Real Madrid have issued a ten percent pay cut in response to financial instability brought by the COVID-19 pandemic, according to MARCA.
MARCA reports that directors and executives of the club have taken the ten percent cut that was initially agreed upon. Jose Felix Diaz also reports that the players and staff have their own individual agreements with the club to take pay cuts.
The report says that the club is looking to erase a €70 million debt and that this pay cut measure will help achieve some of the lost finances during the pandemic.
This has not stopped Real from dabbling in the transfer market to start their offseason after signing David Alaba to a five-year deal. The reported salary is around €12 million net per season.
We’ll have to see the further financial impact the club sustains throughout the summer as Sergio Ramos requires a new deal as well.