Arsenal first-team players and the coaching staff have agreed with the English club to take a 12.5 per cent pay cut due to the coronavirus pandemic.
The decision was announced by the North London club in a statement released on its website on Monday, after what it termed “positive and constructive discussions” and “a strong desire for players and staff to show their backing for the Arsenal family.”
“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,” it wrote.Arsenal✔@Arsenal
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.Club statementwww.arsenal.com19.9KTwitter Ads info and privacy5,000 people are talking about this
The playing squad includes megabuck earners such as Mesut Ozil, Pierre-Emerick Aubameyang and Alexandre Lacazette, including Mikel Arteta, the first team coach, who recently recovered from COVID-19.
The development, according to the statement, is effective from this month.
They could, however, be repaid “agreed amounts” based on success on the pitch if football resumes to complete the 2019/2020 season.
“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,” it added.
“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.”
It is believed that the 12.5% pay cut would save Arsenal around £20million between April to March 2021.
The English Premier League (EPL) was initially suspended on March 13, until April 4, due to concerns over the spread of the novel coronavirus at match centres — a decision that has been extended until at least April 30.