Barcelona players have agreed to take pay cuts worth £110m to aid the club’s ailing economics following what has been a turbulent time for the club financially due to the impact of the Pandemic.
The Catalan side who have the biggest wage bill in world football have revealed that their players have agreed to take reduced salaries for the rest of the 2020/2021 season.
Barcelona are one of the clubs most hit by the impact of the ongoing COVID-19 virus. With fans still not allowed to fill the Nou Camp, the Spanish giants have had it tough financially.
Although last season, they managed to save 74m euros (£67m) in salaries thanks to a reduction agreement with players and coaching staff. However, an official statement released by the club last October revealed that the Blaugrana lost up to £88m in the 2019/2020 season.
And now the club has moved to balance the books this season by touching the player’s salaries. With speculations in recent times suggesting players would not agree to reduced wages this season, the club has now released a statement showing that they have reached a compromise.
An official club statement read:
“This agreement in principle, is subject to ratification in the coming days by the group of players and coaches affected.”
“In the event that the agreement is ratified, it will represent a highly significant step in the attempts to rectify the current financial situation.”
“Both parties recognise the considerable effort involved in reaching this agreement in principle and congratulate themselves on it.”
The move will offer a significant boost for the Spanish giants’ finances, who will be looking to generate money to fund the player purchase for their well-depleted squad.
Today, the parties have reached an agreement in principle that allows an adjustment to salaries for the current season, for an amount of 122 million euros fixed remuneration, to which is added the deferral for 3 years of variable remuneration from this season, budgeted at an approximate figure of 50 million euros.
This principle of agreement is pending ratification in the coming days by the group of players and coaches affected.
The agreement, if it is ratified, will be a milestone of great importance to redirect the current economic situation.
That both parties recognise the great effort that has had to be made to reach this principle of agreement and congratulate themselves for it.Barcelona Official Statement