Graham Wallace vows Rangers won’t go bust

Rangers chief executive Graham Wallace has vowed that Rangers won't go bust. Picture: PA

Paul Murray has warned fans that Rangers will go bust unless the current board is ousted at Thursday’s AGM, but Wallace stated: “That is categorically not the case.”

Finance chief Brian Stockbridge caused panic among the Ibrox fans when he claimed that the club would be down to just £1 million in the bank by April next year.

But in an interview with The Scottish Sun, Wallace allayed fears by reassuring fans that there were adequate funds.

He said: “Looking at the financial position of Rangers as I have in detail there is sufficient cash in the business to meet our short to medium term needs.

“We have to develop a business plan that will see us over the next five years. Then we can talk to investors about additional investment.”

On the subject of attracting potential investors, Wallace added: “We must show them the vision of Rangers, how we want to get competitive in Scotland and Europe again.

“I have met with a considerable range of current investors who are all very supportive.

“Right now the worry is the climate we are in, with competing interests trying to gain control of the club.”

Wallace insisted he wanted the shareholders to have a voice and vote to give the club a platform to move forward, but warned: “It’s difficult to do that in an environment where all you are reading about is boardroom turmoil and shareholder unrest.”

Wallace has so far refused to play the supporters card, as many have previously done, and told The Sun: “I am a professional businessman who is 100 per cent focused on doing my best for Rangers.

“I’m not going to claim to be a token Rangers fan but I understand what the club means to fans. I hope I can demonstrate that going forward. We must look at the strategic plan and where we see our ability to develop Rangers.

“People want to see us with a solid mandate and a clear vision. I hope after Thursday we have that.”