BEVERLY HILLS, March 28, (THEWILL) – Juventus have negotiated salary reductions with their senior squad that could save the club $101m during the coronavirus crisis. Many clubs around the world are having to take drastic measures when it comes to cutting costs.
With competitive action in a period of indefinite postponement, even global heavyweights are starting to feel the pinch.
The likes of Juventus have no way of generating income at present from ticket sales or other matchday revenue streams. The star-studded squad in Turin, which includes five-time Ballon d’Or winner Cristiano Ronaldo, have agreed to help ease the financial burden by taking reduced wage packets.
That idea had been championed by Giorgio Chiellini, with the Bianconeri captain eager to see everyone connected with the club do their bit to aid a global fight.
A statement released on the club’s official website read: “Juventus Football Club S.p.A. announces that, due to the current global health emergency preventing the performance of the sporting activity, it has reached an understanding with the players and the coach of the First Team regarding their compensation for the residual portion of the current sport season.
“The understanding provides for the reduction of the compensation for an amount equal to the monthly payments of March, April, May and June 2020. In the coming weeks, personal agreements with the players and the coach will be finalized.
“The economic and financial effects of the understanding reached are positive for about €90 million for the 2019/2020 financial year.
“Should the current season’s matches be rescheduled, the club will negotiate in good faith with the players and the coach conditional increases of compensations according to the actual resumption and finalisation of official competitions.
“Juventus would like to thank the players and the coach for their commitment at a difficult time for everyone.”