Arsenal announce first-team players and Mikel Arteta agree to wage cut
Arsenal have announced they have reached an agreement with first-team players and coaches on a salary cut.
The coronavirus pandemic has forced football across the world to be suspended and Arsenal have not played a game since March 7.
The club released a statement on Monday confirming a 12.5 per cent wage reduction would come into effect this month, although no paperwork is yet to be signed.
Arsenal’s first-team stars had originally rejected the club’s proposal and Mikel Arteta had to intervene to help resolve the dispute.
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The salary cut reportedly depends on Arsenal qualifying for next season’s Champions League and the club praised the players for agreeing to the wage deduction.
A statement read: ‘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 move follows positive and constructive discussions. In these conversations there has been a clear appreciation of the gravity of the current situation caused by the Covid-19 pandemic and a strong desire for players and staff to show their backing for the Arsenal family.
‘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.
‘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 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.’
Reports emerged before Arsenal’s statement that two players had refused the revised plan.
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