Giants Asante Kotoko have become the first club in Ghana to implement a pay cut in the wake of the coronavirus crises that has ravaged economies in the world.
Players and technical staff of the Porcupine Warriors have agreed to take a 40% pay cut to support the club as its finances have been severely affected because of the halt in competition.
The pressure is also piling on the club to pay a whopping $240,000 by next month to Tunisian side Esperance or face a transfer ban over the illegal transfer of striker Emmanuel Clottey.
The decision to cut down salaries was unanimously agreed during a meeting among the players, the technical staff and the management following fruitful deliberations.
The Porcupine Warriors are bent on facing financial difficulties due the suspension of football activities in the country as a measure to fight against the widespread of the coronavirus pandemic.
Taking a pay cut will help the Ghanaian giants to be able to endure the financial challenges during this period.
“It is something we initially discussed at management level,” special assistant to club boss Nana Gyambibi Coker told Kumasi FM on Monday.
“We considered our situation and our financial strength in containing our expenses and measures to help sustain the club during the suspension of the league due to Covid-19 and we considered pay-cut as one of the measures.”
“We called the coach and tasked him to engage the players on our behalf and he has reported back to us they have listened to our plea and have accepted a pay cut.
“It is a 40% pay-cut and will be implemented soon.”
Kotoko’s finances have been squeezed by the lack of matches that would have brought them revenue from gate fees but the action to stop the spread of the virus has hit them hard.