Real Madrid players agree to slash wages by 10-20 percent

Real Madrid’s playing and coaching staff have voluntarily agreed to take a 10-20 percent pay cut this
year to help the club cope with the coronavirus outbreak stoppage, the La Liga side said Wednesday in a statement.
The club said the exact amount would “depend on the conditions that could impact the closing of the current 2019/20 sports season.” Club managers have agreed to a salary cut as did their basketball team leaders, he said.

The club said the move followed negotiations between the team captains — Sergio Ramos for the senior soccer side — and club directors. It said the decision would save having to cut the wages of other employees. Spain has been badly hit by the coronavirus outbreak with a death toll of 14,555. La Liga, as with most football around the world, is currently suspended and it is not known when, or even if, the season will re-start.

“This decision, made by players, coaches, and staff, prevents stressful steps impacting the rest of the workforce,” the statement said. This said it would also help deal with “the drop in revenue that the club is experiencing these months as a result of the suspension of competitions and the
stagnation of a major part of its market operations.” Pay reductions were also made by players at Barcelona and Atletico Madrid and La Liga requested other clubs to join in. The Spanish sports daily Marca said about 50 million euros will be saved by a 10 percent cut.

 

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