Madrid says pandemic cost club more than 100 million euros

Real Madrid lost more than 100 million euros ($120 million) in income because of the coronavirus pandemic, the club said on Wednesday.

Madrid said the impact of the pandemic represented a 13-percent reduction in income for the 2019-20 season. It closed with a profit of 313,000 euros ($375,000).

Madrid said it projects a budget of 617 million euros ($740 million) for 2020-21, about 300 million euros ($360 million) less than what would have been expected without the pandemic.

First-team players and coaches in soccer and basketball voluntarily agreed to lower their salaries by 10 percent this year.