Thelwell signing has become Rangers’ biggest waste of money since Cortes

Glasgow Rangers officially confirmed that both CEO Patrick Stewart and sporting director Kevin Thelwell left their roles at Ibrox on Monday after the club’s underwhelming start under the new ownership.

Chairman Andrew Cavenagh revealed that the ownership believes that they need different people in those roles in order to bring success back to Ibrox in the months and years to come.

Thelwell was let go by the Gers after he played a key role, as sporting director, in the appointment and firing of Russell Martin, as well as the signings throughout the summer transfer window.

The former Everton chief was given the funds to retool the squad for the head coach in the summer, but after that appointment and the signings he made, Rangers won one of their first eight Scottish Premiership matches.

However, Thelwell would be far from the first sporting director to make some mistakes in the transfer market. Former Gers technical director Nils Koppen, for example, made his fair share.

One signing that officially went through in the summer but was sanctioned before Thelwell’s arrival was the permanent addition of Oscar Cortes.

Why Oscar Cortes has been a waste of money for Rangers so far

The 21-year-old forward initially joined on loan from Lens for the second half of the 2023/24 campaign, and produced one goal and one assist in six games in the Premiership, per Sofascore.

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That convinced the Scottish giants to sign him on a season-long loan with an obligation to make it permanent at the end of the season in the summer of 2024, which led to him signing for £4.5m earlier this year.

He is currently the ninth-most expensive signing in the history of the club, with that £4.5m move from Lens, and the Gers have simply not got enough back from him on the pitch to justify that expense.

In the 2024/25 season, the Colombian winger made ten appearances in the Premiership without delivering a single goal or assist for the team, whilst he also missed out on 22 matchday squads and was an unused substitute on six occasions, per Transfermarkt.

Despite his dismal form last term, Rangers had to sign him permanently for a hefty fee of £4.5m because it was an obligation that was put in place in the previous summer. That led to him leaving on loan to Sporting Gijon this season.

As you can see in the table above, Cortes has struggled badly in Spain since his temporary switch to the second division outfit, with more games left sat on the bench than appearances in LaLiga 2.

His lack of goal contributions for the Spanish side means that he still has not provided a goal or an assist since registering one of each in a 5-0 win over Hearts in February 2024.

With over three years left on his contract at Ibrox, it remains to be seen whether or not the 21-year-old whiz will make a success of his Rangers career or not, but it is not looking good on current evidence.

With his form for the Gers and out on loan, Cortes currently looks like a big waste of money for the significant fee that the club agreed to pay Lens for him, unfortunately.

Whilst Thelwell did not have any say in that move, it was going through irrespective of anything he did after becoming sporting director in April, one of his own summer signings looks to be an even bigger waste of money than Cortes.

The former Light Blues chief opted to splash the cash on Portugal U21 international Youssef Chermiti, and the early signs from his Ibrox career are far from promising.

Why Rangers should not have signed Youssef Chermiti

Thelwell agreed a deal with his former club Everton to sign the striker for a fee of £8m. That made him the most expensive signing made by the Gers since they signed Tore Andre Flo for £12m in 2000.

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When signing a player for that kind of outlay at Ibrox, it is fair to expect that they should be able to make a relatively immediate impact for Rangers, even if they are not the finished product, because Chermiti is their most expensive signing in 25 years.

Unfortunately, though, the Portuguese marksman has failed to prove his worth to the Light Blues on the pitch with his performances so far in the 2025/26 campaign, with just one goal to his name so far.

The former Premier League flop has produced one goal and one assist in 13 appearances in all competitions for the Scottish giants, per Sofascore, which shows that he has not offered a regular threat at the top end of the pitch.

Chermiti’s form in the Premiership, in particular, has left quite a bit to be desired for a player who is the club’s most expensive signing in 25 years.

As you can see in the table above, the Portugal U21 international ranks poorly in the Gers squad in a host of key metrics, and the only reason that he ranks highly for goals is that only two players in the squad have scored more than one league goal.

Chermiti, who was described as a “nothing player” by Portuguese journalist Kevin Fernandes, has simply not done enough with the game time that he has been given, domestically or on the European stage.

The ex-Everton striker was signed for almost twice as much as Cortes and appears to be heading in the same direction as the winger, as another expensive flop who is unable to make a significant impact on the pitch for Rangers.

Therefore, Chermiti looks on course to be an even bigger waste of money than the Colombian forward because he cost £3.5m more and has been just as underwhelming at the start of his Ibrox career.

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