Administrators at Glasgow Rangers have hailed players for taking wage cuts to keep the club in business.

Players and senior management have taken temporary cuts - ranging from 25% to 75% of their salaries - until the end of the season in order to keep non-playing redundancies "to a minimum".

"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," Duff and Phelps' Paul Clark said in a statment.

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

"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.

"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.

"We still hold to our view that the future of Rangers can be secured and the measures announced today will be an important part of the recovery process."

Clark also confirmed that the team would be able to fulfil its fixtures for the remainder of the season following fears that the club would be liquidated.

Potential buyers have also been given a deadline of Friday, March 16 to put forward their offers for the club.