Less than a month ago he was Mr Wallace, formerly of Manchester City, the well respected high flyer that would deliver the truth to Sevco fans as they emerge from the dark days of mysterious ownership and fly-by-night Yorkshire patter merchants.
This morning Wallace is under fire as the obvious target of anger from the groups that declared war on Brian Stockbridge and Jack Irvine who have both exited with their pay-off’s.
Having shielded his paymasters for six months it looks increasingly likely that Wallace is about to join David Whitehouse, Paul Clark, Malcolm Murray, Walter Smith, Charles Green, Imran Ahmad, Ian Hart, Phil Cartmell, Bryan Smart, Mr Stockbridge, James Traynor, Craig Mather and Mr Irvine as a well remunerated footnote as the club races towards administration less than two years after being parachuted into the Scottish Football League.
Having escaped scrutiny due to his ‘impressive cv’ Mr Wallace first came under fire when the Union of Fans issued a statement questioning whether the current chief executive was in line for a 100% bonus. Since everyone else at the club is on the gravy train of bonuses or penny shares it would be absurd to think that he wouldn’t be.
The production of the 128 day review put further focus on Mr Wallace as he handled his first ever media conference where he provided a few nuggets such as becoming Scottish champions in 2017 to please the natives.
Included in the review was the news that credit and debit cards could no longer be used to pay for season tickets after credit firm FirstData insisted that Ibrox Stadium was put up as security against the club defaulting.
While Mr Wallace blamed fan protests for that development, the claim by Sevco 5088, headed by Craig Whyte, over the stadium means that the club board are in no position to offer the stadium as security.
With his limited comments coming under scrutiny next up for investigation was the former Manchester City supremo’s claim that there was no prospect of ‘administration 2’ which added to the myth that the previous club had successfully emerged from administration.
Wallace’s fading credibility came under further scrutiny on Sunday as he attempted to justify the £1.5m emergency loan taken out to meet the February payroll.
At the December AGM, a month after taking up his post, Wallace told shareholders that there were no short term cash flow issues. Seven weeks later the club website was announcing that the club was delighted to announce that it had secured two emergency loans secured against the much loved car park and Edminston House.
Explaining a £1.5m gap in finances in a company with a £19m turnover Mr Wallace said: “It was an issue, yes. I responded to a question at the agm about whether there was sufficient cash to continue to trade in the near term and I said there was.
“That was an honest answer made on the assessment of what was available at the time. As we’ve gone through the review, there were certain assumptions made in the business plan which, when we went to push the button on them, we found they didn’t exist.
“We had to look at an alternative strategy for a very short, defined period of time. So yes, our credibility was questioned.”
Wallace’s catalogue of mismanagement finally pushed the Union of Fans into action last night with a call for club chairman David Somers to suspend the chief executive.
If season ticket sales grind to a halt this week, in the wake of Wallace’s 127 day review, the former Manchester City supremo may be about to return to the ranks of the unemployed as the real powers at the club exercise their authority in a final desperate bid to keep the lights and the wages paid during the long summer months.