Barcelona have announced that the first-team squad have agreed to take a substantial pay cut in order to boost the club's financial situation.

Like the majority of teams around the world, Barcelona have struggled for cash flow during the coronavirus pandemic, resulting in reduced activity during the summer transfer window.

However, the Catalan giants had already been looking to make at least one big-money sale before the start of the global crisis, putting extra pressure on the powers-that-be at Camp Nou.

After prolonged discussions with the club's biggest earners, Barcelona are now in a position where they will save £109m after reaching an agreement with the senior squad.

On Friday night, a club statement read: "The parties have reached an agreement in principle that allows an adjustment to the salary cost of the current season."

The development comes with Barcelona sitting down in 13th position in the La Liga standings, 10 points adrift of leaders Real Sociedad.