Real Madrid's Raphael Varane, left, and Shakhtar's Junior Moraes challenge for the ball during the Champions League, Group B, soccer match between Shakhtar Donetsk and Real Madrid at the Olimpiyskiy Stadium in Kyiv, Ukraine, Tuesday, Dec. 1, 2020. (AP Photo/Efrem Lukatsky)
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MADRID (AP) — Real Madrid lost more than 100 million euros ($120 million) in income because of the coronavirus pandemic, the club said on Wednesday.

Madrid said the impact of the pandemic represented a 13-percent reduction in income for the 2019-20 season. It closed with a profit of 313,000 euros ($375,000).

Madrid said it projects a budget of 617 million euros ($740 million) for 2020-21, about 300 million euros ($360 million) less than what would have been expected without the pandemic.

First-team players and coaches in soccer and basketball voluntarily agreed to lower their salaries by 10 percent this year.

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