Italian giants Juventus have announced that they have reached an agreement with players and staff on a pay cut deal that will see the club save $100 million.
Coach Maurizio Sarri and first-team players have agreed what amounts to a four-month pay reduction to help Italy’s most successful club during the coronavirus crisis.
It is understood that the playing unit and staff have agreed on a one-third cut to the players’ annual salaries. This will mean a huge drop in wages for a squad headed by marquee Portuguese player Cristiano Ronaldo, the best-paid footballer in Italy who is reported to earn 31 million euros a year.
“The economic and financial effects of the understanding reached are positive for about 90 million euros 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”, it added, saying personal agreements with Sarri and the players will be finalised in the coming weeks.
The agreement comes at a time when many clubs around Europe have had to cut wage bills because of the dramatic impact of matches have had to be postponed or played behind closed doors due to the spread of the virus.
The Serie A giants have had three of their players have tested positive for the virus — forward Paulo Dybala, defender Daniele Rugani and midfielder Blaise Matuidi.
Football around the world has been brought to a standstill by the pandemic with Italy having suffered more than 10,000 deaths from the virus, the highest number in any country.