Rangers' joint administrator has confirmed that the club's players and management have agreed temporary wage reductions until the end of the season.
Paul Clark said minor issues were to be resolved but a deal was in place to keep the squad intact and minimise redundancies of non-playing staff.
The club should now be able to fulfil its nine remaining fixtures this term.
"We still hold to our view that the future of Rangers can be secured," said Duff and Phelps' Clark.
"The measures announced today will be an important part of the recovery process. We should be absolutely clear that this club is in a perilous financial situation and there are no easy options.
"If substantial cost reduction could not be achieved then the club would not survive until the end of the season.
"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."
Duff and Phelps, who were appointed as administrators on 14 February, had been targeting savings of around £1m per month and the deal over player and management wages should achieve that end.
The player wage cuts range from 25% to 75% and there are understood to be clauses in the agreements which could trigger the players' departures in the summer.
Gregg Wylde and Mervan Celik left the club earlier this week on a voluntary redundancy basis and fellow midfielder Matt McKay joined South Korean club Busan I'Park earlier in the administration process.
Some non-playing staff cuts have been made with the closure of Rangers' London office, which was opened in January with the appointment of global partnerships director Misha Ser. Directors Ali Russell and Gordon Smith left the club last month.
Clark said: "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.
"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.
"Administration is never a painless process and is imperative if the club is to survive that the business trades viably through the period of administration.
"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."
It is understood senior players like captain Steven Davis and Scotland internationals Allan McGregor, Steven Naismith and Steven Whittaker have accepted the largest wage cuts.
Scottish FA chief executive Stewart Regan told BBC Radio 5 live: "The people everyone feels the most pleased for are staff and the players.
"When an administrator comes in one of first things they have to do is stabilise the finances. The single biggest cost is players' salaries. They know they have to take those costs out.
"The administrator has a job to do. They have to try to stabilise the club and find a route out of administration."
Meanwhile, former Rangers director Paul Murray says his 'Blue Knights' consortium is close to finalising an offer for the club, with Duff and Phelps having previously set a deadline of 16 March for interested parties to come forward.