Premier League stars may face a significant pay cut of more than £100 million to aid lower league teams who are on the brink of collapse due to the COVID-19 outbreak.
As reported by The Sun, emergency discussions have been held between the PFA, the Premier League and the EFL over how to handle the financial impact of the virus.
With many lower division clubs on the verge of bankruptcy, the report indicates that although an agreement is yet to be reached with Premier League clubs, an across-the-board salary cut may now be inevitable.
The hope is that the larger teams, who are not in the same financial dire straits as some, will compile a relief fund that will filter down the leagues to those who need it most.
While many teams are reluctant to take these drastic measures, there is a growing recognition that sacrifices will have to be made to ensure the survival of the EFL.
If games are not played until July, then top flight players could be handed a 20 per cent pay cut over the next three months, and given the extortionate figures that some of the top flight players take home every week, we’re talking hundred of millions in relief.
To put that into context, Let’s use Jamie Vardy as an example. The Foxes striker currently earns £140,000 per week at the Kingpower. His salary would reduce by £28,000 per week, which over a three month time frame would equate to £336,000 that could be gifted to clubs in lower divisions.
The governing bodies held an emergency meeting on Friday to discuss the financial impact of a further suspension of the season. As it stands, all elite football in England has been suspended until April 30 at the earliest.
“The Premier League, EFL and PFA, met today and discussed the growing severity of the COVID-19 pandemic,” they said in a joint statement.
“It was stressed that the thoughts of all three organisations continue to be with everyone affected by the virus.
“The Premier League, EFL and PFA agreed that difficult decisions will have to be taken in order to mitigate the economic impact of the current suspension of professional football in England and agreed to work together to arrive at shared solutions.
“The leagues will not restart until April 30 at the earliest. Meetings will take place next week to formulate a joint plan.
In conclusion, it appears that all parties accept that a pay cut is needed, even if that means merely deferring wages for a period of time. The money saved could be used to support players, backroom and part-time staff at smaller clubs, who are struggling to cope with the disastrous consequences of the COVID-10 outbreak.