Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Bournemouth officials take pay cuts, staff temporarily furloughed

Published 01/04/2020, 16:56
Updated 01/04/2020, 17:05
© Reuters. FILE PHOTO: Premier League - Burnley v AFC Bournemouth

(Reuters) - Bournemouth have furloughed staff while top executives and coaches have taken voluntary pay cuts to help ease the financial impact of the coronavirus crisis on the south-coast side, the Premier League club said on Wednesday.

The Premier League season has been suspended until at least April 30 due to the pandemic and clubs across the country have been hit by significant losses in match-day revenue.

Newcastle United put non-playing staff on leave and instructed employees to apply for the government's newly-created coronavirus job retention scheme and Bournemouth said they had to take similar drastic measures to protect the club's future.

"The club's chief executive Neill Blake, first team technical director Richard Hughes, manager Eddie Howe and assistant manager Jason Tindall have all taken significant, voluntary pay cuts for the entirety of this uncertain time," Bournemouth said in a statement https://www.afcb.co.uk/news/club-news/club-statement-covid-19-update.

"We have also advised a number of staff across all areas of the club that they will be temporarily furloughed, as a result of the ongoing pandemic."

Bournemouth said the furloughed employees, many of whom have been affected by the stadium's closure, would be on leave for at least three weeks under the government's coronavirus job retention scheme.

British finance minister Rishi Sunak announced earlier this month that furloughed workers can claim 80% of their wages up to 2,500 pounds per month as part of the scheme.

"Furloughed staff will continue to have their benefits – including pension contributions – paid by the club," Bournemouth added.

© Reuters. FILE PHOTO: Premier League - Burnley v AFC Bournemouth

The club said it was committed to "topping up each furloughed employee's wages to 100%" while reclaiming 80% from the government's scheme.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.