Gerrard has signed a three-year deal to succeed Graeme Murty as Rangers manager, and commences his Ibrox reign this summer.
Chris Sutton has told BT Sport that £6 million is ‘absolutely not enough’ to turn Rangers into title contenders – although he would be shocked if Steven Gerrard has that little to spend at Ibrox.
Dave King, the Rangers chairman, revealed on Monday that he ‘expects’ to raise the above amount via a share issue next month (STV).
And while King went on to divulge that transfer funds have yet to be discussed with Gerrard, who has agreed a three-year deal to succeed Graeme Murty as Rangers manager from the summer, Sutton claimed that the incoming Ibrox boss would not be bound for Glasgow had he been given the impression his budget is only £6 million.
“What do I think of the fact they want to raise £6 million?” asked Sutton. “They want to raise as much money as possible. It’s not enough – absolutely not. I think they need £20-30 million, they need serious investment to compete with Celtic.
“I find it hard to believe… I would be shocked if Steven Gerrard has come up and he has that little in the kitty. He must know, clearly he’ll know what’s going on behind the scenes.”
Gerrard’s budget could yet be influenced by the outcome of Rangers’ season, with at a third-place the least that is required to ensure European participation next season.
And while the Gers remain on course to achieve that, there is only a two-point gap between themselves and fourth-place Hibernian with two games left to play.
Receive exclusive football transfer news and updates twice a week to your mailbox
