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Real Madrid to slash players' salaries to fund other employees' wages
08/04/2020
REAL Madrid has opted to cut players' and trainers' salaries by between 10% and 20% to avoid having to lay off any other employees during the national quarantine period.
This will apply to its football and basketball teams at all levels.
Whether wages are cut by a fifth or a 10th depends upon what happens with the rest of the season – if the remaining matches of 2020 can still be played at some point later in the year, then the cut will be 10%, but if this year's season turns out to be effectively over already, then the reduction will be 20%.
“This decision, taken between players, trainers and employees, will prevent traumatic measures from being taken concerning jobs across the group, and will contribute towards its financial goals in light of the reduction in income as a consequence of competitions being postponed and the overall freezing of the majority of its commercial activities,” said Real Madrid in a press release.
Not having to pay players' and trainers' full salaries means that with its existing liquid assets, Real Madrid will not have to make temporary lay-offs, unlike Barça and Atlético de Madrid have recently done so, among other clubs.
Although public pressure is on for footballers to take wage cuts of up to 100% and to make donations to health services and to protect businesses and employment, only a relatively small percentage of clubs actually rake in millions – the Liga teams are merely the tip of a pyramid, since those below are less likely to offer high salaries and, for some even just a division below, their entire football team could be worth less than one player in the top five clubs.
Further down the rankings, many more clubs run on a shoestring and only pay players expenses, if at all – in the lower divisions, footballers have to have day jobs in addition to their sport.
The photograph shows Real Madrid chairman Florentino Pérez, during a speech.
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REAL Madrid has opted to cut players' and trainers' salaries by between 10% and 20% to avoid having to lay off any other employees during the national quarantine period.
This will apply to its football and basketball teams at all levels.
Whether wages are cut by a fifth or a 10th depends upon what happens with the rest of the season – if the remaining matches of 2020 can still be played at some point later in the year, then the cut will be 10%, but if this year's season turns out to be effectively over already, then the reduction will be 20%.
“This decision, taken between players, trainers and employees, will prevent traumatic measures from being taken concerning jobs across the group, and will contribute towards its financial goals in light of the reduction in income as a consequence of competitions being postponed and the overall freezing of the majority of its commercial activities,” said Real Madrid in a press release.
Not having to pay players' and trainers' full salaries means that with its existing liquid assets, Real Madrid will not have to make temporary lay-offs, unlike Barça and Atlético de Madrid have recently done so, among other clubs.
Although public pressure is on for footballers to take wage cuts of up to 100% and to make donations to health services and to protect businesses and employment, only a relatively small percentage of clubs actually rake in millions – the Liga teams are merely the tip of a pyramid, since those below are less likely to offer high salaries and, for some even just a division below, their entire football team could be worth less than one player in the top five clubs.
Further down the rankings, many more clubs run on a shoestring and only pay players expenses, if at all – in the lower divisions, footballers have to have day jobs in addition to their sport.
The photograph shows Real Madrid chairman Florentino Pérez, during a speech.
Related Topics
You may also be interested in ...
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