To listen to Wallace, who actually seems a reputable figure, this move by Rangers is a mere humdrum piece of business, a negotiation which is really nothing out of the ordinary. A bit of "tiding over", so to speak.
Loading article content
Another way of putting it, as many weary Ibrox followers are attesting, is that this football club continues to flounder on the rocks financially, and cannot yet even be self-sufficient.
Why else, with three months still to go until season-tickets sales start to accrue, must the bucket be passed around with a large sticker slapped on the side saying: "Please give generously."?
Wallace is being a tad economical with the truth when he says this loan deal involving Sandy Easdale and Laxey Partners "makes the most sense".
It might do, to a degree. But every pound is a prisoner for Rangers these days as the club lurches back to financial rectitude, right? So the loan cost of £150,000 to Laxeys, while small-beer in football these days, is still a charge Rangers could do without.
Also, listen to this from Wallace over the past 24 hours: "Big incomes [will be] generated early in the summer…we have some fairly significant income streams that will arise…"
For those Rangers fans in despair at the current Ibrox regime - and God knows there is considerable wailing about it - Wallace is here touching on one potentially prized weapon: season-ticket sales.
Figures vary for this, depending on which source you check, but Rangers supporters will shortly be pledging somewhere between £10-£12 million to the club for their renewed season books.
The question is, should they? Or will some supporters decide that the only way to force boardroom change is to starve the club's custodians of the very money which Wallace is openly saying he cannot wait to get his hands on?
The issue of a potential season-ticket boycott gives Rangers fans real power - that much is obvious - but is also fraught with anxiety. The fact is, while it would undoubtedly flex political muscle, a boycott undeniably would hurt the very club these supporters love.
More than one prominent Rangers supporter has told me in recent weeks that a season-ticket boycott may be considered but, as one put it, "only with the heaviest of hearts".
This would surely only be the last resort of a support at its wits end with the way their club was being run.
In this context Wallace might draw comfort from this: the Rangers support, despite everything their club has been through, in a way remains strangely apolitical.
There remains a deep-seated loyalty, but also a passivity, a lack of action, in a vast cross-section of the Ibrox support. The Rangers Supporters Trust, even after years of mayhem and mismanagement of their club, still cannot boast more than a pretty feeble membership of around 2,500.
For a club the size of Rangers, with its huge following, the RST and its various affiliates cannot seem to cut through the fog of apathy to rouse a support to action. There are loud, acerbic, highly vocal Rangers fans in cyberspace, but they are very much a minority.
This may, in fact, give Wallace the time he needs to turn the club around and win over his detractors. If Wallace is cute, he will make promises about "jam tomorrow" to Rangers fans. What he needs, more than anything, is time to get his sums and his balance-sheet right.
As for the perennial Dave King: he hovers on the side, he occasionally dangles his juicy carrots, but he still doesn't set out precisely when or how much he would commit to Rangers in any renewed cash-raising exercise.
Even those of us who doubt King's suitability, given his tax convictions in South Africa, can appreciate that he remains the great saviour-in-waiting for many Rangers fans.
King is loaded with wealth. That appears to be all that matters to his supporters in this Ibrox circus.
Meantime, Graham Wallace craves time and breathing space. And he will probably get it.