BARCELONA, SPAIN - MARCH 07: Lionel Messi of FC Barcelona celebrates after scoring his team's first goal during the La Liga match between FC Barcelona and Real Sociedad at Camp Nou on March 07, 2020 in Barcelona, Spain. (Photo by Alex Caparros/Getty Images)

Barcelona have reached an agreement with representatives of their players and coaching staff to temporarily cut salaries and postpone bonuses due to the financial impact of the Covid-19 pandemic, the club said on Friday.

The Liga club said it expected to save around €172 million ($205.61m), with €122m from reductions to fixed wages this season and a further €50m through the deferral of bonuses for three years.

“This principle of agreement is pending ratification in the coming days by the group of players and technical staff affected,” the club said in a statement on their website.

“The agreement, if it is ratified, will represent a milestone of great importance in redirecting the current economic situation.

“That both parties recognise the great effort that has had to be made to reach this principle of agreement and congratulate themselves for it.”

Last month Barca posted a record loss of €97m after tax for the 2019/20 financial year and a 14% revenue fall and said the club was braced for a bigger drop this season.

Barcelona imposed a temporary pay cut of 70% earlier this year lasting the duration of the national state of alarm, which began in March and ended in June.