London, April 21 First-team players of Arsenal, head coach Mikel Arteta and the core coaching staff have agreed to a 12.5 per cent cut of their wages to support the club through the impact of the coronavirus outbreak.
In a statement, the Premier League club said that they have reached a "voluntary agreement" with their first-team players, head coach and core coaching staff.
"Reductions of total annual earnings by 12.5 percent will come into effect this month," adding that the club will be able to pay back the salaries "if we meet specific targets in the seasons ahead, primarily linked to success on the pitch."
The London club further said that the agreement is based on the assumption that the Premier League could finish this season and they can receive the full broadcasting revenues.
"The resulting savings will help cover some of the financial risks we have this season in relation to our matchday and commercial income."
Earlier this month, the Premier League had suggested clubs cut players' wages by upto 30 per cent but the Professional Footballers' Association said that would actually harm the NHS due to fewer tax contributions from the players.
Other clubs such as Southampton and West Ham players have also agreed on wage deferrals.
( With inputs from IANS )