Valencia players agree to coronavirus pay cuts
Valencia confirmed on Monday its first-team players will accept pay cuts to limit the economic damage felt by the club from the coronavirus pandemic.
After weeks of negotiations, Valencia announced the club will also apply for the Spanish government’s furlough scheme (ERTE), which allows employers to reduce working hours and pay in exceptional circumstances.
“The club is particularly grateful for the solidarity of the first team who, by reducing their wages, will help the club protect all its workers and their families in such difficult circumstances,” said the club in a statement.
Valencia has followed a number of La Liga’s leading teams in applying cuts although they have not specified by how much the players will reduce their salaries.
Barcelona, Atletico Madrid and Sevilla players have all accepted 70 per cent pay cuts per month while Real Madrid players will lose 10 per cent of their annual salary, as long as the season restarts, and 20 per cent if the season is cancelled.
La Liga president Javier Tebas has estimated the cost to the league if the season is cancelled will be 1 billion euros ($1.08 billion), including income lost from European competitions.