Barcelona have reached an agreement in principle with their players to implement wage cuts which will save the club €122 million.

Lionel Messi and his team-mates will have their salaries reduced in order to ease the Catalan club's financial problems.

As well as the initial hefty saving, the club have also deferred €50m of variable payments over a three-year period.

A club statement read: "This principle of agreement is pending ratification in the coming days by the group of players and coaches affected.

"The agreement, if it is ratified, will be a milestone of great importance to redirect the current economic situation.

"Both parties recognise the great effort that has had to be made to reach this principle of agreement and congratulate themselves for it."