Arsenal players and coaching staff have agreed to take a voluntary 12.5 per cent pay cut to help support the club financially during the coronavirus crisis.
Talks will continue on an individual basis with some players who have not agreed to the deal, but the vast majority of players have agreed to blanket measures. The proposal will remain on the table for those who have not yet agreed to it.
A statement from the club clarified the agreement is based on the assumption that the 2019-20 Premier League season will be completed, and that full broadcasting revenue will be received as a result.
The statement read: “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.”
Last Monday, players rejected a wage-cut proposal but talks with manager Mikel Arteta helped steer the club towards an amicable resolution.
Despite cutbacks, transfer plans are still being made.
The Gunners have contacted Reims over a potential €15 million (£13m/$16m) move for 22-year-old centre-back Axel Disasi, while fellow defender Pablo Mari is hopeful his loan switch from Flamengo will be made permanent.