Scotland left-back Lee Wallace said Tuesday he would be staying at Rangers despite the growing likelihood the cash-strapped Glasgow giants will be kicked out of the Scottish Premier League.
In all, six top-flight clubs, responding to pressure from their own fans, have said they will oppose any attempt by English businessman Charles Green, who recently took over at Ibrox, to get his new company or 'newco' Rangers admitted to the SPL.
But Wallace told Rangers' official website on Tuesday: "The fans showed great faith in us all during tough times and I still feel I have more to show them during the remainder of my contract."
Steven Whittaker and Steven Naismith announced Sunday they would exercise their right not to transfer to Green's company, which bought the assets and business of Rangers for £5.5 million ($8.6 million).
However, the 24-year-old Wallace said: "My personal decision in no way condemns or judges those made by my fellow professionals as I believe each person has different circumstances and reasons which will determine the road they choose to travel at this particular time."
Wallace signed a five-year contract when he joined from Hearts in August last year in a deal worth £1.5million.
Because of their financial problems, Rangers could be kicked down to the third division of the Scottish Football League, with their top-flight status set to be decided at a meeting next month.
But the prospect of Rangers -- who along with Glasgow rivals Celtic have been one of the major two powers in Scottish football history -- spending a lengthy spell outside the top flight could do immense damage to the gate receipts and broadcast income of their rival SPL clubs.
Consequently, there has been speculation that officials are working on a compromise plan that would see Rangers relegated to the First Division in the hope they'd make a quick return to the SPL.
Rangers require an 8-4 majority for the 'newco' -- the new company formed after the original club went into liquidation earlier this month -- to be included in the top flight next season when all SPL clubs vote on the issue at a general meeting on July 4.
The Gers are allowed to vote but they need seven other clubs to vote in their favour and now need u-turns from at least two teams for that to happen.
The vacancy in Scotland's top flight could instead be taken by either relegated Dunfermline or First Division runners-up Dundee.
Meanwhile prosecutors ordered police Monday to open a criminal investigation into the takeover of Rangers by Craig Whyte in May 2011.
Businessman Whyte bought an 85% shareholding in Rangers for £1 from previous owner Sir David Murray and made several pledges in terms of future investment and paying off the club's bank debt.
However, Rangers went into administration on February 14 this year following court action from UK tax officials.
Immediately after being appointed, the club's administrators announced that Rangers had failed to pay about £9 million ($14m) in tax since Whyte's takeover.
They also revealed that the club had paid off a debt to Lloyds Banking Group from a £24.4million ($38m) capital injection from investment firm Ticketus, which was secured on the back of future season ticket sales.
The tax debt was most recently listed at more than £21 million ($32.7m).
Source: AFP
