La Liga facing financial crisis as president Javier Tebas says finishing season will cost half a BILLION Euros

LA LIGA is facing financial ruin after its president revealed it will cost half a billion Euros to finish the season because of the ongoing coronavirus pandemic.

Clubs including Barcelona and Real Madrid have been forced to reduce their wage bills as the impact of the current global health crisis wreaks havoc with their finances.

While Valencia have been forced to sell players – just to stay afloat.

And now La Liga president Javier Tebas has revealed Spain's clubs have no other option but to cut costs to survive.

'There is a large industry behind La Liga with many jobs that depend on it," he explained to Marca.

"According to the latest reports, there are 180,000 jobs. Defending this industry is a social responsibility. We have to be an example, because that serves to grow and create more jobs. People need to understand that La Liga has a lot of responsibility.

"We still have excess spending of about €500m (£448m) as clubs can't remove players with contracts – an effort has to be made to reduce salaries.

"Some clubs have to continue to try and reduce the wage bill. The most affected in Spain are Valencia, Barcelona and Real Madrid – they just can't get rid of the superfluous players.

"To end the season, Spanish football will need to spend about €490m (£435m) to pay the club expenses, but not to all clubs.

"We've detected 17, some of whom are short €100m and others €3m – but the club missing €3m might be in worse shape than the one missing €100m.

"We're working to fix it. Valencia is no longer in the Champions League, for example, and they've been criticised for selling players but they have to, and Barcelona have to lower their wage bill to finish the season. They have no other option."

Last week, Barcelona were left embarrassed after they had to announce they had failed to reach an agreement with their stars over pay cuts.

The 26-time La Liga winners are scrambling to save £170million – with fears they could face bankruptcy.

Astonishingly, players' wages at the Camp Nou took up 61 per cent of the club's revenue, estimated at £940million per year, before the pandemic hit.

Argentinian ace Lionel Messi is the club's highest-earner – and is paid around £500,000 per-week.

Real Madrid are also reportedly set to ask their superstars if they are willing to take another pay cut, according to ESPN.

Earlier this year, first team stars including Sergio Ramos and Karim Benzema joined coaching staff and executives in taking a 10-20 per cent hit on their salaries.

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