Players of FC Barcelona have all agreed to an offer to cut down wages in order to save the Blaugrana club at least £122 million.
The Spanish giants also have an agreement in principle to have about £45 million of variable payments deferred over a three-year period.
The club’s most recent accounts displayed an £87 million loss, with net debt more than doubled to £438 million.
“This will be a milestone of great importance to redirect the current economic situation,” an official statement read.
“In the event that the agreement is ratified, it will represent a highly significant step in the attempts to rectify the current financial situation.
“Both parties recognize the considerable effort involved in reaching this agreement in principle and congratulate themselves on it.”
Barcelona’s players agreed to a 70-per-cent pay cut earlier this year when the Covid-19 pandemic first struck in Europe and pledged donations to help the club’s non-sporting staff continue to receive their full wages.
In October, Barca released a financial report which stated they had lost €97m (£88m) due to the impact of coronavirus.
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