Spanish giants Barcelona, which currently have the highest wage bill in world football, have made a breakthrough in their efforts to avoid a coronavirus-induced financial catastrophe after their stars made major concessions in response to the difficult circumstances.  

The 26-time La Liga champions announced on Friday that players have agreed to pay cuts worth 122 million euros ($145 million) for the rest of the 2020-21 season. 

"This agreement in principle is subject to ratification in the coming days by the group of players and coaches affected," read a club statement. "In the event that the agreement is ratified, it will represent a highly significant step in the attempts to rectify the current financial situation." 

"Both parties recognize the considerable effort involved in reaching this agreement in principle and congratulate themselves on it," it added. 

In October, Barcelona released a financial report, confirming that they have made an after-tax loss of 97 million euros ($116 million) due to the impact of COVID-19-related restrictions. 

"The club suffered financially from the consequences of games being played behind closed doors, as well as the total cancellation of the basketball Euro League, and hence there was a considerable loss of income," said the report. 

"The lack of tourists and visitors to the city of Barcelona due to the reductions and limitations applied to international tourism also meant far fewer visitors to Barca's premises, meaning major losses in terms of such areas as visitors to the Camp Nou Experience and the sale of products in official stores," it added. 

Barcelona players, including top earner Lionel Messi, accepted a 70% pay cut in March, but the enduring crisis has forced the club to act again as they braced for a bigger drop in profit.