Spearheaded by football icon Cristiano Ronaldo, Serie A club Juventus’ players and support staff have agreed to collectively forgo €90 million ($08 mn) in salaries for supporting the club to overcome the financial mess in wake of the COVID-19 enforced lockdown.
The understanding will amount to a 33% reduction in the annual pay purse of the players and coaches.
Cristiano Ronaldo, the second highest-paid footballer behind Lionel Messi, will take a hit of over $35 million. The Portugal was supposed to get $108 million from Juventus in annual salaries.
Italy is going through the worst period in its history with the deadly virus claiming more than 10,700 human lives, which is the highest in the world. Over 97,000 people have been tested positive for the COVID-19 infection, next only to the USA where the number of confirmed positive cases has surpassed 1.40 lakh.
“The economic and financial effects of the understanding reached are positive for about €90 million for the 2019-2020 financial year”, Juventus said in a statement. “The understanding provides for the reduction of the compensation for an amount equal to the monthly payments of March, April, May and June 2020.
“Should the current season’s matches be rescheduled, the club will negotiate, in good faith with the players and coach, conditional increases of compensation according to the actual resumption and finalisation of competitions. Juventus would like to thank the players and coach for their commitment at a difficult time for everyone.”
The agreement was announced a day after La Liga club Atletico de Madrid had resorted to cut the wages of their staff and players. Barcelona to had imposed a compulsory wage reduction on their players till the time country remains under lockdown.
German Bundesliga clubs Borussia Monchengladbach, Borussia Dortmund as well as champions Bayern Munich have also said their players will temporarily forgo some of their salaries.
Football clubs worldwide are resorting to salary cuts to minimise their losses and maintain their financial health and Coronavirus spread has dried all their revenue streams.