MADRID: Real Madrid have become the latest club to reach pay cuts with players and staff to try to withstand the financial effects of the coronavirus pandemic.

A statement from the former world and European champions said the players and coaches of the senior football and basketball teams and senior heads of departments ha agreed to voluntarily reduce their remuneration for this year by between 10pc and 20pc.

It added:

This decision, taken by players, coaches and employees, avoids traumatic measures that affect the rest of the workers, as well as contributing to the economic objectives of the entity in view of the decrease in income that it is suffering these months as a result of the suspension of competitions and the paralysis of a large part of its commercial activities.

The club’s Business Committee strongly supports this decision, which it considers responsible and exemplary.

Real Madrid is proud of all those who make up this great family and of its unwavering culture of values, which is especially valuable in difficult times such as these.

In the same way, Real Madrid, its members and fans, want to show all their love and solidarity to those who have suffered the direct consequences of this disease that is hitting us all, especially those who have lost a family member or loved one.

The club wishes a quick recovery to all the sick people and wants to transmit its deepest gratitude to all the people who are playing an essential, exemplary and solidary role in the fight against COVID-19.

From Real Madrid, we offer all our support and strength with the conviction that together we will overcome, without a doubt, this difficult moment.