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27 October 2014, 08:05
Graham Wallace has resigned as Rangers' chief executive just two days after failing to stop Mike Ashley grabbing power at Ibrox.
The League One champions confirmed former Manchester City executive Wallace's departure in a 7am statement to the Stock Exchange.
In a separate statement made to the AIM - a sub-market of the London Stock Exchange - the crisis-hit club also announced it had accepted Ashley's £2million loan offer, effectively handing control to the Newcastle United owner.
Wallace was brought in as chief executive last November by PLC chairman David Somers to lead the restructuring of the club.
He was criticised by the fans for failing to reveal the true state of the club's fragile finances, and also found himself at odds with football board chairman Sandy Easdale - who controls a significant 26 per cent stake through shares and proxies - as he tried to push through a £16million rescue package being offered by former oldco director Dave King.
Easdale, though, was determined to forge an alliance with Ashley, and the Sports Direct tycoon has now got his way.
Wallace's only ally on the board, finance director Philip Nash, resigned on Friday and now he has also decided to walk.
The Stock Exchange statement on his departure said: "Rangers announces that Graham Wallace, chief executive officer, has resigned as a director and employee of the company and its subsidiaries with immediate effect.
"The directors would like to thank Graham for his contribution to the club during a difficult period.
"The board has commenced the search for a chief executive officer. A further announcement will be made in due course.''
Wallace's exit will come as a major blow to boss Ally McCoist, with the pair having formed a close bond in the 11 months they worked together.