FOR Walter Smith, the chink of light in what has been more a transfer prison than transfer window arrived just as the door was on the verge of slamming shut.

With the 5pm signing deadline looming, the Rangers manager finally managed to secure the services of his one and only signing during the summer transfer window in the shape of French international Jerome Rothen.

Having successfully negotiated his release from PSG on a season-long loan deal the previous evening, the Ibrox club wasted no time in flying the 31-year-old winger to Glasgow to conclude the deal with just hours to spare.

Rothen wasn't Smith's first-choice signing target for the left of his midfield at the start of the summer, however, the Light Blues gaffer is delighted at signing him, especially as he had all but given up on the notion of improving his squad.

The Frenchman will finally provide the Rangers manager with a natural left-sided midfielder and put an end to the likes of Kyle Lafferty, Steven Naismith and young John Fleck being forced to operate in a position alien to what they are used to. He comes with a wealth of experience, having played for Monaco in the 2004 Champions League Final and has represented his country on 26 occasions.

Although not blessed with the explosive pace Smith would have preferred, the Ibrox boss realises his arrival will provide his team with a better balance and someone who will not be fazed at the prospect of starring in the Champions League.

And given the fact he honestly expected no new faces less than 48 hours from the signing deadline, Rothen's arrival is something of a bonus for the man who is attempting to lead Rangers to success both domestically and in Europe.

While there weren't as many new arrivals as Smith and the Ibrox legions would have liked, both parties would have been extremely relieved to have seen the signing deadline come and go without any of their star players heading for the exit.

Indeed, you couldn't blame the manager if he secretly engineered a way to prevent all incoming calls into chief executive Martin Bain's office yesterday.

As any call would only have meant one thing - there was a potential buyer on the other end of the phone.

Madjid Bougherra, Steven Davis, Kris Boyd and Pedro Mendes were all continually linked with moves away from Rangers.

Smith had assurances he wouldn't have to cash-in on them, however, a substantial bid might just have proved too tempting too turn down.

Fortunately for Rangers, no contact was made. And so Smith can now focus on the remainder of the year, knowing what he has at his disposal. But does he have a strong enough squad to work with and cope with the demands?

In an ideal world, Smith would have found himself scouring Europe over the last few months, along with his coaching staff, searching for potential new signings in an attempt to take Rangers to the next level.

Instead, the Gers manager has been focusing his efforts more on getting players OUT of the club rather than IN during the current transfer window as the credit crunch well and truly hits home at Ibrox.

Owner David Murray, who recently stepped down as chairman and is actively searching for a buyer to take the club off his hands, has been forced to make drastic cuts over the last six months in an bid to eat into the massive debts.

As a result, Smith's pursuit to improve the team he led to their first championship success in four years has been hampered significantly.

Whilst most clubs, having won a championship - and aim to use that as a lever to land new recruits - Rangers, if anything, have actually lost ground on Old Firm rivals Celtic since the end of last season.

Tony Mowbray has spent £5.8m since taking over at Parkhead by bringing in Marc-Antoine Fortune, Daniel Fox and Landry N'Guemo to boost Celtic's hopes of winning back the SPL title this season.

And although others have departed, Smith has been forced to trim his squad quite significantly since the end of last season. No fewer than 10 players have left the club to cut the wage bill and boost the club coffers.

The first to depart were Brahim Hemdani and Christian Dailly, who were informed there contracts would not be renewed when they expired at the end of last season. They were followed by third choice goalkeeper Graeme Smith who moved on to St Johnstone.

Money was brought in by selling Alan Gow to Norwich for £250,000 and Charlie Adam's sale to Blackpool earned the Ibrox club another £500,000. Andy Webster and Andrius Velicka's loan moves to Dundee United and Bristol City respectively also helped reduce the wage bill.

Out of all the players who have departed the club since the end of last season, Barry Ferguson was the only one who operated consistently in the first team and whose presence, it could be argued, might be missed at times this season.

Off-the-field events, more than football reasons, is why he was sold to Birmingham City in a £1m move.

Just like during the January transfer window, avoiding selling their top stars was the main priority for Smith.

Landing Rothen is something or a luxury for the Rangers manager during these times but time will tell whether it was enough for Smith to produce a team capable of challenging on both fronts. RANGERS MOVES

INS Jerome Rothen, PSG: loan OUTS Barry Ferguson, Birmingham City: £1mCharlie Adam, Blackpool: £500,000Aaron Niquez, Celtic Vigo: freeGraeme Smith, St Johnstone: freeChristian Dailly, Charlton: freeBrahim Hemdani, Unattached: freeAndy Webster, Dundee United: loanAlan Gow, Norwich: £250,000Dean Furman, Oldham: freeAndrius Velicka, Bristol City: loan