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As has been rumored since mid-December, Chelsea have reached an agreement to make a signing for the Youth Academy (or the Loan Army, if you’re the more cynical type), acquiring bright young prospect Billy Gilmour from Rangers.

Rangers’ official statement reveals that they received a “significant sum” plus further possible bonuses for the 15-year-old who turns 16 in June and had already been playing U20 football in their Academy, including an appearance in the Scottish U20 Youth Cup final against Celtic. Previous rumors put Chelsea’s bid at £500,000 (+bonuses), which, in the grand scheme of things, is not much at all.

Rangers can confirm that agreement has been reached for our under-16 player Billy Gilmour to join Chelsea in the summer.

The club’s preference would have been for Billy to stay at Rangers but when he made clear his desire to move to the Premier League it was important that we maximised the commercial value for him. We believe we have done this.

The agreement will provide Rangers with a significant sum for a young player who has yet to play first-team football, and further significant amounts could be due based on milestones being reached. We are pleased with this outcome and believe this deal represents good value for Rangers.

That he was sought after by many Premiership clubs, and indeed a number of the largest clubs in Europe, further demonstrates the quality of player now being produced by the Academy. Everyone at Rangers wishes Billy well for his future.

Gilmour will be joining as a first-year scholar, ready to make an impact at U18 Premier League and FA Youth Cup level, and hopefully progressing steadily from there.

Welcome, Billy and best of luck!