Arsenal might end up being the first club in the Premier League where its players have agreed to a pay cut amid being offered Champions League qualification incentives.

Arsenal players will take a 12.5% wage cut. However, they will be reimbursed if they qualify for next season’s Champions League or the 2021/22 competition.

If at all the reach next year’s Champions League, they will be awarded a £100,000 bonus. Also, each player will earn £500,000 for winning the 2021 Champions League or £100,000 for the Europa League.

On Wednesday, the Arsenal executive team agreed to waive more than a third of their salaries over the next 12 months. Private discussions took place with the players over the “potential financial challenges ahead” as well.

This decision came after league-wide talks aimed at a collective pay deal broke down without resolution.

The Premier League proposed a 30% pay cut, but the Professional Footballer’s Association said the measure would affect tax contribution to the NHS.

In a statement earlier this week, Arsenal wrote, “our owners, Kroenke, Sports and Entertainment are fully committed to supporting Arsenal through this challenging time.”

They confirmed their fans will receive credits or refunds if matches are played behind closed doors or canceled.

Season tickets and single match-day tickets at Arsenal are among the most expensive in the league. This means the Gunners face paying back more than most other clubs.

Before the football cancellation, Arsenal was in the ninth place in the Premier League title chase. Similarly, the club was eight points adrift of a Champions League place with 10 games remaining.