Barcelona save €122M as players, staff take wage cut

Barcelona has reached a principle agreement with players and technical staff over wage cuts to help sustain the organization as revenues plummet amid the coronavirus pandemic, the club announced Friday.

The team will save €122 million in wages this season, and it has struck a second accord with players leading to an additional €50 million of variable payments deferred over three years.

The parties have "reached an agreement in principle that allows an adjustment to the salaries for the current season," Barca's statement read.

An agreement with players and technical staff comes after the club's latest financial statement showing €97 million in losses and a net debt of €488 million, more than twice the previous amount.

Barcelona talisman Lionel Messi announced in March on behalf of the first team that players had agreed to a 70% pay cut during the work stoppage, vowing to also "make contributions so that all the club's employees can earn 100% of their salaries for as long as this situation lasts."

"... (This) will be a milestone of great importance to redirect the current economic situation," Barcelona added about a deal that's "pending ratification in the coming days."