Arsenal have announced that players, core coaching staff and head coach Mikel Arteta have voluntarily agreed to take a 12.5% pay reduction.
The suspension of football as a result of the coronavirus is having a considerable financial impact on the game, meaning clubs have had to make cuts wherever possible.
Southampton have agreed for players to take a 10% wage deferral for three months, while the top earners at West Ham are taking 30% wage deferrals for the next five months.
Arsenal have now joined them to become the third Premier League side to reduce players wages during the outbreak. However, if on the pitch targets are met, Arsenal players will be reimbursed.
A statement released on the Arsenal website read: "
"The move follows positive and constructive discussions. In these conversations there has been a clear appreciation of the gravity of the current situation caused by the Covid-19 pandemic and a strong desire for players and staff to show their backing for the Arsenal family."
We are pleased to announce that we have reached a voluntary agreement with our first-team players, head coach and core coaching staff to help support the club at this critical time.— Arsenal (@Arsenal) April 20, 2020
The club confirmed that the wages that players lose out on during football's suspension will be reimbursed should the side meet targets on the pitch - which is likely Champions League qualification.
Arsenal currently sit eight points off Chelsea in fourth spot.
These reimbursements are also dependant on the season being completed, and the club receiving full broadcast revenue.
"Reductions of total annual earnings by 12.5 per cent will come into effect this month, with the contractual paperwork being completed in the coming days," the statement continued.
"If we meet specific targets in the seasons ahead, primarily linked to success on the pitch, the club will repay agreed amounts. We will be able to make those repayments as hitting these targets, which the players can directly influence, will mean our financial position will be stronger."
"We are proud and grateful to our players and staff for pulling together to support our club, our people and our community in these unprecedented times which are some of the most challenging we have faced in our history."