ARSENAL have confirmed the first-team squad and Mikel Arteta will take a 12.5 per cent pay cut.
The North London club have been keen to reach an agreement with their players and staff to cover losses caused by the coronavirus pandemic.
Arsenal released a statement to their club website on Monday to confirm a “voluntary” agreement had been reached.
It read: “We are pleased to announce that we have reached a voluntary agreement with our first-team players, head coach and core coaching staff to help support the club at this critical time.
“The move follows positive and constructive discussions.
“In these conversations there has been a clear appreciation of the gravity of the current situation caused by the Covid-19 pandemic and a strong desire for players and staff to show their backing for the Arsenal family.
“Reductions of total annual earnings by 12.5 per cent will come into effect this month, with the contractual paperwork being completed in the coming days.”
Arsenal confirmed there is a plan in place to pay back the players and staff at the club if specific targets are met.
It has been reported that as part of the deal the players will receive £500,000 each if they win the Champions League in 2021.
The statement continued: “If we meet specific targets in the seasons ahead, primarily linked to success on the pitch, the club will repay agreed amounts.
“We will be able to make those repayments as hitting these targets, which the players can directly influence, will mean our financial position will be stronger.”
The money received by the club’s from the pay cut will cover losses from matchday and commercial income.
Arsenal’s first-team will take a pay cut to help the club during the coronavirus crisis
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