The argument on Sands is that Rangers won't want to trigger their exclusive option at the pre-set transfer fee of $6 million. Perhaps that's true, but it's speculation. Even if it is true, it doesn't preclude the two sides agreeing on a lower price.
Sands has gotten a good amount of time this season. He started all 4 Champions League qualifiers. He started 4 of 6 Champions League group stage games, missing 1 because of a red card suspension and was then not in the squad the week after that. He's appeared in 15 of the team's 21 league games, starting 10. Some of the games he was out were due to fixture congestion when they were still playing UCL.
But there's also the period after his red card against Napoli; he was left on the bench for 5 of the team's next 6 games, coming on at halftime of the other.* I can't imagine that he was being punished for the red (which wasn't entirely his fault), but there it is. Then things totally turned around; he appeared in the next 10 games, starting in 9, including 2 Champions League games.
And that leads us to the current situation that suggests problems. He's been on the bench for the last 4 games, including 2 where he was an usused sub. Notably, they have been operating under a new manager the last 6 games.
So, where does that leave things? I get the sense that they do rate him, but haven't really figured out how they want to use him. He's popped back and forth between CM and CB and spent periods out of the Starting XI. Rangers are going to have to make some decisions about how they want the team to set up and play, and the new manager will inform this. Whether Sands fits that plan will probably have more to do with whether they pull the trigger than anything else.
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*- This doesn't include the game where he served his suspension.