The Light Blues this week clinched a shirt sponsorship deal with online casino giants 32Red, who will replace Blackthorn in the summer and become the Gers' partners for the next three seasons.
Ally McCoist's side are just one season away from their return to the Scottish top flight and chief executive Wallace said: "We are delighted to announce this deal. It shows we are making substantial progress off the field.
"This is a good long-term partnership for Rangers.
"We can leverage the strength of the 32Red brand and this deal can help reinvigorate the Rangers brand domestically and internationally.
"We are working very hard to re-energise and reposition the club on the international stage. That goes hand in hand with our progression up the leagues and we are planning for next season in the Championship with one eye very firmly on the seasons beyond that.
"Having a strong commercial partnership portfolio is very important to the club.
"Attracting blue chip brands to be partners allows us to grow our commercial revenue which in turn allows us to reinvest right across the business. We are very pleased with this deal and it is the first, tangible step in our new commercial strategy.
"The Championship will be a very competitive division and we are doing all our preparation to make sure that, in the true traditions of Rangers Football Club, we expect to be competitive and we expect to be successful."
Wallace is due to complete his 120-day overview of the books at Ibrox on Friday but the club confirmed this week that they will only publish an 'update' on April 25.
Wallace said: "We will shortly be publishing the results of the club's business review, as we committed to do, following an in-depth review of all areas of club operations.
"This will give fans an insight into understanding the current status of club operations and how we are working to put in place what is needed to build for future success."