The unprecedented coronavirus crisis has caused the halt of Serie A action and players in the league have agreed to sacrifice their wages since. Defending champions Juventus also followed protocol by slashing the wages of their top superstars, which reportedly led to a drastic surge in the Juventus shares this week. Juventus shares rose by 7.94% on the Milan Stock Exchange on Monday after the club announced the pay cuts.
News of the Cristiano Ronaldo pay cut was confirmed when Juventus announced the club's agreement with players and the coaching staff over a reduction in their salaries. The five-time Ballon d'Or winner reportedly earns around $663,000 per week at Turin but the Juventus shares surged following the Cristiano Ronaldo pay cut. Along with manager Maurizio Sarri and other Juventus players pay cut, the Italian giants will reportedly be able to conjure €90 million ($100 million) through wages for the remainder of the 2019/20 campaign.
Juventus has reached an agreement with players and coaching staff to cut salaries for then next few months. Says pay will return to normal levels when games resume. Impact is worth about 90m euros. pic.twitter.com/jRbMtnxoWj— tariq panja (@tariqpanja) March 28, 2020
The Cristiano Ronaldo pay cut reportedly amounts to around €10 million for four months. The Juventus players put cut negotiations were led by club captain Giorgio Chiellini, who also has a degree in Economics. However, the Juventus players pay cut has allowed advancement in the Juventus shares on the Milan Stock Exchange. A 7.94% rise in the Juventus shares was recorded on Monday, March 30 after the 'Juventus players pay cut' news was announced.
The statement from Juventus also read that should the matches of the current season's be rescheduled, the club will negotiate in good faith with their players and the coach in regards to conditional compensation. However, Juventus may be forced to sell Cristiano Ronaldo in the summer in order to keep their books in balance. Juventus have taken a massive hit with the coronavirus crisis as three players from the club - Daniele Rugani, Blaise Matuidi, and Paulo Dybala - tested positive for the deadly bug.