Barcelona, Players Agree On Pay Cuts Worth £110M

 

FC Barcelona players have reached an "agreement in principle" with the club for pay cuts worth a staggering £110m (€122m) in an effort to help the club recover from the financial setback inflicted on it by the coronavirus pandemic.

The team's coaches also joined on the agreement reached and the club is understood to have also deferred variable payment worth £50m for three years in an effort to balance their financial records.

"This agreement in principle is subjected to ratification in the coming days by the group of players and coaches affected," said the club in a statement. "In the event that the agreement is ratified, it will represent a highly significant step in the attempts to rectify the current financial situation," 

Barca had a turbulent summer upon their return from lockdown, leading to the sacking of former head coach Quiqen Setien and former sporting director Eric Abidal after they lost the league title race to Real Madrid and was subsequently humiliated out of the Champions League by Bayern Munich in the semi-finals.  

Since the outbreak of the Covid-19 virus in March, football stadiums have been shut out to the crowds, a decision that is necessary to help curb the spread of the virus. However, there are plan stadiums will soon be reopened to a limited crowd. that