Real Madrid's players, coaches and "main directors" will take a pay cut of 10-20% this year as the club deals with the impact of the coronavirus pandemic.
Football in Spain has been suspended indefinitely since March, when the country declared a state of emergency.
Real said the decision to reduce pay was "taken by players, coaches and employees" to avoid "traumatic measures that affect the rest of the workers".
The club's basketball team have also agreed voluntary pay cuts.
Real said the move was "depending on the circumstances that may affect the closing of the current 2019-20 sports season".
It added the decision would help mitigate a decrease in income "as a result of the suspension of competitions and the paralysis of a large part of its commercial activities".
It was announced last month that Barcelona players would take a 70% pay cut and make additional contributions to ensure non-sporting staff received full wages.