Published Monday, 26 October 2009
Murphy stepped in following reports the banking group, 43% of which owned by the taxpayer, had threatened the club with administration over its debts.
Ranger boss Walter Smith claimed on Saturday the bank was now effectively overseeing the club's spending and that all the players had been up for sale since January.
Current majority shareholder Sir David Murray has declared his intention to sell his interest in the Light Blues, who are carrying debts of about £30m.
On Sunday the club confirmed they had received "tentative enquiries" from potential purchasers.
"If a new owner comes in, he might want to change the manager," said Smith.
"There's no point me doing anything other than what I'm doing at the moment until the club's situation has cleared up.
"We said in January that the players were up for sale so how can the manager then say he's in a safe position when the club are in this situation?"
Smith's current contract expires in January and he is prepared to work without one until a buyer can be found.
In a statement, Lloyds banking group said: "We do not run or manage the companies that we bank - that is, quite properly, the responsibility of the management.
"Given the recent press coverage, we would therefore like to be clear that Rangers FC is neither operated or run by Lloyds Banking Group.
"We would also like to be clear that Sir David Murray's decision to step down as chairman was a personal decision and not at the behest of Lloyds Banking Group."
It is understood the bank has not raised the prospect of Rangers being placed in administration if club bosses failed to introduce a series of cost-cutting measures at Ibrox.