Pay cut: Atletico Madrid to slash players' wages by 70% to keep all staff employed during coronavirus crisis

La Liga giants Atletico Madrid have announced that they have cut players' wages by 70% in order to maintain the salaries of the club's lower-paid employees during the coronavirus crisis.

Atletico's move sees the club join Barcelona, whose players agreed to a similar 70% reduction in pay until matches restart again as they looked to ensure the club's day-to-day non-playing staff were able to still maintain their full earnings.

There has been a similar move in the German Bundesliga, with the likes of Bayer Leverkusen, Schalke 04, Hoffenheim and Borussia Moenchengladbach also arranging pay reductions for their playing staff.

By contrast, a number of Premier League clubs, including Tottenham Hotspur, Norwich City and Newcastle United, have maintained their players' huge pay packets while cutting the wages of their day-to-day staff.

In a statement, Atletico explained that the pay cut, was to "safeguard the economic viability of the club" and guarantee its future. The first team, women's team and reserve team will all be affected by the pay cut, with the statement explaining that the first-team squad had agreed to supplement half of the 430 employees affected by the change, with the club's directors paying for the other half.

The 70% reduction will affect the first team as well as the women's side and reserve outfit.

The statement added that the first-team squad had agreed to supplement one half of the 430 employees affected by the ERTE, with directors and the CEO paying for the other half.