The management of the Arsenal Football Club of England has disclosed that the club’s executive team has agreed to pay cut of more than a third of their salary in supporting the club to cushion the loss being recorded following the suspension of footballing activities after the coronavirus outbreak.
It explained that the uncertainties as regards the effect of coronavirus on footballing business coupled with the loss the team recorded during the 2018/2019 season which it was yet to fully recovered from was what led to the executive team’s agreement.
Recall that the Premier League has been suspended indefinitely due to strict government guidelines to control the spread of coronavirus in England.
The North London club said it was aware of the potential financial impact on the club as it was putting in place all necessary measures to mitigate the effect on the team and its players.
Arsenal in a statement on Wednesday said though the current reality remained one of its challenging periods since the club was founded, it was working to ensure the financial challenges were best approached and managed effectively.
“The potential financial impact is significant so we must be responsible and act now to best protect Arsenal from what might happen in the months ahead. What is clear is that this is one of the most challenging periods in our nearly 134-year history.
“Our executive team volunteered to waive more than a third of their earnings over the next 12 months,” the statement read in parts.
The club also confirmed that there had been ongoing talks between the management and players for a possible pay cut in their annual salary and that no agreement has been reached yet.
“Over the past 10 days, we have been in discussions with them around the potential financial challenges ahead, and how we are planning for those now. These are productive and ongoing conversations around how our players might support their club in an appropriate way.”
According to reports, the Arsenal squad rejected a proposal for a 12.5 percent pay cut on their annual salary, preferring instead to defer a larger proportion of their income until the shutdown is over.