Arsenal have confirmed that their first-team players and coaching staff have agreed to a pay cut to help cut the financial deficit the club is currently facing.
Arsenal Players Agree Pay Cut
Helping the Current Financial Situation
The decision to take a pay cut has been made to protect the club’s future.
Arsenal are not receiving any income due to the Covid-19 crisis. As a result, the players, as well as Mikel Arteta and his coaching staff have agreed to a cut of 12.5% on their wages.
Club Statement
A club statement on the official website read: “We are pleased to announce that we have reached a voluntary agreement with our first-team players, head coach and core coaching staff to help support the club at this critical time.
“The move follows positive and constructive discussions. In these conversations there has been a clear appreciation of the gravity of the current situation caused by the Covid-19 pandemic and a strong desire for players and staff to show their backing for the Arsenal family.
“Reductions of total annual earnings by 12.5 per cent will come into effect this month, with the contractual paperwork being completed in the coming days. If we meet specific targets in the seasons ahead, primarily linked to success on the pitch, the club will repay agreed amounts. We will be able to make those repayments as hitting these targets, which the players can directly influence, will mean our financial position will be stronger.
“The agreement is based on the assumption we will finish the season 2019/20 and receive the full broadcasting revenues. The resulting savings will help cover some of the financial risks we have this season in relation to our matchday and commercial income.
“We are proud and grateful to our players and staff for pulling together to support our club, our people and our community in these unprecedented times which are some of the most challenging we have faced in our history.”
As a result, it means that the players may receive the money back should they earn results on the pitch.
How is Football Dealing With the Coronavirus Pandemic?
It is unclear when football will return in England. However, according to the Independent, the Premier League is working alongside the government to figure out when it can return.
Football will only return when it is safe to do so, and that is likely to be behind closed doors. According to ESPN, there are fears that this wait could extend until September.
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