Arsenal's first-team squad, manager Mikel Arteta and key coaching staff have agreed a 12.5 per cent pay cut to help the club deal with the fallout of the coronavirus crisis.

After fellow Premier League clubs Southampton and West Ham announced wage deferral agreements with their players, the Gunners have made a breakthrough with their squad.

Arsenal say they have reached a "voluntary agreement with first-team players, head coach and core coaching staff to help support the club at this critical time" following "positive and constructive discussions".

Reductions of total annual earnings by 12.5 per cent will come into effect this month, with the contractual paperwork being completed in the coming days. If we meet specific targets in the seasons ahead, primarily linked to success on the pitch, the club will repay agreed amounts. We will be able to make those repayments as hitting these targets, which the players can directly influence, will mean our financial position will be stronger. The agreement is based on the assumption we will finish the season 2019/20 and receive the full broadcasting revenues. The resulting savings will help cover some of the financial risks we have this season in relation to our matchday and commercial income. We are proud and grateful to our players and staff for pulling together to support our club, our people and our community in these unprecedented times which are some of the most challenging we have faced in our history.

Arsenal statement