Real Madrid players, coaches agree to pay cuts up to 20%

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Real Madrid are the latest La Liga club to implement financial restrictions to limit the impact of the coronavirus pandemic.

The Spanish side confirmed Wednesday that players, coaches, and football club staff, as well as members of the Real Madrid basketball team, agreed to reduce their salaries "between 10% and 20%, depending on the circumstances that may affect the closing of the current 2019-20 sports season."

"This decision, taken by players, coaches, and employees, avoids traumatic measures that affect the rest of the workers, as well as contributing to the economic objectives of the entity in view of the decrease in income that it is suffering these months as a result of the suspension of competitions and the paralysis of a large part of its commercial activities," the statement read.

Barcelona, Atletico Madrid, Espanyol, and Alaves also announced plans to reduce wages until football in Spain resumes.

La Liga was put on hold indefinitely last month after Spain announced a state of emergency. Though it's unclear when the strict lockdown will be lifted, La Liga president Javier Tebas said Tuesday that the league could resume on May 28 or June 6.

Spain is one of the most heavily affected nations in the world amid the COVID-19 crisis, with over 146,000 total cases and 14,673 related deaths.