Rangers beat an unnamed Italian club to the signing of Emmanuel Fernandez, claims Peterborough chairman Darragh MacAnthony.
The Ibrox club are believed to have paid around £3.5million to sign the central defender from the English League One side as Russell Martin bolsters his defence.
The 23-year-old is highly thought of at Peterborough after impressing last season having taken time to settle following his move from non-league Ramsgate.
Fernandez had previously passed up on the opportunity to go to Norwich and MacAnthony has been asked why this deal was the right one for both player and club.
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He told the Up the Posh podcast: "Rangers is one of the biggest clubs in Britain. I'm not a Rangers fan, but at the end of the day it is a massive football club.
"We knew Rangers were in for him. Russell had tipped off the manager that he was on their radar.
"Barry had been working on it for five weeks. But here's the thing, there was an Italian club that just got promoted from Serie B or whatever it's called that were also at the table bidding, in the many bidders.
"Here's what will blow your mind. A lot of recruitment now is data driven. If you look at the data sites and look at centre halves under 24 that have 68-plus percent aerial win rate, Manny is way up there.
"Throw in the fact people would watch the Everton game in the cup, the Birmingham game at Wembley. You look at Manny in those games.
"I think Manny will kill it in Scotland. I think Rangers have got a bargain and we'll make millions more."
The three Italian sides promoted from Serie B were Sassuolo, Pisa and Cremonese.
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