Following the lead of Barcelona and other La Liga clubs, Real Madrid players and coaches have volunteered to take pay cuts between 10 to 20 percent as a measure to soften the economic impact of the coronavirus pandemic. The reduction in expenses will allow the Spanish giants to continue making payments to regular workers of the organization.
The agreement was made public on Wednesday following consultations with players and according to Real Madrid, the deal will prevent the implementation of more radical measures that are seen to heavily affect the club's non-sporting staff.
In a statement, Real said the decision "avoids traumatic measures that affect the rest of the workers, in addition to contributing to the entity's economic objectives in view of the decrease in income that it suffers these months as a result of the suspension of competitions and the paralysis of a large part of its commercial activities."
The club made clear that the pay cuts will be adopted for the year and with the expressed approval of Real Madrid players, coaches, and all the club employees.
"The players and coaches of the first Real Madrid football and basketball squads, led by their captains, together with the main executives from the different directions of the club have voluntarily agreed to lower their remuneration for this year by between 10 and 20 percent," the club was reported by Sky Sports as saying.
Before the deal was announced, La Liga chief Javier Tebas has indicated that the games are likely to resume at the end of May, which the executive said would be the earliest targeted date for resumption. The restart will also depend on the advisory that will come from Spain's health authorities.
Tebas also warned that the league will stand to lose significant earnings due to the continuing game stoppage caused by the global health crisis, according to The Guardian.
If the La Liga games are resumed but played without the spectators, the projected losses have been set at £265 million. And scrapping the season altogether will lead to a staggering loss of up to £880 million for the top-flight Spanish league, Tebas added.
Meanwhile, Real Madrid star Toni Kroos believes that players forced to make adjustments on their wages is not the answer to the problems created by the spread of COVID-19 infection. The German midfielder said a pay cut is nothing but an "empty donation."
"I think it's better to get the full salary and then do the right thing with it. I don't think it's necessary here; what I do with the money I get is a different issue. We must all help where help is needed, and there are many places where it is needed now," Kroos said.
