London [UK]: Arsenal on Monday announced that its first-team players, head coach Mikel Arteta, and core coaching staff will take a reduction of 12.5 percent from the total annual earnings amid the coronavirus pandemic.
"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," the club said in a statement.
"Reductions of total annual earnings by 12.5 percent will come into effect this month, with the contractual paperwork being completed in the coming days. 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," it added.