Swede's injury as "unique" and the centre-back will likely join the mass exodus.
Alongside the seven players who could leave for nothing, Malik Tillman could be heading back to Bayern Munich. A £5m purchase option is in the agreement, but it remains to be seen if he has done enough to earn a deal.
So where could the club make their money back? Ianis Hagi has been linked with a £3m move to Celta Vigo after penning a new deal in January, and the Ibrox chiefs could cash-in on a player who has yet to make his mark in the Beale era.
Borna Barisic and John Lundstram will be out of contract in the summer of 2024, and it could prove to be the right time to cash in on the duo. Barisic signed for Rangers for £2.2m from NK Osijek, and the club will be looking to make a profit on a player who has plenty of European football experience since agreeing the deal.
Lundstram signed for Sheffield United for a fee in the region of £700k from Oxford United back in 2017, before moving to Rangers for nothing. He will command a bigger fee than when he initially moved to Bramall Lane having played in the Premier League, Champions League and Europa League.
Glen Kamara is another who could be on his way out having been on the fringes of the Rangers squad this season. However, it will be significantly less than the £10m fee floated in the summer of 2022 amid links with Nice.
If Rangers are looking to cash-in on a first-team regular to bring in big money, Ben Davies could be the top candidate. He has endured a mixed debut campaign after his £4m move to Ibrox from Liverpool. The Light Blues' will demand a bumper fee should he leave Govan after 12 months, but it would likely only be a slight mark-up on what they paid.
That leaves Rangers looking at a transfer kitty generated by player trading of around £15m.
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