Worldwide Financial Crisis Forces AC Milan To Drop Salaries By 30 Percent

Yesterday in our report about the LA Galaxy and AC Milan coming to an agreement over David Beckham, we nentioned that Beckham had agreed a salary cut to ensure the move goes through.

Well a report in Serie A Tickets says that Beckham is not the only one to be taking a pay cut. AC Milan is expected to impose a ceiling on transfer fees, and cut salaries by over 30 percent.

From the post:

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Milan is currently the top total fee-payer along with Massimo Moratti’s Inter. With a total gross expenditure of €120 million, they are miles ahead (with the exception of Juventus who has spent €115 million) of Roma way down in fourth place with €65 million. In the new cost-cutting era, the Rossoneri team would drop to a budget of €80 to €85 million. Such a relegation would force them into a supporting role and into taking a step backwards with serious repercussions for the whole environment. How will the cuts be decided?

Ricardo Kakà is currently the highest paid player at €9 million per season. It’s no secret that Real Madrid may soon make an offer worth its weight in gold for him. In January, the Brazilian player signed an important agreement with the club: no more raises. This would suggest the club is keen on keeping Kakà, unless they get any outrageous offers for him. Milan is probably more concerned about other situations at risk at the moment. Like having 29 fully signed players at present. The plan is to let at least three of them go, or to replace them with younger, less expensive players.

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The world financial crisis is beginning to impact the world of soccer around the world. Many of the Premier League teams are openly looking for new owners, while Valencia mght be forced to sell its two best players in order to keep its bankers happy