Arsenal players, manager Mikel Arteta and his coaching staff agreed on a 12.5% cuts to enable the club strive through the impact of the coronavirus pandemic.
Statement rreleased by the club says
“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.
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,” Arsenal said.
“The agreement is based on the assumption we will finish the 2019-2020 season 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.”