Wallace: There is no threat of administration
The heavyweight CE was drafted in by the cash strapped Third Division champions in November following quickly in the footsteps of Charlie Green and Craig Mather.
Yesterday news emerged that the Ibrox players had rejected Wallace’s plan of a 15% pay cut sparking fears among supporters that the club is heading towards administration just 18 months after being given SFA membership.
The signs look very similar to the lead up to administration for Rangers in February 2012 but Wallace remains defiant despite yesterday’s player revolt.
He told the Daily Record: “There is no threat of Administration II. Categorically.
“This simply sits alongside everything else that we are doing here right now – reviewing the business to put it on a sound footing for the future.”
Wallace added: “What I would say is that I am looking at the entire business. I’m looking at everything and as we go through it we will make some change, absolutely.
“We will build a business structurally and financially that equips us for future success. I have no doubt about that.
“The relationship I have with the manager is good. We both share a similar objective.
“We want to have a winning team, playing good football. The question is how best to do that within the financial envelope that we are operating.”
Financial wizard Brian Stockbridge told a meeting with supporters that the club would be down to it’s final £1m in April, it now seems that that prediction was wildly optimistic.
One of the original backers of Sevco, Dick Hughes sold his two million shares on Wednesday picking up a £500,000 profit while Wallace searches for ways to stem the cash flow.
As well as the chronic loss of cash Imran Ahmad and Neil Alexander are believed to be taking legal action for money due from the Ibrox club.