By Grimsby Town Chairman praises response from players over wage cut
Grimsby Town Chairman Philip Day has praised the “amazing response” from players after they agreed to take a 25% wage cut.
He said that they appreciated that due to current circumstances, “action had to be taken”.
Other significant changes have occurred, such as training schedules, and games being played behind closed doors.
The club has said that any reverse of this decision will trigger them to review the pay situation.
Grimsby Town players have agreed to the 25% drop in salary for as long as it takes for football games to resume.
Management and boss Ian Holloway have also taken a pay cut.
Philip Day explained the situation:
“It has been accepted and we are absolutely delighted with the support we are getting for the club from the players.
“We are delighted, but not surprised – they appreciated the situation and that action had to be taken to ensure that the club comes through this situation.
“It has been an amazing response from the players. They have agreed to take a 25 per cent reduction.
“If football starts again, or training starts, it will have to be reviewed.
“It shows a commitment by the players to the football club, which is really heartening.”
“There was a request for information from the players that we were happy to supply.
“We had prepared a budget on the basis that we are not playing – because we don’t know when we will be playing again.
“We shared with the players the information from that budget to show them that we had to take some action to get through the situation.”
“Approximately 65 per cent of our income comes from season tickets, tickets sold on matchdays and related commercial activity such as bars, restaurants and the club shop.
“The other 35 per cent is from the EFL and Premier League solidarity payments.
“So as soon as playing ceased, we were down 65 per cent on our income.
“If you look at our accounts, you will see that 77 per cent of our outgoings is from paying players and staff, plus national insurance and pension contributions.
“If you’ve lost 65 per cent of your income, and 77 per cent of your outgoings goes on wages, you’ve got a problem.”
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