Arsenal football club has reached an agreement with the players and the support staff to take a 12.5% pay cut for one year in order to offset the financial difficulties that the club will have to face due to coronavirus. Arsenal are the first Premier league to announce a pay cut by the playing staff.
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.— Arsenal (@Arsenal) April 20, 2020
In an announcement made on Monday, the club stated that the deal with the players is based on an agreement that certain specific targets in future seasons based on the performance and success of the club. "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 club added, "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.
Arsenal reached the Europa League final last season, losing to Chelsea, helping the club generate an annual income of almost 400 million pounds ($500 million). When the Premier League eventually resumes, games are likely to be held without fans — denying clubs millions of pounds in revenue.
The north London club has 10 games remaining and is eight points from fourth place with a game in hand on Chelsea as it chases a first Champions League qualification in four years
Arsenal head coach Mikel Arteta tested positive for the virus in March which led to the league cancelling all matches for a short term, which were then subsequently cancelled due to the virus. The last Premier League match took place on March 10.