After tense negotiations over the couple of days, Arsenal players and head coach Mikel Arteta have finally agreed to take a pay cut to help the club survive from financial meltdown due to COVID-19.
The club’s coaching staff are also among those taking cuts to their pay.
The “voluntary agreement” means their annual earnings reduced by 12.5%, but with specific conditions.
If the Gunners hit certain targets on the pitch, the club says will pay back on the agreed amount of salaries.
“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 2019-20 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.
“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.
“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.”