By Julien Laurens and Jonathan Johnson
Cesc Fabregas has agreed a significant pay cut in order to help Monaco deal with the financial crisis caused by the coronavirus outbreak, sources have told ESPN.
Fabregas, who still has more than two years left on his contract, has decided alone to take a 30% monthly pay cut until further notice while also accepting a four month deferral and is using his own money to pay for the loss of earnings of the first-team staff who have been furloughed, sources told ESPN.
– Stream new episodes of ESPN FC Monday-Friday on ESPN+
- Stream every episode of 30 for 30: Soccer Stories on ESPN+
The former Arsenal and Chelsea midfielder, 32, is also at the heart of the negotiations between the club and the players for an overall squad agreement. For weeks the two parties have been talking but have been unable to find an agreement so far.
The club’s directors initially wanted a 50% pay cut from each player. Monaco have the second-highest wage bill in Ligue 1 behind PSG with €150 million per year and have one of the biggest squads in Europe with 29 players.
Fabregas, who joined the club in January 2019 and earns €7.2m a year net, as foreign players do not pay any taxes in Monaco, is encouraging his teammates to accept the latest proposal of a 30% pay cut to ease the financial pressure.
At the moment, every club in Ligue 1 has furloughed its playing and non-playing staff while also leading negotiations with their players for an agreement over pay cuts. However, no one so far has managed to find a consensus.