Arsenal announce executive team volunteer to lose over a third of their wages for the next 12 months as pay cut talks with players continue as club restructures in light of coronavirus
Arsenal‘s executive team have agreed to cut more than a third off of their salaries for the next 12 months to help the club through the coronavirus pandemic.
The Gunners released the news via a statement on their website on Wednesday, in which the club also warned that it is facing ‘one of the most challenging periods’ in its 134-year history.
The Premier League has been suspended indefinitely due to the severity of Covid-19 – with the pause on the campaign affecting the finances of everybody.
Arsenal’s executive team are taking over a third of a pay cut for 12 months in light of Covid-19
Arsenal posted a £27million loss for the 2018-19 season and are on course to lose far more this year due to the shutdown.
An inability to complete the season could cost Premier League clubs an estimated £1billion.
‘The potential financial impact is significant so we must be responsible and act now to best protect Arsenal from what might happen in the months ahead. What is clear is that this is one of the most challenging periods in our near 134-year history,’ Arsenal said in a statement.
‘We are also carefully controlling our costs. We have stopped most capital spend, and our discretionary operating expenditure is being strictly controlled. Earlier this month, our executive team volunteered to waive more than a third of their earnings over the next 12 months.’
In addition, Arsenal said they were in talks with their players regarding ‘potential financial challenges’ in future but had not reached an agreement with them yet on how to move forward.
The Gunners have warned that it is facing ‘one of the most challenging periods’ in its history
‘Our players have been keeping very busy during this difficult period, working hard at home on both their fitness and tactical work while training is suspended.
‘Over the past 10 days we have been in discussions with them around the potential financial challenges ahead, and how we are planning for those now.
‘These are productive and ongoing conversations around how our players might support their club in an appropriate way.
‘We have not and will not make any comment on this matter until these private discussions have concluded.’
Last week, West Ham United and Southampton announced wage deferrals for their players to cope with the financial impact of the pandemic.
The club also revealed that talks are ongoing with the playing squad over possible pay cuts too
