By Chick Young

Jelavic was signed by Rangers from Rapid Vienna on Friday

Rangers' £4m capture of Nikica Jelavic might not be the Scottish champions' last piece of business before the closure of the transfer window.

Walter Smith had said before the Croatia striker's arrival from Rapid Vienna that there were no more funds.

But it is understood that there is still further money for the manager to use if he wishes to strengthen the squad before the transfer deadline.

Until this summer, he had not signed a player for more than two years.

Debts of more than £30m meant that Lloyds Banking Group had forced the club to implement severe cutbacks, especially in player wages.

However, figures are expected to be announced in the next month or two that will show that Rangers have wiped out a substantial amount of their debt.

Rangers have achieved this by major cuts in their playing staff and such items as cleaning bills and maintenance.

The summer departures of Kris Boyd and Kevin Thompson to Middlesbrough, Nacho Novo to Sporting Gijon and Stevie Smith to Norwich City have also reduced the wage bill.

In addition, a transfer fee was paid by Boro for midfielder Thompson.

Unlike most clubs, who have bought players in instalments, Rangers have paid up front and therefore do not have such a burden.

Rangers will also benefit from city rivals Celtic's failure to reach the Champions League group stages.

Because the national pot would have been split between the competing clubs, Rangers will not now have to share a likely £10m purse from their participation in Europe's premier club tournament.

All that means that Smith, who has been claiming about a lack of depth and experience in his squad, still has a limited amount to spend should he feel he requires to add to his squad.

Jelavic became Rangers' most expensive purchase in eight years when he completed his move from the Austrian club on Friday.

Rangers had already recruited fellow striker James Beattie from Stoke City and winger Vladimir Weiss, who arrived on loan from Manchester City.

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