How Arsenal stars have reacted to Gunners cutting 55 jobs after taking 12-month pay cut | Football | Sport
“The pandemic represents one of the most challenging periods in our 134-year history and we have responded promptly by implementing wide-ranging measures to reduce our costs.
“Our players, senior football staff and executive team have volunteered pay cuts, we have stopped pretty much all of our capital spending, and our discretionary operating expenditure has been strictly controlled.
“We have also received significant financial support from our owners, Kroenke, Sports & Entertainment in terms of refinancing our stadium debt.
“These steps have all reduced the impact of the pandemic on the club and have helped us continue to maintain investment in the team. This will continue to be a key priority.
“It is now clear that we will be facing more significant and longer-lasting reductions in our revenue than we all hoped.
“Current indications are that we will not have fans back at Emirates Stadium for the start of next season and fans will only be able to return in limited numbers after that. The global economic projections are also very negative.
“This will impact the disposable income of our fans, the money corporate clients have to spend on hospitality and sponsorship, and the ability for broadcasters to invest in TV rights.
“We all hope there will be no “second wave” but we also need to accept that is one of the many uncertainties ahead of us and plan accordingly.