Isle of Man-based hedge fund Laxey Partners have become the largest shareholder in Rangers following a £1.4million deal, and signalled they would back the current board.
The group took its shareholding to 11.64 per cent of the company, Rangers International Football Club plc, after buying more than 3.3million shares.
The purchase was made on Wednesday and Rangers notified the London Stock Exchange of the change of shareholding on Thursday.
Laxey Partners now has more than 7.5million shares and also has a deal in place to buy more than 700,000 shares from former Rangers chief executive Charles Green when he is free to sell his pre-share issue holding on December 19.
The club's annual general meeting will be held on the same day when former chairman Malcolm Murray and allies including Paul Murray will put themselves forward for election to the board.
Laxey signalled that they would vote in favour of the current board members at the AGM.
The PLC board consists of Green ally Brian Stockbridge, Greenock-based businessman James Easdale plus three recent additions - Wallace, acting chairman David Somers and Norman Crighton.
Laxey founding partner Colin Kingsnorth said: "We will be voting for the current board at the AGM. It feels like the requisitionists have pushed the pace of change for the good and there is now a professional and competent board in place.
"This is not the old board but new, good people. Graham Wallace seems very good news. The days of wheeling and dealing seemed to have passed and a professional board is in place - we want to give them a chance to get on with it."
Meanwhile, the Rangers Supporters Trust has responded to the appointment of Mr Wallace as the new Ibrox chief executive by urging him to act in the best interests of the club and not the warring factions battling for control.
The 52-year-old replaced Craig Mather in the role on Wednesday, following his predecessor's resignation last month.
Wallace brings with him past experience of football's top level, having previously spent four years at Manchester City, most recently as chief operating officer.
A spokesman for the fans' group - which was set up to campaign for fan ownership of the Glasgow giants - said: "Mr Wallace seems to have plenty of experience and we are sure everything he has achieved, he's done so by being his own man.
"We hope that is they way he will continue at Ibrox and that he genuinely wants what is best for Rangers.
"However, the appointment of any CEO or director, unless they state otherwise, doesn't necessarily help the aims of the RST in delivering fan ownership to Ibrox. Our model is the only model that will ensure Rangers will be run for the right reasons."
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