All of the players who were present at Murray Park today have signed agreements that have prevented the severe job losses Duff and Phelps had warned of to save #1million a month.

The announcement came three and a half weeks after Duff and Phelps took over and two weeks into the cost-cutting process but Clark claimed the deal preserved value in the squad and would allow the team to compete.

Although Rangers have no realistic chance of gaining a European licence for next season, staying second in the Scottish Premier League would be worth about #900,000 more than finishing third place, with Motherwell only three points behind.

Players have agreed cuts ranging from 25-75% until the end of the season, a "large number" accepting the largest reductions, while coaching staff have also lost pay and the voluntary departures of Mervan Celik and Gregg Wylde were confirmed.

Clark said: "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.

"We believe there is complete consensus, it`s simply people that are not available to sign the documentation."

He added: "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."

Such a guarantee was understood to be one of the main hold-ups to a conclusion of a deal on Tuesday night but the likes of Steven Naismith and Steven Whittaker signed up after receiving assurances.

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."

Sher later confirmed his departure on his Twitter account and added: "Absolutely overwhelmed with messages of support. You're amazing fans and great credit to #RFC. I will always be a #Rangers supporter."

Clark claimed the determination to achieve a consensus would help the club emerge from administration.

"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," he said.

"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."

The other confirmed casualties of the administration process have been director of football Gordon Smith and chief operating officer Ali Russell, who left at the end of last month.

Clark stressed they had needed to find balance between retaining value in the club and also cutting costs.

Interested party Paul Murray - who tonight confirmed he had joined forces with fans` groups and Ticketus, the firm that helped finance Craig Whyte`s takeover by buying rights to season ticket sales - had urged the administrators not to cut players and make the rebuilding job more expensive.

Clark 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. The reason it has taken so long is quite simply because it has been a difficult decision for many.

"The players have made very big sacrifices. It was very difficult for them to understand why they should do it given the position of the club was not of their making.

"Those decisions have been long and difficult at times but for me it was waiting for."

The statement added that the club remained in a "perilous" position but Clark expressed confidence that Rangers would fulfil their Clydesdale Bank Premier League fixtures after the deal gave them "breathing space".

Clark told a media conference: "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.

"The plan from the outset is to avoid any talk of liquidation.

"We firmly believe Rangers Football Club will continue to operate and that`s why we are continuing to talk to parties."

Clark hopes there will soon be more clarity on the club`s finances for potential buyers but did not believe the club`s potential #49million tax case over Employee Benefit Trusts would hold up any sale.

Clark said: "The big tax case is something that is regrettably out of our hands but to some extent it`s really about what that would then mean in terms of the deal that was offered to settle the big tax case.

"It doesn`t concern me - even if the big tax case decision has not actually been delivered, we still think we could conduct a transaction with a new buyer."

When asked if there was any chance of cutting a deal with Her Majesty`s Revenue and Customs, who forced the club into administration over #9million in unpaid tax accrued under Whyte, he said: "I think it would be too early for me to say what the chance of a deal with any of the creditors are."