The following season saw Rangers financial problems continue. A quiet summer in terms of transfer arrivals contrasted to the outgoings. The club removed eleven players who had made first team appearances from the wage bill on permanent and loan deals. The only addition to the playing staff was Jérôme Rothen on a season loan, Rothen was the first player to sign for the club in over a year. On 26 August, chairman David Murray stepped down and was replaced by non-executive director Alastair Johnston. Johnston stated that one of his main priorities was to find a buyer for owner Murray's shares. On 24 October, Rangers manager Walter Smith was reported to say that Lloyds Banking Group, who the club was in debt to, was "effectively running the club". On 12 November, the extent of the club's financial problems was shown to be £31 million in debt, a rise of £10m from the previous year.