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Barcelona announce pay cuts with players which will save €122m

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An agreement has finally been reached

FC Barcelona v Real Betis - La Liga Santander Photo by Eric Alonso/Getty Images

Barcelona announced on Friday they have reached agreement with the players over pay cuts that will save around €122 million.

The two parties have been in talks for some time now about making further cuts due to the club’s difficult financial situation.

The situation now appears resolved with Barcelona announcing the news in a statement on their official website.

“Today, the parties have reached an agreement in principle that allows an adjustment to salaries for the current season, for an amount of 122 million euros fixed remuneration, to which is added the deferral for 3 years of variable remuneration from this season, budgeted at an approximate figure of 50 million euros.”

Source | FC Barcelona

The move comes after Barcelona announced last month that their total debt has doubled and now stands at around €488 million.