In this file photo taken on Jan 1, 2020 Arsenal's Spanish head coach Mikel Arteta (C) celebrates with his players on the pitch after the English Premier League football match between Arsenal and Manchester United at the Emirates Stadium in London. (BEN STANSALL / AFP)

LONDON - Arsenal's first-team players and head coach Mikel Arteta have agreed to a 12.5 percent cut of their wages to support the club through the impact of the coronavirus, announced the Premier League club.

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The Gunners emphasized that the agreement is based on the assumption that the Premier League could finish this season and they can receive the full broadcasting revenues

The London club said that they have reached a "voluntary agreement" with their first-team players, head coach and core coaching staff. "Reductions of total annual earnings by 12.5 percent will come into effect this month," but the club will back pay the salaries "if we meet specific targets in the seasons ahead, primarily linked to success on the pitch."

The Gunners emphasized that the agreement is based on the assumption that the Premier League could finish this season and they can receive the full broadcasting revenues.

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Earlier this month, the Premier League suggested clubs cut players' wages by 30 percent but the Professional Footballers' Association said that would actually harm the NHS due to fewer tax contributions from the players.

Southampton and West Ham players have also agreed on wage deferrals.