Craig Whyte: Nikica Jelavic wanted to go and Rangers had to cash in

RANGERS chairman Craig Whyte has admitted he could not afford to turn down Everton’s offer for Nikica Jelavic and has defended the sale of the Ibrox club’s leading scorer on the final day of the transfer window.

The Croatian international striker formally completed his move to Everton just two and a half hours before the 11pm deadline and was paraded in front of his new club’s supporters during the half-time interval of their match against Manchester City at Goodison Park.

Rangers and Everton agreed a deal for Jelavic late on Monday night, believed to be worth around £5.5 million. It was some way short of the £8 million valuation Whyte had initially placed on the 26-year-old who joined Rangers from Rapid Vienna for £4 million in August 2010. Jelavic has signed a four and half year contract with Everton.

The timing of his departure could hardly have been worse for Rangers manager Ally McCoist. He was grim faced when he left a meeting at Ibrox last night with Whyte, director of football Gordon Smith and chief operating officer Ali Russell.

Failure to sign a replacement for Jelavic, with an unrealistic bid for Norwich City captain Grant Holt dismissed by the Carrow Road club earlier in the day, leaves McCoist desperately short of attacking options.

On the day when Whyte angrily refuted a report which claimed his purchase of Rangers last May was funded by income secured against the future sale of season tickets, he also insisted it would have been futile to hold onto Jelavic for the rest of the season.

“The reality of Jelavic’s departure is two-fold,” said Whyte. “One, the player wanted to leave and there is no point in trying to keep a player who no longer wants to be at Ibrox. Two, the club is simply not in a financial position to turn down offers for players which give the club a good return on its original investment.”

Jelavic last night confirmed he had been determined to leave Rangers as soon as he discovered Everton had made an enquiry.

“My dream was to play in the English Premier League, so my dream has come true,” said Jelavic. “Everton is a big club and I’m excited at the moment. For me, this is the best league in the world and I want to try myself here and see how I can do. Of course it will be harder here than in Scotland, but I’m ready for the challenge. It is a step forward in my career.”

Whyte believes his success in securing players such as Allan McGregor, Steven Davis and Steven Whittaker on new contracts should also be regarded as proof of his commitment to the strength of McCoist’s playing staff.

“Investment in the playing squad has been a thorny issue since I took over the club in May and is the source of endless debate, much of it ill-informed,” added Whyte. “I want to set the record straight.

“In the summer transfer window last year we conducted 14 different pieces of transfer business, more than any other club in Scotland. This included new signings and improvement to existing contracts with key players, increasing the players’ wage bill significantly. We now have a first team squad of 30 which includes 18 full internationalists.

“Admittedly, there were transfer targets we did not secure but that is not uncommon.

“As chairman, I have supported Ally McCoist in his choice of targets and will continue to do so.

“The timing of Jelavic’s departure so late in this window is far from ideal and efforts to improve the squad will continue until the transfer window closes.

“That said, we must be realistic. Media coverage of the transfer window has bordered on the hysterical. As it stands at the moment Rangers has operating costs of approximately £45 million a year and revenues of around £35million – not including revenue from possible Champions’ League and Europa League participation.

“As we know, European money cannot be taken for granted and it doesn’t take much to work out that without it there is a big financial hole to fill every year – regardless of who owns the club.

“I’ve said many times that in Scottish football we have to move on from this mindset that you have to keep spending more and more money – that’s what got this club into financial trouble before. We have to live within our means, continue to develop talent and spend wisely.”