Rediff.com  » Sports » Atletico Madrid join other clubs in cutting wages

Atletico Madrid join other clubs in cutting wages

April 02, 2020 20:34 IST
Get Rediff News in your Inbox:

Atletico Madrid

IMAGE: An Atletico Madrid supporter shows off his team's logo at the back of his head. Photograph: Hugo Correia/Reuters

Atletico Madrid have temporarily cut players' and coaches' wages by 70% in order to cope with the financial impact of the coronavirus pandemic, but guaranteed a full salary for their other employees, the Spanish club said on Thursday.

 

The move follows that of La Liga rivals Barcelona, whose players agreed to an extra pay cut in addition to a club-imposed 70% reduction while football is on hold, in order to ensure non-playing staff earned their full salaries.

Those decisions contrast with several Premier League clubs such as Tottenham Hotspur, Norwich City and Newcastle United, who have faced criticism for cutting the wages of staff during the pause in matches, while making no reduction to players' often multi-million-pound salaries.

Bundesliga clubs including Bayer Leverkusen, Borussia Moenchengladbach, Schalke 04 and Hoffenheim have also imposed pay cuts on players in order to adjust to their fall in income while there are no matches.

Italian champions Juventus last week announced a compensation reduction for the remaining part of the season equal to four months’ pay.

Atletico's statement said it had requested the temporary pay cut, referred to in Spain as an ERTE, in order to "safeguard the economic viability of the club" and guarantee its future.

The 70% reduction will affect the first team as well as the women's side and reserve outfit.

The statement added that the first team squad had agreed to supplement one half of the 430 employees affected by the ERTE, with directors and the CEO paying for the other half.

Spain is the second worst-affected country behind Italy in Europe by the virus and on Thursday the death toll rose above 10,000 after a record 950 people died overnight.

Get Rediff News in your Inbox:
Source: source
© Copyright 2020 Reuters Limited. All rights reserved. Republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Reuters. Reuters shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.
SHARE THIS STORYCOMMENT