Real Madrid have announced that players and coaches from their football and basketball squads have agreed to a pay cut during the coronavirus pandemic.

Directors at the club have also accepted to voluntary reductions in pay for 2019-20, with all professional sport in Spain on hold as the country remains in a state of alarm.

The wage reductions will be between 10 and 20 percent “depending on the circumstances that may affect the closing of the 2019-20 season”, the club said in a statement.

“This decision, taken by players, coaches and employees, avoids traumatic measures that affect the rest of the workers, as well as contributing to the economic objectives of the entity in view of the decrease in income that it is suffering these months as a result of the suspension of competitions and the paralysis of a large part of its commercial activities.

“The club’s business committee strongly supports this decision, which it considers responsible and exemplary.

“Real Madrid is proud of all those who make up this great family and of its unwavering culture of values, which is especially valuable in difficult times such as these.

“In the same way, Real Madrid, its members and fans, want to show all their love and solidarity to those who have suffered the direct consequences of this disease that is hitting us all, especially those who have lost a family member or loved one.

“The club wishes a quick recovery to all the sick people and wants to transmit its deepest gratitude to all the people who are playing an essential, exemplary and solidary role in the fight against COVID-19.

“From Real Madrid, we offer all our support and strength with the conviction that together we will overcome, without a doubt, this difficult moment.”

Madrid’s pay reduction is lower than those adopted by Atletico Madrid and Barcelona, whose players agreed to 70 per cent cuts to wages to soften the financial impact on their clubs during the coronavirus crisis and ensure other members of staff could still be paid in full.

At the start of the month, it was reported by AS that Madrid were holding off from drastic cost-cutting measures as the board considered the club’s financial position to be strong enough to withstand the initial impact of the pandemic.

Zinedine Zidane’s side were two points behind LaLiga leaders Barcelona at the top of the table when Spanish football was suspended in March.