Steven Gerrard has funds for signing number 9 as Rangers net six-figure fee for Daniel Candeias

Rangers manager Steven Gerrard, right, gets involved in the clubs Everyone Anyone initiative.

Gerrard has already signed eight players and has spent £3.5 million on one of them, Swedish defender Filip Helander, while costs associated to bring Joe Aribo from Charlton were around £2m.

But managing director Stewart Robertson has confirmed that there are funds to buy big again before the transfer window shuts. “Yes, absolutely,” said Robertson. “Steven said that he wanted to buy another player because that is the case.

“It is down to the guys identifying who they might want to bring in and bringing that to the board.

“Steven and his team have been central to moving things forward and there is no doubt he has increased the profile of the club.

“He has such a presence in the football world and that is fundamental to us being able to sign players like Joe Aribo and Filip Helander, Sweden’s international centre-half.

“No disrespect to the boys that were here before because the club was in a different  position. But we are now in a situation where we are able to sign these players.”

At the same time Rangers are actively trying to find clubs for Kyle Lafferty, Graham Dorrans, Eros Grezda, Jason Holt and Joe Dodoo who are not coveted by Gerrard.

They will follow Daniel  Candeias out of Ibrox after he signed a two-year deal yesterday with Turkish side Genclerbirligi for a fee of around £250,000. Robertson admitted that Rangers will need to bring more revenue from the sale of players but was coy on whether he would sanction transfers now for prize assets like Alfredo Morelos or captain James Tavernier.

He said: “If you look at the club’s business model and where we are today, really there wasn’t a lot of value in the squad.

“I am not saying it will be this window or the next window, but at some point, the business model is that there has to be transfer income built into that

“If you look at clubs at our level through the European Club Association, the average percentage of the revenue that comes from transfer income is 28 per cent.

“Last year we had about seven per cent. If we are to compete on a level playing field without relying on the investors and the board, that is a key part of the business model, as is bringing players through the academy.

“The manager has been quite open in that the squad is bigger than what would allow him to give everyone game time.

“We are working with a couple of players at the moment to see if they can get something with other clubs, but there is nothing further to report yet.”

Robertson, left, was speaking as Rangers launched their diversity and inclusion initiative “Everyone Anyone” which aims to unite people from all backgrounds, cultures and communities at Ibrox.

And as they prepare to face Progres Niederkorn on Thursday, two years on from the embarrassment of being eliminated from Europe by the Luxembourg side, it is another indication of things moving in the right direction.

Robertson said: “There is no doubt the club is in a totally different position from where we were two years ago. The foundations are much stronger. A lot of rebuilding has been done. It’s been very, very positive. Don’t count your chickens, but I think we are going into it on a much better footing than we did two years ago.”

Rangers will meet Danish side Midtjylland if they get past Progres, with the first leg away from home on 1 August.

Midtjylland, who have won their opening two league games, have not reached the group phase of the Europa League in each of the last three seasons.