The Lewis Ferguson Thread That Still Won't Go Away

Rangers’ reported interest in Lewis Ferguson keeps circling back to one thing: whether any major outgoing, particularly Nico Raskin, unlocks the kind of deal structure Bologna would accept.

Lewis Ferguson again. I have probably gone too far with this now, but I have gone back through everything that has been reported since June and tried to piece it together. I am not ITK, I do not know anybody at Rangers and I am not claiming Ferguson is signing. The more I look at it, the more I wonder if Rangers did most of the groundwork months ago and have simply been waiting to see what happens with Nico Raskin.

It could also be complete rubbish and I have wasted my Sunday. Both are very possible.

Where it starts: June into early July

The important starting point for me is June, because this is not a deadline-week rumour somebody has just invented. On 24 June, Nicolo Schira reported Bologna were interested in Raskin and that first talks had started. Then by 29 June Chris Jack was saying Rangers had held initial discussions with Bologna over Ferguson a few weeks earlier.

That is factually where this starts. Rangers had spoken to Bologna about Ferguson and Bologna had shown interest in Raskin. That does not mean the deals were connected. There is no evidence they were. But it is worth remembering.

Then we get to 2 July, which is probably the most interesting day in this whole thing. McInnes was asked about Ferguson and obviously was not going to start discussing another club's player, but while talking about recruitment he said, "Sometimes you need to wait for the better ones." He also spoke about Rangers needing to be patient at times.

At the time it just sounded like the usual manager transfer-window patter. Maybe that is all it was. But on the same day there was reporting about what it would actually take for Rangers to sign Ferguson, and the interesting part was not simply the reported EUR15m-EUR20m valuation. It was that the deal would apparently depend on how the transaction was structured.

The line used was, "The key to making the deal happen lies in how the transaction is structurally formatted." Basically Rangers were not going to hand Bologna GBP15m-GBP17m in one lump. It would need to be structured over the length of the deal, and Rangers would also need player sales. And one player was specifically mentioned as somebody who could potentially generate around GBP20m: Raskin.

Why Raskin keeps coming back into it

That is the bit I keep coming back to. The reported route to Ferguson on 2 July was essentially: structure the deal properly, generate outgoing money, with Raskin potentially being the major sale that makes it possible.

Around 5/6 July, Football Italia reported Bologna's continued interest in Connor Barron could potentially become a factor in Rangers' pursuit of Ferguson. Bologna had already wanted Barron when he left Aberdeen, so that interest was not something invented for the Ferguson story. I am absolutely not saying Rangers offered Bologna Raskin, Barron and a bag of Mitre balls for Ferguson. There is no evidence of some giant swap deal being negotiated.

But by the first week of July we had Rangers interested in Ferguson, Bologna interested in Raskin, Bologna interested in Barron, and Rangers reportedly needing player sales to make Ferguson financially possible.

Then there is the Rangers Rumours post from 5 July. Anonymous forum post, so take it for exactly what it is. It could be genuine information or it could be somebody posting from the toilet. But the poster claimed Rangers had been working on Ferguson and would not sign off on the required fee until there were outgoings, specifically mentioning Raskin. Again, not fact.

The reason I find it interesting is the date: 5 July. Nearly two months before the window closes, and broadly describing the same financial problem being reported elsewhere at the time. Rangers then go after Jens Hjerto-Dahl. A bid of around GBP5.3m was reportedly rejected, Tromso wanted considerably more, Cardiff eventually pushed higher and Rangers did not chase it. That matters because Rangers were clearly looking at a progressive central midfield profile.

Then comes 14 July. Hull reportedly offer somewhere around GBP12m-GBP14m for Raskin. Rangers paid about GBP1.5m for him. That is an enormous profit. Rangers reject it. The reported valuation is GBP20m+.

