By Alex Stevens

Mark Warburton has lost out on a remarkable £700,000 in compensation from Rangers by offering his resignation as manager, according to a reliable journalist.

BBC correspondent Roddy Forsyth has revealed in the Telegraph the huge six-figure sum the Scottish giants will save as he shed some light on a week of remarkable drama behind the scenes at Ibrox.

Former Brentford boss Warburton, his assistant David Weir and head of recruitment Frank McParland approached the club on Tuesday – via their agent Dave Lockwood – to ask to be released from their contracts, which had almost another year to run.

Forsyth states in the Telegraph that the board accepted the management team’s resignations on Wednesday and the deal was agreed at a time when Warburton was being strongly tipped to take over at English Championship club Nottingham Forest.

However, Rangers were then “stunned to be approached by Lockwood again and asked if all three could remain in their posts”, which coincided with Forest announcing that Gary Brazil and Jack Lester would remain in charge for the remainder of the season.

Rangers chiefs met again on Friday and decided there would be no change in their positions and that the resignations of Warburton, McParland and Weir should remain accepted.

Had Warburton, Weir and McParland been sacked by Rangers, the club would have had to pay a massive £1.2million compensation.

As a result of the resignations, the outstanding contractual commitments will cost Rangers £500,000.

Meanwhile, Warburton himself has said that he has not stepped down and that he is now consulting his legal team.

The management team’s resignations precede Sunday’s Scottish Cup fifth round clash against Greenock Morton at Ibrox.

Rangers revealed on their official website that Under-20s boss Graeme Murty will now take charge of Sunday’s encounter.

In other Rangers news, here’s how Celtic fans took the news that Warburton had resigned.

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