Real Madrid football club of Spain, on Wednesday, announced that its players and coaches have agreed to take pay cut for the rest of the season.
The club issued a statement confirming that: “Players and coaches from both the football and basketball teams, led by their captains, together with the club’s main executives, have agreed to voluntarily lower their salaries for this year between 10 and 20 per cent depending on the way the 2019-20 season finishes”.
What the statement means is that if the season resumes, the pay-cut will be just 10 per cent. However, if the season cannot be completed, the reduction in wages will be 20 per cent.
The pay cut taken by the club’s highest earners, appears to have protected the club’s remaining employees from Spain’s temporary redundancy and wage-reduction scheme, known as ‘ERTE’, used by other La Liga clubs.
The statement added: “This decision, adopted by players, coaches and employees, avoids traumatic measures affecting the rest of the staff.”
La Liga has been suspended since March 12, following the outbreak of Coronavirus across Europe.
Both Barcelona and Atletico announced a 70 per cent reduction in wages for first team players during the enforced break in football.
