"We are pleased to announce that we have reached a voluntary agreement with our first-team players, head coach and core coaching staff to help support the club at this critical time. The move follows positive and constructive discussions. In these conversations there has been a clear appreciation of the gravity of the current situation caused by the COVID-19 pandemic and a strong desire for players and staff to show their backing for the Arsenal family," the club said in a statement.
"Reductions of total annual earnings by 12.5 percent will come into effect this month, with the contractual paperwork being completed in the coming days. If we meet specific targets in the seasons ahead, primarily linked to success on the pitch, the club will repay agreed amounts. We will be able to make those repayments as hitting these targets, which the players can directly influence, will mean our financial position will be stronger," it added.
Sports received a massive hit by the coronavirus pandemic as several sporting events across the globe have either been postponed or cancelled. Premier League has already announced that the 2019-20 season will only return 'when it is safe and appropriate to do so.'
The club further said that the agreement is based on the assumption that they will finish the 2019-2020 season.
"The agreement is based on the assumption we will finish the season 2019/20 and 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," the statement read.
( With inputs from ANI )