Wallace has spent the last four months conducting a root-and-branch analysis of the financial health of the League One champions and is set to begin a process of cost-cutting measures.
Rangers have burned through almost £70million of season ticket cash and funds raised when the club was floated on the stock market two years ago, but Mr Wallace has played down the prospect of the Ibrox outfit going into administration for a second time.
There were suggestions yesterday that about 20 jobs may be lost at the club - but that figure was never confirmed.
However, Mr Wallace hit back at claims by club shareholder Sandy Easdale that Rangers could be plunged into a second liquidation crisis.
He insisted there was no threat of another insolvency and rebuked Mr Easdale who, he said, had no authority to make such comments.
Mr Wallace confirmed funds would be made available for manager Ally McCoist to strengthen his squad for the Championship campaign, while a new chief football operations officer and chief commercial officer will be appointed.
He said: "I spoke to the staff this morning at the same time as we made the announcement to the Stock Exchange.
"I talked to them about the new organisational structure we are putting in place and that there would be a small number of potential redundancies.
"The staff know. We will manage it in a proper process in terms of looking at the new organisation and looking at people's suitability for roles.
"We are talking a small number of positions."
The news of Rangers' alarming spending patterns in recent months shocked supporters, many of whom have protested against the Light Blues' board in recent months and are preparing to withhold season ticket cash in an attempt to force regime change at Ibrox.
As revealed in later editions of yesterday's Evening times, the document detailing Mr Wallace's review says Rangers will need to raise up to £30million over the next three years as they attempt to reach their stated aim of winning the Premiership "by season 2016/17".
However, former director Dave King is the only potential investor to come forward with the promise of fresh cash.
Mr Wallace said: "We have never said we would look to run this club on a limited cost basis.
"We said we would look at every pound we were spending and ask ourselves if we were spending it in the right areas. I think we have been true to that.
"So what we are setting out is a summary of the position as it was, an assessment of where we are today but, more importantly, a vision of where we want to take the club over the next three to five years.
"We have spent a decent amount of time on a proper robust business plan.
"I said at the time there was no point in going out and looking to raise funds if you have not got a robust plan that sits behind that.
"So that is what we have done and I very much hope the Rangers' fans will look at what we have said and support us with a sense of comfort that we are running the club in the right way; that we have a sense of ambition; and that their aspirations for a successful team on the field is equally matched by those of us in the boardroom who are trying to grow and develop the club."
However, a number of fans have expressed their fears and frustrations about the state of the club.
Supporters took to internet messaging site Twitter to voice their views.
One user, calling himself BarcelonaNil, said: "Who would buy a season ticket from an organisation in financial trouble without the guarantees provided by a credit or debit card?"
Another, Craig Leckie, said: "Think it's safe to say employee of the year won't be going to Rangers financial adviser."
Moist von Lipwig wrote: "How does a football team with a clean slate and a 50,000-seat stadium find itself facing administration in less than two years?"
Another user, David Fry, simply said: "Seriously, what is going on at my football club?"