(From L) Valencia's Portuguese defender Thierry Correia, Valencia's French midfielder Francis Coquelin, Valencia's Portuguese midfielder Gongalo Guedes and Valencia's Spanish midfielder Ferran Torres arrive for a training session at the Paterna Sports City in Paterna on March 09, 2020 on the eve of the UEFA Champions League Group H football match between Valencia and Atalanta which will be played behind closed doors in light of the coronavirus outbreak. (JOSE JORDAN / AFP)

MADRID - Valencia players will accept pay cuts because of the economic damage from the coronavirus pandemic, the La Liga club confirmed on Monday.

"The club is particularly grateful for the solidarity of the first team, who, by reducing their wages, will help the club protect all its workers and their families in such difficult circumstances," said the club in a statement.

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Valencia have not specified by how much the players will reduce their wages.

A number of La Liga's leading teams have applied pay cuts. Barcelona, Atletico Madrid and Sevilla players have all accepted 70 percent pay cuts per month while Real Madrid players will lose 10 percent of their annual salary, as long as the season restarts, and 20 percent if the season is cancelled.

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La Liga president Javier Tebas has estimated the pandemic will cost the league one billion euros (US$1.08 billion) if the season is cancelled.