Real Madrid players accept up to 20 percent pay cut
Real Madrid players have decided to cut their salaries by as much as a fifth, the La Liga club announced on Wednesday, as Spanish football remains on hold because of the coronavirus pandemic.
In a statement, Real said players and coaches from the side’s football and basketball teams, together with key directors, had voluntarily decided to the reduction, of either 10 or 20 percent, “with respect to the circumstances that may affect the closing of the existing 2019/20 sports season”.
Real didn’t say what circumstances would affect the rate of income cut, but Spanish media reported players will receive ten percent less if the season is completed and 20 percent less if the current campaign is terminated.
The cuts will shave between 28 million and 56 million euros ($30.4 million and $60.8 million) off Real’s earnings bill.
In addition, it means the club has avoided using the partial unemployment (ERTE) scheme that cut Barcelona and Atletico Madrid players’ salaries by 70 percent.
La Liga has recommended clubs take good thing about the scheme, and both Sevilla and Espanyol have also devote a request to be included on the ERTE scheme.
Over 14,000 people have died from COVID-19 in Spain, the next worst hit country from the virus after Italy, with 146,690 registered cases.
