La Liga giants Real Madrid have finally announced pay cuts for its first team players amid the coronavirus pandemic. In a statement released on Wednesday, the club revealed that an agreement has been reached with the players and coaches for voluntary reduction between 10 and 20 percent to be made to their wages.
With the league season yet to be restored due to the outbreak of COVID-19, teams have adopted measures to mitigate their dwindling finances. As a result, both Barcelona and Atletico Madrid announced a whooping 70 percent pay reduction for all of its coaching and playing stuff earlier this month.
Nevertheless, Real Madrid did not see the immediate need to subject its playing and coaching staff to the same treatment due to its financial competence. The door was left open for potential cuts to be made as the club resorted to analyzing the magnitude of the situation before taking action and, on Wednesday, it finally decided to move forward with the reduction after a consensus was reached with the players and coaches.
An official statement from the club's website read as follows: "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."
Real Madrid C. F. reduces its expenses for this season.
— Real Madrid C.F. (@realmadriden) April 8, 2020
Players, coaches and employees agree on a major savings initiative with the club.#RealMadrid
Real Madrid's declaration comes days after midfield star Toni Kroos expressed his dissatisfaction with clubs issuing pay cuts to their staff. According to the German international, the action was unnecessary as it was equivalent to making a "donation to nothing". Instead, the former Bayern Munich player advocated for players to receive their wages in full in order to donate towards worthy causes during the pandemic.
