Arsenal players and coaches decided to take voluntary pay cuts to relieve financial issues during the COVID-19 crisis.
The North London club agreed 12.5 percent pay cuts with players and coaching staff that will take effect this month.
Arsenal disclosed this in a statement on their official website on Monday.
“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,” a club’s statement read.
“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 Coronavirus (COVID-19) pandemic.
“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.
“The agreement is based on the assumption and when the season 2019-2020 will finish.
The resulting savings will help cover some of our financial risks.
“We are proud and grateful to our players and staff for pulling together to support our club, people, and community.”
Meanwhile, the Premier League is currently suspended indefinitely due to the spread of COVID-19 across the world.