Arsenal have become the first Premier League team to agree to wage cuts alongside a few Champions League incentives.
The Arsenal team will each forego 12.5% of their wage but will be reimbursed with a £100,000 bonus if the club reach the Champions League.
To add to that, if the club wins the Champions League, they will each be awarded a bonus of £500,000.
If the club win the Europa League, the players will be given a £100,000 bonus.
Earlier in the week, Arsenal announced that their executive team had given up a third of their earnings for the next year.
In a statement, the owners said they were “committed” to supporting Arsenal and had been carefully considering all costs.
“Our owners, Kroenke, Sports & Entertainment, are fully committed to supporting Arsenal through this challenging time,” the statement said.
“We are also carefully controlling our costs. We have stopped most capital spend, and our discretionary operating expenditure is being strictly controlled.
“Earlier this month, our executive team volunteered to waive more than a third of their earnings over the next 12 months.”
The club also announced that, in the instance wherein games need to be played behind closed doors, fans with tickets will be offered a refund or credit.
They added: “In relation to the current 2019/20 season, tickets held for postponed matches will be valid once these matches are re-arranged.
“Along with the Premier League, we are fully committed to concluding season 2019/20 as soon as it is safe to do so.
“If any matches are re-arranged with fans not in the stadium or any matches are cancelled entirely, those that have bought tickets for these games, whether as part of a season ticket or for an individual match, will be offered a credit for next season or a refund. Further details will be shared at the appropriate time.”