Premier League clubs including Arsenal have all taken financial hits after the global pandemic saw an abrupt stop to all sports events and Arsenal recently begun negotiations with the players with the hope that they would take pay cuts. It looks the club has been successful in convincing the players to take a pay cut thanks to Mikel Arteta whose conversation with the players helped to convince them to accept.
Arsenal recently published financial records showed that the club made a loss and the loss of the match day revenue has seen the club go into a difficult position and the club announced that the executive team had decided to take pay cuts in order to support the club in paying the casual staff that would be working for the club if the matches were still going on. Some Arsenal players were still not convinced in taking the pay cuts but the intervention from Mikel Arteta is being praised as a turning point in the negotiations.
An exclusive report by The Mirror confirms that the Arsenal squad has finally accepted to take a 12.5% pay cut in order to help out the club financially since they are currently not playing football at the moment as the Premier League is suspended indefinitely. The report claims that the gunners hadn’t reached an agreement on the pay cut issue until Mikel Arteta had a chat with all of them on a video conference call to explain how the club has taken a financial hit.
The contract that the Arsenal players will sign includes some clauses like one being that they will get back the money that they will have lost due to this cut if they qualify for the UEFA Champions League including a £100k bonus and could also get £500k each if they win next year’s UCL or £100k if they win the UEFA Europa League. Arsenal will be the first club to have seen their players accept pay cuts when everything is done and it’s believed that every club will also do the same.