In response to the ongoing COVID-19 crisis GVC executives have agreed to take a 20% pay cut.

The company says that its board of directors and members of its executive committee have agreed to take a 20% cut to their basic salary and fees for at least three months, effective immediately. They have also agreed to forfeit their bonuses for the year.

GVC originally estimated the COVID-19 crisis would reduce EBITDA by GBP £100m per month, but since rolling out an extensive plan to mitigate the impact, the company has reduced that estimate to £50m, and said its financial position remains strong.

AYO.NEWS says:

At a time when so many staff and customers are feeling the pinch, with all-time record unemployment forecast to hit Europe and North America over the next few months, it’s good to see executives are also sharing the pain.

With many experts and politicians now warning that this crisis could drag on for many months or even years, and that the “new normal” may involve continued long-term disruption, especially to international travel, the prospect of the sports industry recovering any time soon looks increasingly distant, so we think its safe to say bookies have only just begun to feel the pain.

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.

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