Players at crisis-hit Rangers on Friday accepted pay cuts of between 25 and 75 percent, with administrators insisting that the wage-reduction deal has secured jobs at the club.
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."
He explained that players have agreed cuts ranging from 25-75 percent while coaching staff have also accepted reductions.
Midfielders Mervan Celik and Gregg Wylde, he said, have voluntarily left the Ibrox club.
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.
"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 recovery process."
Administrators were called in on February 14 after British tax authorities went to court to seek payment of an unpaid bill of £9 million ($14m) built up since owner Craig Whyte took charge at Ibrox in May.
Administration meant the Scottish champions were docked 10 points -- a move that effectively handed this season's Scottish Premier League title to arch Glasgow rivals Celtic.
Clark refused to name the players who had agreed to a 75 percent cut, but some media reports suggested that two were Steven Whittaker and Steven Naismith.
"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," said Clark.
"This required a commitment to very substantial temporary wage cuts and we're very pleased to say that after all our discussions this has been achieved.
"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 greater good."