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Atletico Madrid players, coaches take 70% pay cut

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Following in the footsteps of their counterparts at Barcelona, players and coaches for Atletico Madrid signed an agreement Thursday to waive 70% of their salaries for however long Spain remains in a state of emergency.

"The agreement reached with the first team will also allow the club to supplement the salaries of 430 employees," Atletico said in a statement.

The women's team and B team are also included in the agreement.

The measures immediately free up a significant chunk of money for the club to distribute.

Manager Diego Simeone, one of the highest-earning coaches in world football, earns a gross annual salary of $42 million, according to ESPN's Rodrigo Faez and Alex Kirkland.

Lionel Messi announced Monday that he and his Barcelona teammates were reducing their salaries by the same margin to guarantee pay for all other staff members.

La Liga suspended play indefinitely on March 23 because of the coronavirus pandemic. Spain is one of the hardest-hit countries in Europe, recording more than 100,000 cases and 10,000 deaths.

Atletico, however, were riding a high from the Champions League round of 16. Simeone's side had secured a thrilling 3-2 win in extra time at Liverpool on March 11 to eliminate the defending European champions. Leagues across Europe shut down soon after.

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