Real Madrid players accept up to 20% pay cut

Cuts will shave nearly €56 mil off club’s salary bill. (AP pic)

MADRID: Real Madrid players have agreed to cut their salaries by as much as a fifth, the La Liga club announced on Wednesday, as Spanish football remains on hold due to the coronavirus pandemic.

In a statement, Real said players and coaches from the side’s football and basketball teams, as well as key directors, had voluntarily agreed to the reduction, of either 10% or 20%, “depending on the circumstances that may affect the closing of the current 2019/20 sports season”.

Real didn’t say what circumstances would affect the rate of salary cut, but Spanish media reported players will receive 10% less if the season is completed and 20% less if the current campaign is terminated.

The cuts will shave between €28 million and €56 million off Real’s salary bill.

It also means the club has avoided using the partial unemployment (ERTE) scheme that cut Barcelona and Atletico Madrid players’ salaries by 70%.

La Liga has recommended clubs take advantage of the scheme, and both Sevilla and Espanyol have also put in a request to be included on the ERTE scheme.

Over 14,000 people have died from Covid-19 in Spain, the second worst hit country from the virus after Italy, with 146,690 registered cases.