Watford players have agreed to a 30 per cent wage deferral after discussions with the club's executives.
Sportsmail revealed on Sunday that the Hornets squad were on the brink of agreeing a deal after the club scrapped its original plans for a 35 per cent straight pay cut.
Captain Troy Deeney led talks between the players and the board with Chairman and chief executive officer Scott Duxbury praising the team's decision.
He said: 'We are grateful to the players for recognising the importance of the situation and for their support of this fantastic club.
'It is a show of unity which we know our supporters and the wider Watford community will appreciate, and shows an awareness of the need for everybody to pull together in these incredibly challenging times.
'We can be proud of the players for taking this step. They recognised they have a role to play and didn't hesitate in taking a decision for the overall good of the club.'
Deeney added that conversations had been taking place for a number of weeks.
'It's been sensible conversations going on for a few weeks now; between players and then me as that bridge as captain with Scott.
'Nobody, wherever they work, is keen on the idea of a pay cut, so there's a bit of common sense and a good level of understanding has prevailed to get to a pay deferral over the short term.
'The details of what we've agreed are private - but they're in the best interests of helping the club right now, no one needs to be in any doubt about that.'
Southampton and West Ham became the first Premier League clubs to agree to reductions with their squads.
Chelsea are very close to finalising a 10 per cent cut with players but they won't have a chance to make up their lost cash.
As reported in Sportsmail last week, captain Cesar Azpilicueta led negotiations with the proposed agreement lasting for four months.
They followed in the footsteps of Arsenal who have agreed a 12.5 per cent cut but their deal is heavily incentivised, giving players the opportunity to earn all of the money back if the qualify for the Champions League inside the next two seasons.
The pay cut will be reduced to 7.5 per cent if the qualify for the Europa League.
