Duff and Phelps say there are minor issues to be resolved but a deal
is in place to keep the playing squad intact and prevent redundancies
among the general workforce.
In a statement, joint administrator Paul Clark said: "We are pleased
to announce today a package of cost-cutting measures has been agreed
with the Rangers playing staff that enables the club to move forward."
Players have agreed cuts ranging from 25-75% while coaching staff
have also accepted reductions, while administrators confirmed
midfielders Mervan Celik and Gregg Wylde had volunteered to leave the
The statement continued: "The agreement on very substantial wage
reductions and voluntary departures from the club represents a major
sacrifice by the Rangers players.
"The discussions have been lengthy and by no means easy for anyone
involved but the most important objective in all of this process has
been to achieve an outcome that will help save the club.
"There are a small number of matters still to be dealt with over the
weekend but we do not believe these will be insurmountable in the
completion of an agreement.
"The players deserve great credit and we are in no doubt that this
agreement is the best way to achieve the necessary cost savings to
ensure the continuing operations of the club while preserving the fabric
of the playing squad.
"The agreement has also directly prevented substantial job losses among non-playing staff both at Ibrox and Murray Park.
"This has been a difficult week for everyone at the club and we are
pleased that we can now move forward and focus on the next steps in the
Some cuts have been made, namely the closure of the London office,
which was opened in January with the appointment of global partnerships
director Misha Ser.
The statement confirmed: "As regards non-playing staff, job losses will be kept to a minimum.
"The recently opened London office will close and another recently appointed employee will leave the business."
Clark added: "Everyone involved in the process, the Duff and Phelps
team, the manager, the PFA Scotland and, most importantly, the players
themselves made every effort possible to reach a consensual position
where job losses among the playing staff were either prevented or kept
to the minimum.
"This required a commitment to very substantial temporary wage cuts
and we're very pleased to say that after all our discussions this has
"The considerable sacrifice the players at Rangers
have made has saved the jobs of other people at the club and we fully
recognise the football staff are paying a very heavy price for the
"It is to their eternal credit the players and the management have
sought to find a solution that helps protect the fabric of the club.
"We are especially grateful to the manager, Ally McCoist, who has put
the interests of the club, his players and the staff first and foremost
at all times.
"Senior first-team players have also been very helpful in trying to secure a successful outcome."
Clark later revealed the hold-up to securing all the signatures was
mainly down to the fact some players were not present. The likes of John
Fleck and Kyle Hutton are out on loan.
Speaking at a media conference broadcast live by Sky News, he said:
"Some of the players just weren`t available today, for instance some of
them are no longer in Glasgow.
"So we haven`t got every single signature but there are very, very
few and we expect them to be dealt with in the next couple of days.
"We believe there is complete consensus, it`s simply people that are not available to sign the documentation."
Clark expressed confidence that Rangers would fulfil their Clydesdale Bank Premier League fixtures.
He stressed they had needed to find balance between retaining value in the club and also cutting costs.
Interested party Paul Murray had urged the administrators not to cut
players and make a new owner`s rebuilding job more expensive.
He said: "It would have been all to easy to simply cut players. That would have been the easy option.
"It may have destroyed value within the club and also the ability for the club to succeed on the field."
Rangers will earn around $1.8 million more should it finish second in the
SPL rather than third. The club is currently three points above Motherwell.
The statement added that the club remained in a "perilous" position but repeated the administrators' belief that the future of Rangers could be secured.
Clark told reporters: "The prospect of people buying Rangers Football Club remains our primary objective.
"That`s something we have continued talks about in the last few days
and there are a number of further meetings taking place next week.
"We have set a date of next Friday that the buyers should prove their
worth and place indicative bids so we can decide which of the parties
are really serious about acquiring Rangers Football Club."