ARSENAL’S first-team squad, Head Coach, Mikel Arteta, and his coaching staff have voluntarily agreed to a wage cut to support the club during difficult times caused by the COVID-19 pandemic.
Gunners’ stars have taken the step, with the arrangement due to be signed off over the next few days which will relieve some of the finatial pressure placed on the club by the disturbing global situation.
A statement posted on www.arsenal.com explained;
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 statement continued; 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.