Arsenal have confirmed that their players and coaching staff have agreed to a ‘voluntary’ wage cut to help the club during the coronavirus pandemic.
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The north London club state that the wage cut equals 12.5 percent of annual earnings and will begin this month.
It comes after two weeks of talks which proved very complicated for the club owned by American billionaire Stan Kroenke.
Arsenal also said that if players met certain targets on the pitch in the coming campaigns, aka qualifying for the Champions League, certain amounts of the wage cut will be paid back.
Below is the statement from Arsenal in full as they become the first Premier League club to agree on a wage cut, as players at Southampton and West Ham had previously agreed to defer their wages to that non-playing staff at both clubs could be paid in full.
“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.”
This wage cut from Arsenal should signal other Premier League clubs doing the same as several remain in talks with players amid the uncertainty surrounding the future of the 2019-20 campaign due to the coronavirus pandemic.