Saracens will furlough some members of staff and ask higher-earners, including players, to take a partial wage deferral.
The club issued a statement in which they said they had asked all players and employees earning over £75,000 to defer payment of their salaries over and above that amount until the start of the 2020-21 season.
Chairman Neil Golding said: “We understand this is really tough for everyone, but the reality is that the only way to survive this unprecedented situation as a club is to make these adjustments.
“The board are very optimistic that this is a short-term issue and are taking steps to secure future funding which will put the club on a very sound financial footing.”
Saracens, whose relegation from the Gallagher Premiership has already been confirmed because of repeated salary cap breaches, said the amounts deferred would be repaid over an 18-month period.
Saracens and England international Maro Itoje said: “Covid-19 has had huge ramifications on every facet of society and rugby is no different.
“This is not an easy time for the players and the club alike.
“But in order to see this through, the whole organisation needs to pull together and do what we can for the future of Saracens RFC and our individual careers within the sport.”
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