£3.9m down the drain: Rangers were bled dry for 84 weeks by “disastrous” Caixinha deal – opinion

Between 2017 and 2019, the Rangers faced a nightmare with a player who rinsed them dry.

Glasgow Rangers are on track to win the Premiership and Scottish Cup, following their League Cup victory earlier this season.

In just four months, Philippe Clement has led the Ibrox team from obscurity to league leaders, resulting in an eight-point increase at the top.

Not only that, but the performances have been fantastic, with the Gers creating numerous opportunities during games but lacking a truly out-and-out striker to convert them.

Dare I say it, but Rangers appear to be gaining momentum in their pursuit of the league crown, and if Clement can keep up these performances in the coming weeks, the next few months might be quite remarkable.

His transfer savvy helped the Light Blues sign Fabio Silva, Oscar Cortes, and Mohamed Diomande last month, and all three appear to be capable of making significant contributions in the coming months.

Could this be the start of Rangers reestablishing their supremacy in Scottish football? Early indications suggest that it could, demonstrating how far the team has progressed since 2016.

Rangers spent money on numerous signings.

Before employing Steven Gerrard in May 2018, the Gers were managed by Mark Warburton, Graham Murty, and Pedro Caixinha, the latter of whom may have set the club back several years.

Rangers’ first season back in the top division, 2016/17, was a disaster as they went through three managers, with Caixinha leading the club into the summer transfer window of 2017.

After finishing third and behind Celtic by 39 points, it was evident that the squad needed an overhaul.

The Portuguese manager was certainly busy that summer, recruiting 11 players for the Gers while selling seven first-team players who plainly did not fit into his plans.

Money was also spent, something the club did not have much of. Eduardo Herrera cost £1.5 million, and Caixinha spent £2.2 million to bring Carlos Pena to Ibrox.

Despite their limited means, especially after losing to Progres Niederkorn in the Europa League’s first qualifying round, they spent lavishly.

Herrera was a poor signing, but Pena was even worse, and £2.2 million was clearly spent on someone who failed to light up Ibrox with his performances.

What Carlos Pena earned at Rangers

The Light Blues paid Pena £26k a week, in addition to the high transfer cost, despite his slow start.

The attacking midfielder made 62 goal contributions (52 goals and 10 assists) in 191 games for Club Leon in Mexico, something Caixinha hoped he could emulate at Rangers.

Pena played for the club on 14 occasions, scoring five goals, including a brace against St Johnstone. However, he missed some games due to injury and only started six Premiership matches.

It was soon clear that Pena would not stay at the club, and in January 2018, three months after Caixinha was fired, he went to Mexico to join Cruz Azul on loan.

Caixinha was his new manager after a temporary absence from football. However, the move resulted in the Gers paying only half of his £26k-per-week salaries, indicating a terrible business arrangement.

Carlos Pena’s total cost with the Rangers

The midfielder had only played 13 games for Cruz Azul before his loan was revoked due to alcohol-related concerns. He later joined Nexaca on a temporary basis after spending time in recovery.

Despite the loan arrangement being cut short, Rangers continued to pay his full salary throughout his absence from Glasgow, resulting in a significant loss for the club.

Pena’s ill-fated 84-week tenure in Scotland cost the club a total of £3.9 million, including a £2.2 million transfer fee and £1.7 million salaries.

The player’s contract was terminated in February 2019 after failing to play a single game under Gerrard. The former Liverpool captain discussed the termination in a press conference.

“The board made this choice over me. Certain events take place at a club that are beyond the control of the manager. Dave King and the board have made their choice, which I respect, and we will go on.

In 2022 Rangers Review, journalist Derek Clark stated that “ultimately, this was a disastrous transfer in what was an equally disastrous spell for the club” after the Court of Arbitration for Sport justified Rangers’ reasons for terminating Pena’s contract earlier, and it looked as though a line was drawn under the whole saga.

While some transfer business has been terrible since Pena’s departure, it appears that the Gers now have a manager who understands the transfer market, which will result in fewer disastrous signings.

Of course, there will always be one or more players who arrive at the club and fail to meet expectations, but Pena had a rising reputation and definitely looked the part, particularly given his past numbers in Mexico.

It quickly proved to be a tremendous waste of money, and while the Gers are now in a much better financial position, Clement cannot afford to waste money on players who will not stand up and be counted as he strives for more success with the club.

With shrewd additions in the January window, the Rangers are in a much better position this year than they were in 2017.