Rangers held firm in the winter transfer window despite whistles from the Ibrox crowd about making an investment into the squad.
Patrick Stewart warned that Rangers could make only one signing, with a second potentially arriving if the conditions were right for all parties.
Rangers’ late bid for Omari Forson collapsed when AC Monza couldn’t bring in someone to replace him. The ex-Manchester United youth has since played 0 minutes in Italy.
Rangers also announced a pre-contract deal for Lyall Cameron, the highly-rated Dundee playmaker one of the Scottish Premiership’s best young players this season.
But it was Lille centre-back Rafael Fernandes who was Rangers’ only January arrival, with time running out to convince the club over a £2.7m option in the summer (Scotsman).

Rafael Fernandes yet to appear under Barry Ferguson
Rafael Fernandes certainly comes highly-rated but a period of sweeping change at Rangers has seen the defender slip down the pecking order.
The 23-year-old Portuguese stopper has made just two substitute appearances in the Scottish Premiership since that January move.
The centre-back’s only start for Rangers came in that devastating 1-0 Scottish Cup defeat to Queen’s Park, where the defender was hooked after an hour.
Fernandes also hasn’t been able to get a look-in since Barry Ferguson became interim Rangers manager.
Locked out of Rangers’ Europa League squad at the expense of Clinton Nsiala, the young Frenchman has also taken the defender’s place in the Rangers team.
That’s despite Open Goal pundit Paul Slane claiming Fernandes is making an impression at Rangers, courtesy of information from someone inside Auchenhowie.
With Fernandes not even named on the bench for Rangers’ last two Scottish Premiership fixtures, there is an ominous sense that the club will hesitate on a £2.7m transfer.
The former Arouca defender’s current situation at Rangers is also at odds with comments made by Lille president Olivier Letang on a deal for Fernandes being predicated on playing time.
“In the discussions [with Rangers and co], a straight loan was not an option, otherwise the clubs would have been less inclined to sign him,” Letang said in February.
”It was really fundamental that they have playing time, so we preferred to make this choice so that they can play.”
Rangers formation change raises £2.7m transfer questions
The lack of playing time for Rafael Fernandes comes despite a change in formation and fitness issues which have devastated the Rangers defence.
Barry Ferguson famously changed to a back three v Fenerbahce and whilst Fernandes could not play in Europe, the interim Gers boss did the same against Celtic.
James Tavernier, John Souttar and Leon Balogun formed the backline which helped Rangers to a famous win at Celtic Park, with Robin Propper eventually coming off the bench.
That Rafael Fernandes was not even named amongst the substitutes is a bad omen for the defender, although it remains unclear if injury is limiting the player’s contribution.
Injuries have hampered Fernandes’ career to date, with Letang claiming that the Portuguese defender has also struggled with the intensity of training in France.
“Rafael was injured a lot,” said Letang. “I have a lot of respect for the club he was at [Arouca], but the intensity and the work process were probably not the same and he was injured a lot. He needed playing time, but he is someone we believe in.”
Based on these comments, it’s fair to say the loan deal hasn’t gone to plan to date for Fernandes and there will be major scrutiny on Rangers spending £2.7m on a player who isn’t contributing.
Nils Koppen is under scrutiny for signing Oscar Cortes, a deal which will see Rangers pay £4m to RC Lens this summer despite injury decimating the winger’s entire 18-month loan spell in Glasgow.
If Rangers were to go out and commit similar numbers for Fernandes and the player failed to contribute, Koppen would find himself in the spotlight.
Rangers also have an option-to-buy on Neraysho Kasanwirjo, the versatile Dutch defender impressing before a devastating injury cut the Feyenoord loaner’s season short in November 2024.
