Atlético cuts player salaries by 70% during virus crisis

Atlético Mrid says it has reached an agreement with its players and coaching staff to reduce ir salaries by 70% while competitions are stopped during coronavirus pandemic.

Atlético anunced agreement on Thursday and said it is temporarily suspending jobs of club employees.

Atlético h previously said it would need to take such a drastic step but h yet to reveal details.

A job suspension under Spanish law allows a company to greatly reduce its labor costs by having workers stay at home while guaranteeing y will go back to ir positions when conditions improve.

Spanish club ded that some of money saved by players’ salary cuts will be given to its or employees who will be furloughed.

Barcelona recently anunced it h come to a similar agreement with its players.

Both clubs said that such cost-saving measures were necessary to ensure ir financial stability due to loss in revenue during stopp of competitions.