Barcelona has made financial changes to the club amid COVID-19 (Coronavirus) pandemic after holding discussion with the key personalities of FCB including Lionel Messi, Antoine Griezmann and coach Ronald Koeman.
The club has reported that Barcelona has reached an agreement with their playing squad to cut wages by EUR 122 million (£ 110m/$ 146m) over the next three years.
The Blaugrana will however, still pay out EUR 50 million (£ 45m/$ 60m) per season on wage packets during that time.
After La Liga put a lower salary cap on them last week the club was forced to make cuts to their budget, as they attempt to stave off financial uncertainty caused by the Covid-19 pandemic.
In the midst of the ongoing health crisis, League President Javier Tebas brought in legislation to curtail wasteful spending, with supporters already barred from stadiums.
Having negotiated with key personalities such as Lionel Messi, Antoine Griezmann and coach Ronald Koeman over a number of weeks - and having seen talks paused on many occasions - Barca was able to announce a roadmap for the near future that will see them trim their bills.
'Today, the parties have reached an agreement in principle which allows salary changes for the current season,' the club stated in a statement on Friday.
'[It is for a fixed remuneration amounting to EUR 122 million, added to the three-year variable remuneration deferral from this season [onwards], budgeted at approximately EUR 50 million.'
"This agreement concept is awaiting approval by the group of players and coaches affected in the coming days.
If ratified, the agreement will be a landmark of considerable significance for the redirection of the current economic situation.
"That both parties recognise the great effort that has had to be made to reach this principle of agreement, [they should] congratulate themselves for it."
Following a 2019-20 campaign pockmarked by chaos, it has been a tough start to the new season for Barca, although they remain unbeaten in Europe.
They have failed to translate that form into their domestic pursuits in La Liga, but they sit top of Group G in the Champions League - and have already booked their place in the last 16.
So far this term, they have won and lost three games each to leave them marooned in the 13th and face an uphill struggle to chase down their rivals, while they still have two games in hand.