The League One leaders this week secured loans totalling £1.5million from two major shareholders - Laxey Partners and Sandy Easdale - which led the South Africa-based businessman, who lost his £20million investment when Rangers were liquidated, to urge fans to seek several guarantees, financial and otherwise, before buying season tickets.
King, a former Ibrox director, wants to lead a fresh fundraising drive for the club, through a new shareholder, but does not believe that the current board will allow to do that.
Wallace also said that the £1.5million facility was part of the business plan he inherited last year and "not a crisis loan".
The figures, to the end of December 2013, reflect a rise in profit from £14.9m, with the headline figures boosted by the club's involvement in the Champions League and the sales of Gary Hooper, Victor Wanyama and Kelvin Wilson last summer.
The former Ibrox director has expressed his concerns that decisions made in the coming weeks will affect the team's ability to compete with Celtic when they eventually return to the top flight.
The South Africa-based multi-millionaire businessman has offered a financial olive branch to the Ibrox board. But he has urged the Ibrox powerbrokers to offer Paul Murray a place on the beleaguered board as a compromise after months of bitter public mudslinging.
The current directors are up for re-election and four nominees are seeking a place on the board, while some supporters have protested against the way the club has been run.
as Rangers enter the territory of great teams of the past.
Events during last weekend and into Monday brought matters to a head, and meant decisions had to start being made.
Sources in the city revealed that Mather had flown out to try to convince King to make a return to the club in an influential role.
