COVID-19: Real Madrid finally joins other clubs to take pay cut

Spanish giants Real Madrid have confirmed their players, coaches and executives have agreed to take pay cuts. 

Madrid will take temporary pay cuts of between 10 and 20% due to the outbreak of the coronavirus pandemic, the club confirmed in a statement released on Wednesday. 

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“This decision, taken by players, coaches, and staff, avoids traumatic measures which would affect other workers” a statement read. 

“The players and the coaches of the first football and basketball teams of Real Madrid, headed by their captains, together with the principal executives of the different club directors, have agreed to voluntarily reduce their remuneration for this year between 10 and 20%, depending on the circumstances that may affect the closure of the present sports season 2019-20.”

“This decision, adopted by players, coaches and employees, avoids traumatic measures affecting the rest of the workers, as well as contributing to the entity’s economic objectives in the face of the loss of income suffered by these months as a result of the suspension of the competitions and the paralysis of much of its commercial activities.”

As reported by the ESPN, meetings were held with the players’ agents on Tuesday as the club evaluated different scenarios based on possible dates for a return to competition. 

Madrid become the third LaLiga club to take a pay cut after Barcelona and Atletico Madrid had both announced 70% salary deductions for their players. 

La Liga has been out of action for close to a month due to the Coronavirus pandemic and the financial burden on many clubs has forced them into taking tough decisions.