On Monday April 20, 2020, the club in a statement announced that the decision to take the pay cut was reached and that has been seen as sacrifices on the part of the players
Arsenal players, Manager, Mikel Arteta and coaching staff have agreed to 12.5% pay cut to help the club during the coronavirus pandemic.
The pay cut proposal was first announced last week but was met with rejection from players as most of them said they would prefer pay deferral instead.
On Monday April 20, 2020, the club in a statement announced that the decision to take the pay cut was reached and that has been seen as sacrifices on the part of the players.
“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,” the statement reads.
“Reductions of total annual earnings by 12.5 per cent will come into effect this month, with the contractual paperwork being completed in the coming days,” the statement added.
The club particularly stated that the agreed pay cuts would be paid back if it meets some targets in the coming seasons.
“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 statement reads.
In the statement, the club disclosedhow it has planned to accrue revenues if they are able to finish 2019/20 season. The statement disclosed,
“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.
“We are proud and grateful to our players and staff for pulling together to support our club, our people and our community in these unprecedented times which are some of the most challenging we have faced in our history,” it adds.
The club did not fail to appreciate the sacrifice players and staff have made for agreeing to the pay cuts as a way of supporting the club and their community in the face of the coronavirus pandemic.
