Rangers chief executive Graham Wallace insists he did not consider placing the Ibrox club into administration for a second time at any stage during his 120-day review of the club's books.

However, the Gers official admits a "small number" of the Ibrox back-room staff will have to lose their jobs as he presses ahead with plans to reorganise the club's chaotic finances.

Despite those cut-backs, boss Ally McCoist will be given cash to strengthen his squad this summer as the new League One champions step-up a three-year plan to reclaim the Scottish Premiership title.

Wallace was talking at an Ibrox press conference held just two hours after his business review was released to the stock exchange.

The document claimed Rangers have "mismanaged almost all of their cash reserves" since re-emerging from liquidation in the summer of 2012.

They have burned through almost all of the £70million raised after Charles Green bought the club and its assets following the doomed Craig Whyte era.

There is now just a "little less than £3.5m" left in the bank.

And Wallace admitted the club's long-term prospects were being harmed by supporter threats to withhold season-ticket cash as they apply pressure on the club's unpopular board.

The former Manchester City chief operating officer - appointed in November - said: "I still stand by the statement that there is no threat of administration.

"A football club such as Rangers has a significant portion of its annual income from season tickets. But if you have any fundamental change to your flow of income, that has an impact on your bottom line and cash position.

"But as I look at the business today, I am more confident than I have been. We have a very clear vision and clear path forward."

Investor Sandy Easdale admitted on Thursday that season-ticket sales were slow as he claimed the club was in a "fragile" state.

But Wallace said: "There would need to be a substantial reduction in season-ticket renewals for the club to have an operating issue - and I mean a substantial [reduction]."

Should fans continue to play hard-ball with the board, then Wallace says the directors may use powers granted to them at December's Annual General Meeting to allot as many as 43.4million shares to existing shareholders at 1p each in a bid to raise fresh cash - a move which will concern supporters as it allows the likes of Easdale to strengthen their grip on the club.

It will be the first stage in a three-year scheme to pull in up to £30m of fresh investment.

Former oldco director Dave King has been leading the opposition to the ruling regime at the club after finding his attempts to invest much-needed cash into Rangers blocked.

But Wallace refused to rule out a future tie-up with the South African-based millionaire, saying: "I have no issue about talking to Dave King about potential investment. If Dave King wishes to be part of a future equity raise - which he has said he is interested in - then of course the club would be prepared to engage with him."

Wallace announced his review back at December's fiery AGM which saw the rest of the Ibrox board heckled and booed by angry supporters.

The Glasgow giants' share price dropped 15.38 per cent to 22p in the hours after the document was handed to the Stock Exchange at 11am.

Pointing the finger at Green and the club's previous board, Wallace said a "massive opportunity" to rebuild the 54-time Scottish champions in a "controlled and managed way" had been blown.

His review also revealed that fans who do renew their season tickets this summer will not be able to pay with their debit or credit cards after the company responsible for handling the transactions insisted the club grant it security over Ibrox - a demand Rangers rejected.

At his press briefing, Wallace added: "The situation when I joined was worse than I anticipated. I knew there was a significant issue that needed to be confronted but the magnitude of some of the issues mentioned in the report gives an indication of the size of the challenges we have inherited."

The review concludes that among the money frittered away by the League One champions was £2m spent on stadium wifi, LED displays and jumbo screens which were "non-essential and have not generated incremental income".

Wallace says the fact Rangers were forced to take out a controversial £1.5m loan earlier this year was the result of "poor planning" and admitted a number of the commercial deals signed by the club during Green's reign were done so without lawyers being present and were now putting the club under strain.

Rangers are now hoping to renegotiate those contracts or rip them up altogether.

Trying to paint a rosier picture for the future, Wallace did insist "the business is now on track" after business practices were streamlined.

His report adds: "A successful and sustainable future for the club can be achieved if the club continues to be managed professionally, with strong stewardship and standards of governance and has the continued support of the Rangers fans, shareholders and commercial partners."

Fan group the Union of Fans have called off a plan to protest against the board at Saturday's match with Stranraer following the passing of former defender Sandy Jardine.

However, they said in a statement: "We are dismayed and hugely disappointed with the content of Graham Wallace's review, but given events over the past 24 hours, as a mark of respect to Sandy Jardine and his family, we will not be offering any further comment until early next week when we will issue a full statement."

Wallace refused to go into detail about the bonus arrangements in his contract during his briefing.

But former club captain Richard Gough said on his Facebook account: "So we have spent £70million in 18 months!

"Yet this board does not deny that they will receive bonuses for winning Second Division. Season ticket renewals in cash or cheque! Incredible. A review that has taken 120 days which could have taken 10. Your time is up guys. Please leave the building!"