New Sevco chief helped Manchester City to world record losses
While Garry Cook made the big decisions as Chief Executive Wallace was left to face the music as the club announced it’s financial results after a massive spending spree under manager Roberto Mancini.
“Our losses, which we predicted as part of our accelerated investment strategy, will not be repeated on this scale in the future,” Wallace explained in November 2011. “These financial results represent the bottoming out of financial losses at Manchester City before the club is able to move towards a more sustainable position in all aspects of its operations in the years ahead.
“As we undertake the club’s commercial transformation, we are cognisant of the incoming Uefa financial fair play regulations and consequently we continue to maintain positive and ongoing dialogue with all appropriate football authorities.”
Shortly after that announcement Wallace left Manchester City.
The appointment of the heavyweight chief executive is another blow to the Ibrox rebels hoping to take over at next months first ever AGM.
Led by the dynamic duo of Paul and Malcolm ‘golden chinos’ Murray the rebels have been given public backing by a small but vociferous group of supporters but have found little in the way of shareholder backing.
On Wednesday of this week Laxey Holdings from the Isle of Man secured an 11% share in the troubled company and indicated to their media managers that they will be backing the current regime.
With support drifting away from the rebels the SFA should be spared the difficult moment of refusing Paul Murray a place on the board since he was a director of Rangers in the twelve months prior to the club going into liquidation.