RANGERS' playing squad and management last night finalised an agreement to take substantial wage cuts until the end of the season in a bid to stave off the increasing threat of compulsory redundancies.

Administrators Duff & Phelps had warned that sizeable job losses would be inevitable – as they strive to make the £1m-per-month savings needed to keep the club afloat – if a deal could not be reached.

After four days' of detailed discussions, a resolution was finally reached. A small coterie of the top earning players – thought to comprise Steven Naismith, Steven Davis, Steven Whittaker and Allan McGregor – have agreed to have their wages reduced by 75%, while the remainder of their team-mates consented to 50% or 25% reductions, dependant on salary band.

Only those players unable to attend the club's training ground yesterday – players such as John Fleck and Kyle Hutton, who are out on loan – did not sign the agreement. The move not only means the bulk of the playing squad will remain intact until the summer – only Gregg Wylde and Mervan Celik have moved on and both voluntarily – but also means there will be only minimal cuts to Rangers' non-playing staff. The club's London office has been closed, with recently-appointed global partnerships director Misha Sher losing his job.

The administrators, who are now confident the team will fulfil its remaining league fixtures this season, praised the players for agreeing to such radical proposals.

"The agreement on very substantial wage reductions and voluntary departures from the club represents a major sacrifice by the Rangers players," read a statement.

"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 recovery process."

Fraser Wishart, chief executive of PFA Scotland, who had been conducting talks with the administrators on the players' behalf, lauded "the huge gesture" that prevented mass job losses.

"It's been a long week for everyone connected with the club," said Wishart. "The players have agreed to alter the terms of their contracts for the next three months to help the club through this difficult time.

"All the players have signed up to a variation of their contracts for the short term. I think it's a huge step forward in the future of Rangers Football Club. It's a huge gesture by the players to this club and to the fans. They wanted to protect as many jobs as possible."

Naismith felt any criticism of the players for taking their time to pen the agreement was unwarranted. "Some people have been getting negative press about supposedly not wanting to do a deal," he said. "That isn't the case. Everyone has been, and is willing, to take a pay cut.

"I've been one who has come in for some criticism. If I'm getting criticised for looking out for the best interests of the players, the staff, potentially the Rangers fans too by saving the club then bring it on. People who are criticising should look at themselves. Real supporters will only want what's best for the club, as we all do. I've followed the team all my life. The club means a lot to me. I've only ever wanted what's best for its future. It's totally false to say we've been deal breakers. It's not nice when people are jumping to conclusions when they don't know the full facts."

Naismith insisted it was always in the players' minds to take a wage cut, but they felt it right to take their time before committing to the deal. "The players have been doing everything in their power to try and get a deal done," he added. "People need to respect that everyone's financial situations are different. By that I mean all staff at Rangers, not just the players.

"People need to respect what each and every person decides, because it could be a life-changing decision.

"We want to secure as many jobs as possible, not just within the playing staff but throughout the whole club. We've been willing to do a deal from the off and accept cuts from the off. That's always been the case.

"We know for the club to move forward we need to pull together and do that.We've always been of the mind that we want to strike some sort of deal."

Naismith admitted the whole ordeal had been a draining experience. "For everyone involved at Rangers, I'm sure it's been the longest week they've ever been through in their whole lives. There have been long, late shifts trying to get a deal done, but that shows the commitment of everyone involved to try and get something sorted. Hopefully, these decisions will help save the club."

Paul Clark, one of the administrators handling the Rangers case, warned the club remains in a "perilous" state and that finding a buyer was still a priority despite the players' intervention.

"The prospect of people buying Rangers Football Club remains our primary objective," said Clark. "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."