COVID-19: Flamengo FC Players Agree to 25% Pay Cut
Reigning Brazilian Serie A champions Flamengo FC has reached an agreement to reduce player salaries by 25 per cent, helping the club manage costs during the coronavirus pandemic which has brought the entire sporting calendar to a grinding halt across the world.
Rio de Janeiro, May 6: Reigning Brazilian Serie A champions Flamengo FC has reached an agreement to reduce player salaries by 25 per cent, helping the club manage costs during the coronavirus pandemic which has brought the entire sporting calendar to a grinding halt across the world.
In a statement, Flamengo said on Tuesday that the reduction will apply to the months of May and June and could be extended further.
Furthermore, the club said that it has postponed the image rights payments that would be paid in May and June 2020 for discharge in 10 installments, starting in January 2021. The measures do not affect head coach Jorge Jesus and his backroom staff.
The Rio de Janeiro outfit also said that 6 per cent of their workers had been laid off to help the club cope with the financial impact of the football shutdown. The club said that the most "painful" decision was to cut staff.
"The economic crisis resulting from the COVID-19 pandemic is serious and affects everyone. Unfortunately, tough measures are necessary in order to guarantee the continuity of all institutions and companies. The Regatta Club Flamengo, despite its size and its sound financial position, is not immune to this."
Brazilian football has been suspended since mid-March as part of efforts to combat the spread of the COVID-19 pandemic which has claimed more than 2.5 lakh lives across the world thus far.
(The above story first appeared on LatestLY on May 06, 2020 09:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).