In November 2005, manager Harry Redknapp resigned to rejoin Portsmouth, and was replaced by George Burley. Rupert Lowe resigned as chairman in June 2006, and Jersey-based businessman Michael Wilde, who had become the club's major shareholder assumed the post. Following a club record £6 million being spent on transfers, Polish strikers Grzegorz Rasiak and Marek Saganowski performed well and the season saw the introduction of 17-year-old left back Gareth Bale. Southampton finished in sixth place and lost the play-off semi-final to Derby County on penalties. The board sought new investment in the club, and In February 2007 Wilde stepped down as chairman to be replaced by local businessman Leon Crouch as "Acting chairman", a role Crouch retained until 21 July 2007. In the 2007–08 season, George Burley revealed that players such as Bale and Kenwyne Jones had to be sold to stop the club going into administration and that failing to achieve promotion had put the club in serious financial difficulty. Burley left the club in January 2008 to take over as Scotland manager and was replaced by Nigel Pearson who saved the club from relegation on the final day.