La Liga giants Atletico Madrid have become the latest club to cut players’ salaries in order to recover the financial stress caused by no football due to the COVID-19 pandemic.

The club informed on Thursday that they have reached an agreement with the players and the coaching staff to reduce their salaries by 70% at a time when Spain is witnessing a catastrophe.

Atletico had earlier given a hint that they would be taking the drastic step. The club announced that some amount of the money from the players’ salaries will be used to pay other employees of the club.

Fellow Spanish club Barcelona have also implemented a similar scenario. Both the clubs mentioned that cost-cutting measures were the need of the hour with clubs facing huge losses due to the stoppage of leagues and tournaments across Europe and the globe.

“Faced with this scenario, the Board of Directors has decided to implement a series of measures to mitigate its effects and reduce the economic effects of this crisis,” a statement on the official website of Barcelona said.

“Among the measures adopted, it’s worth noting those related to the workplace are motivated by the need to adapt the contractual obligations of the club staff to the new and temporary circumstances that we are experiencing. It is about the presentation of the different relative files in the sporting field (football and other professional sports), as well as for the rest of the non-sporting personnel.

Like in most parts of Europe, Spain has been severely hit by the noevl coronavirus with more than 1,12,000 people affected. It has also become the second country after Italy to have seen over 10,000 fatalities with more than 600 people dying everyday for the last two weeks.

All major leagues and tournaments across the world, including the top five European leagues and the UEFA Champions League, have come to a standstill. The Euro 2020 and the Copa America 2020, which were scheduled to be played in this year’s summer, have also been postponed.