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Barcelona have reached an agreement with their players to cut salaries by €122million over the next three years.
However, the Spanish giants will still pay out around €50million per season during that period on wage packets.
The club has been forced to slash their budget, after LaLiga imposed a lower salary cap upon them last week.
League President, Javier Tebas, enforced the measures to curb excessive spending with fans still not allowed into stadiums amid the COVID-19 pandemic.
Having negotiated over a period of weeks with key figures such as Lionel Messi, Antoine Griezmann and coach Ronald Koeman, Barca were able to confirm a plan for the foreseeable future that will see them trim their bills.