Rangers Defender Olwethu Makhanya Valued at £12.3m in CIES Study

Rangers defender Olwethu Makhanya has been assigned an estimated transfer value of £12.3m by the CIES Football Observatory, less than two months after completing his move to Ibrox.

The figure is more than four times the approximately £3m fee reported by Sky Sports when the South African international joined from Philadelphia Union in July. Published on September 23, CIES’s latest study ranks the ten highest-valued players in each of 55 leagues outside Europe’s top five.

Makhanya sits ninth in the Scottish Premiership list and is its highest-ranked centre-back, narrowly ahead of teammate Emmanuel Fernandez at around £12m. The 22-year-old has already made a positive impression in Derek McInnes’s side, and his partnership with Fernandez has been central to Rangers’ recent defensive improvement.

Their performances against Celtic have provided the clearest indication yet of what that combination can offer. The pair helped the Light Blues record successive clean sheets against Celtic, following a 3-0 Premier Sports Cup victory at Ibrox and a 1-0 Premiership win at Parkhead seven days later.

Rangers entered the international break with five shutouts in six matches. Makhanya has previously told RangersTV, "The partnership and the relationship with Emmanuel Fernandez is growing. We have a togetherness as a group, and that’s what we want."

Nevertheless, the Gers won't be worried about a transfer swoop as the initial contract has some pretty favourable terms. The South African defender signed an initial four-year agreement with the option to extend for another season.

Before his transfer to Glasgow, Makhanya was playing in the MLS following his arrival in the States in 2023. The 22-year-old first progressed through Philadelphia's second team, after which he made 42 MLS regular-season appearances for the senior side.

Makhanya helped the club secure the Supporters’ Shield in 2025. The defender has also already received international recognition this year, as he made his first-team debut for South Africa.

He debuted against Nicaragua and was then selected to travel back to North America for the 2026 World Cup. Nevertheless, the defender's market value estimate is encouraging and well deserved, considering his rapid development.

If Makhanya continues to progress in a similar fashion on the Isles, the Light Blues will have an imposing man to secure their defence. Likewise, a transfer can also be valuable if the club and the player decide to part ways. For now, however, consistency will be the main topic surrounding McInnes' reign, while Makhanya is on the way to becoming an important piece of that puzzle.