And that is where my brain starts causing problems. Twelve days earlier we have been told Ferguson could potentially happen through the right structure plus player sales, with Raskin specifically identified as somebody who could potentially generate around GBP20m. Then somebody offers GBP12m-GBP14m for Raskin and Rangers apparently want about GBP20m.

Maybe that is simply because they think he is worth GBP20m. In fact, that is probably the sensible explanation.

What works against the theory

There is plenty of evidence against all this as well. Bologna assistant Andrea Tarozzi called Ferguson "fundamental" on 16 July. Lewis returned from the World Cup, trained normally and has not agitated for a move. He is contracted until 2028 and Bologna have an option for another year. They do not need to sell him.

Then on 14 August Derek Ferguson was talking about the Rangers interest on Open Goal and said, "See the thing with Lewis, was that not a waste of time?" He talked about Rangers "having the conversations" when they must have known Bologna wanted somewhere around EUR15m-EUR20m. And that is a fair question.

If Rangers looked at the price and thought there was absolutely no chance of ever doing it, why have the conversations in the first place? Chris Jack says discussions took place. Derek Ferguson talks about conversations having happened. Reporting on 2 July explained how the transaction might theoretically be possible through structure and player sales.

So what if Rangers did not actually "walk away" from Ferguson? What if they simply established what Bologna wanted, worked out what would need to happen financially, and parked it?

Then Lewis himself does an interview on 17 August. Again, plenty in it that works against the conspiracy. He said there had been no concrete offers. He is happy at Bologna. His new manager has plans for him and wants him playing as a mezzala, essentially the proper No.8 role and getting further forward.

Then he is asked about Rangers: "It is my favourite team, and I have always said I want to play for Rangers." He also said if that opportunity comes one day, it will definitely happen. That does not mean he wants to leave Bologna this week, but it does at least remove one potential problem. If Rangers ever did get an acceptable deal with Bologna, I do not think convincing Ferguson to play for Rangers would be the difficult part.

Then there was the captaincy stuff at Bologna. Their new order is De Silvestri, Orsolini, Ferguson. Lewis was previously captain and is now third in the hierarchy. I have found absolutely nothing suggesting that is transfer related, and the following day he played the full 90 against Lazio, so anybody claiming Bologna have quietly pushed him out the door is talking rubbish. He is clearly still an important Bologna player.

Squad building, captaincy, and the missing No.8

Back on 2 July, while talking about the Rangers captaincy, McInnes said he was relaxed about appointing one because, "I am trying to fill the dressing room with a lot of captains." Look at some of the players Rangers have subsequently recruited. Dan Neil has captaincy experience. Vanja Dragojevic captained Partizan while still a teenager.

Dragojevic is primarily a 6, by the way, which is important when you actually look at how this midfield is being built. You have got Neil as the deeper controller, Devlin as the aggressive ball-winner, Dragojevic as the young positional 6, and Kim as the creative attacking midfielder/10. What Rangers still have not really bought is the established, powerful, progressive, box-to-box No.8, which is exactly what Ferguson is.

And then there is the Rangers captaincy, which I know loads of people have already found slightly strange. Shankland was appointed captain on 29 July. He is officially Rangers captain. There is nothing anywhere saying he is an interim captain. But McInnes has subsequently openly acknowledged that Shankland is not necessarily going to start every game and can still have an influence as captain when he does not start. We have already seen somebody else wear the armband when Shankland has not started.

And now Rangers are bringing in Kelsy for roughly GBP9.5m. So Rangers have deliberately appointed a club captain who they know might not actually be in the starting XI every week. That is unusual.

Does that mean Shankland is secretly keeping the armband warm for Ferguson? Of course it does not. There is absolutely no evidence of that. But if Rangers somehow signed a 27-year-old Scotland international, former Aberdeen captain, former Bologna captain, established Serie A midfielder, who knows McInnes and would presumably be starting every week, would anybody be shocked if Ferguson eventually became Rangers captain? Not remotely. It is just another slightly odd thing to throw on the pile.

