Juventus has officially announced that the club has reached an agreement for its players and coaching staff to waive four months' wages. Saturday's statement revealed that the Old Ladies will be able to save at least €90m following the suspension of the Serie A season as a result of the coronavirus pandemic.
Football in Italy is not expected to resume soon with the COVID-19 cases attaining unprecedented heights in the country. However, While there is optimism that the domestic season in the top tier leagues could be restored in the summer, clubs are suffering the economic implications of the pandemic and Juventus has not been an exception. In a bid to ensure the survival of the club for the foreseeable future, the club's hierarchy proposed that their playing and technical staff lower their pay and, on Saturday, the Turin outfit confirmed that a general consensus had been reached.
"Juventus Football Club S.p.A. announces that, due to the current global health emergency is preventing the performance of the sporting activity, it has reached an understanding with the players and the coach of the First Team regarding their compensation for the residual portion of the current sport season," the statement read.
"The understanding provides for the reduction of the compensation for an amount equal to the monthly payments of March, April, May and June 2020. In the coming weeks, personal agreements with the players and the coach will be finalized, as required by the current regulations.
"The economic and financial effects of the understanding reached are positive for about EUR 90 million for the 2019/2020 financial year.
"Should the current season's matches be rescheduled, the Club will negotiate in good faith with the players and the coach conditional increases of compensations according to the actual resumption and finalization of official competitions.
"Juventus would like to thank the players and the coach for their commitment at a difficult time for everyone."
The current Serie A title holders are the first Italian club to reach an agreement with its players for a salary reduction.