Atletico Madrid Coaching staffs and players have agreed a 70 per cent wage cut amid the spreading coronavirus crisis, MySportDab reports.
The wage cut will ensure that 430 other club employees are paid.
The Spanish club needed to agree pay cuts across the club to guarantee their finances, with most clubs around the world struggling because of the global pandemic.
And the players, coaches including Coach Diego Simeone have agreed to a large cut of their salaries so that non-playing staffs at Atletico can continue to be paid.
That means Diego Simeone, who is currently the world’s best paid Coach on £36.2m per year and £700,000 a week will have his salary cut to just over £10m per year.
MySportDab understands the wage cut applies to all men’s and women’s teams, including the B squad and coaches across all parts of the team.
Atletico announced that the agreement depends on whether the season resumes or the 2019-20 season is cancelled.
The statement read: ‘The current situation that has meant the declaration of the state of emergency in Spain as a result of the Coronavirus crisis, has caused Atletico Madrid to ensure safety measures to safeguard the club’s economic viability.
‘Due to the difficult situation and always with the aim of ensure the club has a future, Atletico has made the decision on a Temporary Employment Regulation File (ERTE).
‘The club’s objective is studying all measures necessary to deal with this difficult situation has been to minimize all effect on the salaries of its people as much as possible.’