The Glasgow club went into administration last month over nine million pounds in unpaid payroll and sales taxes.
The plight of Rangers, champions a world record 54 times, has sent shockwaves through British football where many clubs are struggling to make ends meet.
"The agreement on very substantial wage reductions and voluntary departures from the club represents a major sacrifice," said Clark.
"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," added Clark.
"The players deserve great credit and we are in no doubt this agreement is the best way to achieve the necessary cost savings to ensure the continuing operations of the club."
"We fully recognise the football staff are paying a very heavy price for the greater good," said Clark.
"It is to their eternal credit the players and management have sought to find a solution that helps protect the fabric of the club.
"We are especially grateful to Ally McCoist who has put the interests of the club, his players and the staff first and foremost at all times."
The wage cuts do not, however, eliminate the continuing threat to Rangers's long-term future.
"We should be absolutely clear this club is in a perilous financial situation," said Clark. "If substantial cost reduction could not be achieved the club would not survive until the end of the season.
"Administration is never a painless process and it is imperative if the club is to survive that the business trades viably through the period of administration."
"The prospect of someone buying the club remains our prime objective," he said. "There are several interested buyers and we have had discussions with them.
"We have given a deadline o