Then there is the old Rangers Rumours stuff about a signing that would "rock Scottish football" or "rock Scottish football to its core." By August people were still referring back to the supposed "rocking Scottish football in August" story. There is absolutely no evidence any of that was about Ferguson either. It could have been another player. It could still be another player. It could have been complete ITK nonsense from the beginning. I am only mentioning it because the supposed big August/statement-signing story has been floating about for months rather than suddenly appearing this weekend.

The other thing that has changed since the Ferguson story originally appeared is the money. The old argument was always "Rangers are not spending that kind of money on one player." Fair enough. Except we have now apparently committed around GBP8.5m to Minsu Kim and around GBP9.5m to Kevin Kelsy. So whatever else anybody thinks of the new ownership, they clearly will spend serious money when they think they have found the right player.

That does not mean they will pay GBP15m-GBP17m for Ferguson, but I do not think "Rangers cannot operate at that level" automatically ends the discussion anymore. Especially when the original Ferguson reporting specifically talked about how the transaction could be structured rather than Rangers simply paying the entire headline fee immediately.

And that takes us to tonight, 30 August. Raskin has been left out again while his future is unresolved. McInnes said after Aberdeen that there are currently no bids in for Nico. That is important because there is no point pretending something has happened when it has not.

As things stand tonight, there is no current Rangers bid for Ferguson that we know of. There is no agreement. There are no reported personal terms. There is no medical. There is no evidence of active Rangers-Bologna negotiations. Ferguson is a Bologna player and is involved in their team. That is the factual position.

My theory is much simpler. Rangers spoke to Bologna in June and discovered what Ferguson would cost. They investigated whether a deal could be structured. They knew significant outgoing money would probably be required, and Raskin was the obvious player capable of generating it. Bologna themselves were interested in Raskin, and also had longstanding interest in Barron.

Rangers then rejected GBP12m-GBP14m for Nico because they wanted significantly more. Rather than spend the whole summer publicly chasing Ferguson when they did not yet have the money coming in, perhaps they parked it.

Meanwhile McInnes tells us, "Sometimes you need to wait for the better ones." Rangers go about rebuilding the squad. Neil comes in. Devlin comes in. Dragojevic comes in. Kim comes in. Kelsy comes in. And yet that obvious senior No.8 still has not appeared.

So I am not really watching Lewis Ferguson at the moment. I am watching Nico Raskin. If Raskin stays, I do not think Ferguson happens. Simple as that. Raskin gets reintegrated, Ferguson stays in Bologna and this whole post can be filed under "some person had far too much time on his hands on a Sunday."

But if somebody suddenly puts GBP18m-GBP20m+ on the table for Raskin before the window shuts, that is when I am watching Bologna. Because Rangers would not necessarily need to start exploring Ferguson from scratch. They have already spoken to Bologna. They already know roughly what the player costs. They have already explored the deal. They have apparently already looked at how it would need to be structured. The player has publicly said he wants to play for Rangers one day. McInnes knows him. And suddenly Rangers would have the financial trigger that was being talked about back on 2 July.

Imagine the phone call. "GBP20m for Raskin." "Accepted." Five minutes later: "Buongiorno lads. Remember us?"

That is it. That is the conspiracy. And the boring explanation is still probably the right one. Rangers asked about Ferguson. Bologna wanted too much. Rangers moved on. Raskin stays. Ferguson stays.

But if Raskin goes for around GBP20m, Rangers suddenly go very quiet and something starts moving in Bologna before the deadline, I am deleting nothing. Because the one McInnes quote I keep coming back to is the one from 2 July: "Sometimes you need to wait for the better ones." Maybe he meant absolutely nothing by it. But if Rangers have spent the whole summer building this squad and the last piece of the midfield ends up being Lewis Ferguson, then fair play. That would certainly qualify as waiting for one of the better ones.

Written by NOMAD_RANGER August 30 2026 21:35:02