Stevenage F.C.
In 1999, he purchased a 90% holding in Stevenage F.C. after it was reported that the club were days from closing. Since then the club's finances have been rebuilt and the stadium improved to a 7,100 capacity. The improvements implemented by Wallace included a new £600,000 stand opening, and work on a new £2.5 million training facility was announced for nearby Shephalbury Park - which subsequently opened in 2002. The club also continued to improve on the pitch under Wallace's chairmanship. During the 2001–02 season, Stevenage reached the FA Trophy final at Villa Park, but lost 2–0 in the final. Wallace continued to run a tight ship as Stevenage showed signs of gradual improvement. Stevenage became the first side to win a competitive final at the new Wembley Stadium in May 2007; winning 3–2 in the final in front of a competition record crowd of 53,262. This success was repeated again in 2009, when Stevenage Borough defeated York City in the final 2–0. In 2010, they competed in the FA Trophy final at Wembley Stadium once again.