The Union of Fans have thrown their weight behind former Gers director King's plans to launch a season ticket trust fund that could see millions of pounds worth of supporters cash withheld from the club until security over Ibrox and Murray Park have been handed over to the Light Blue legions.
Rangers International Football Club plc reported a £14.4million loss in October and there are significant fears amongst fans about the financial picture at the club as they prepare for promotion to the Championship next season.
A UoF statement said: "The Union of Fans has many shareholders amongst its ranks and we have been contacted by a number of them to express their concern regarding the bonus culture which has been prevalent within the Ibrox boardroom over the past couple of years. There has been no clarity on the terms under which new executive directors have been appointed. Most notable amongst these is obviously the CEO, Graham Wallace.
"We would therefore urge Graham Wallace to disclose publicly whether or not he has ended the bonus culture within the club or whether it has continued with new appointments. We do not feel that, under circumstances in which the club is losing large amounts of money on a monthly basis, shareholders should have to wait until the audited accounts are published to find this out. These accounts will not be available until near the end of the year.
"Can Mr Wallace, for instance, earn an annual 100 percent bonus on his salary, which it has been said is in excess of £300,000 a year?
"In the past we have seen Charles Green double his salary with a 100 percent bonus, while ex financial director Brian Stockbridge was also awarded a £200,000 bonus to double his salary. Will Graham Wallace also be able to double his salary to considerably more than £600,000 a year or has he ended that type of bonus culture within the Ibrox boardroom?
"Once again we would ask Mr Wallace to act on his stated intention to be open and honest with fans and shareholders. So far we have heard a lot of words about engagement and building trust but no real action. If he wants to build trust then he should be happy to rule out that this type of culture is still ongoing.
"We also still await answers to the questions posed by Dave King and in particular the question regarding Mr Wallace's AGM pronouncements about the cash position of the club, which we do not believe to have been true. Mr Wallace cannot continue to ignore these extremely serious questions if he expects to build any sort of trust with the fans and shareholders."
In response tonight, a Rangers spokesman said:
"Rangers Football Club does not comment on the details of any employee's compensation.
"Mr Wallace, as a director of Rangers plc, will have his remuneration fully disclosed in the annual accounts in the normal manner.
"The club will update fans and shareholders on its business review next Friday as previously announced."