The transfer value of players in the top 5 European leagues have dropped 28% since last June, according to a new report from CIES.

The overall total has dipped from $35 billion to $25.7 billion, brought on largely by the COVID-19 pandemic.

Manchester City have taken the big financial hit, with their squad losing $450 million of value in recent months. Barcelona, Liverpool, Real Madrid, and PSG make up the top 5.

Olympique Marseille have seen the largest drop percentage wise, with a 37.1% decrease in squad value over that time. 

Ilkay Gundogan said that Liverpool should be awarded the Premier League title if the season is unable to continue.

"For me, that would be okay, yes. You have to be fair as a sportsperson," said Gundogan on Liverpool's season.

Gudogan also added that he would be open to taking a pay cut.

"Of course I think it's okay, that goes without saying, [but] there's been no discussion in England yet," Gundogan said. "Perhaps that's because the English clubs are a bit financially stronger than the clubs in Germany at the moment.

"I don't know who has the final say in that decision. On the other hand, if a player says, 'no, I don't want that, I worked hard for it, I get my salary,' then it can go in the opposite direction. For me personally, it would be okay but, to be honest, you have to be tolerant and if there are players who are against that, then that's also an acceptable situation."

Juventus players have reportedly agreed to take a four month pay cut due to the COVID-19 pandemic.

The club will save $100 million with the wage reduction.

"Should the current season's matches be rescheduled, the Club will negotiate in good faith with the players and the coach conditional increases of compensation according to the actual resumption and finalisation of official competitions," the team released in a statement.

Giorgio Chiellini reportedly lead the players during the negotiations.

Paulo Dybala, Blaise Matuidi, and Daniele Rugani tested positive for the coronavirus.

Contracts for players and coaches will be extended through the end of this domestic season, according to internal documents from FIFA.

The document also recommends that the transfer window be changed to deal with the new schedule.

FIFA said that it would put together a group to "assess the need for amendments or temporary dispensations to the FIFA Regulations on the Status and Transfer of Players' to protect contracts for both players and clubs and adjusting player registration periods."

Player and manager contracts are currently set to expire on June 30th. 

Eden Hazard admitted that he played poorly during his first season at Real Madrid.

"My first season at Real has been bad. But you don't throw everything away. It was a season of adaptation. I will be judged on my second season. It is up to me to be in good shape next year," said Hazard.

Hazard is currently recovering from surgery on his broken fibula.

Hazard added that he doesn't know when Real Madrid would return to training.

"I'm waiting. I spoke to [Real Madrid coach Zinedine] Zidane on the phone, he doesn't know either. All we can do is keep fit. Will La Liga restart? We don't know. If we don't, everyone will be disappointed, but that's how it is."

Barcelona are aiming to return to training on April 27th. 

Barcelona trainers estimate that it will take players two weeks to regain their match fitness. 

Squad members have taken pay cuts to help cover costs while the season is suspended.

The Spanish Football Federation recently announced an indefinite suspension to the league. 

Players from Bayern Munich and Borussia Dortmund accepted a pay cut to help their clubs deal with a lack of matches while the Bundesliga is suspended. 

Both clubs instituted a 20% reduction in salaries to help cover losses in revenue during the COVID-19 pandemic.

Several Bundesliga clubs are expected to follow Bayern and Dortmund's lead.

Barcelona players have also accepted a pay cut due to the suspended season.

Several Ligue 1 and Ligue 2 sides could declare bankruptcy within the next 6 months if matches are canceled due to COVID-19.

"I am very, very, very worried for all the clubs," he said. "Without state aid, within six months, half of professional clubs will have to file for bankruptcy. The five major leagues have already lost €4 billion and the French league between €500m and €600m," said the president of Saint-Etienne's supervisory board, Bernard Caiazzo.

Lyon were the first Ligue 1 side to adopt the policy of partial employment which funds a portion of the staff's salaries.

Caiazzo adds that the funds are not enough to cover a functioning side.

He added that there will hardly be a transfer window due to an overall lack of funds.

"There will also be no transfer window. Our neighbours will not have the resources to buy players this summer. However, some Ligue 1 clubs are banking on sales by the end of June. Not to mention the €170m less in TV rights money, as well as a box office shortfall."

Brescia president Massimo Cellino said that Serie A should cancel the rest of this season.

Cellino added that if Lazio wanted to win the title so badly, they should be awarded.

"If Lazio want the Scudetto, let them have it. This is the plague.

"Don't be daft, how can we resume the season? I am thinking of next term and only that. The Coppa Italia, the Scudetto... if [Lazio president] Claudio Lotito wants it, he can have it.

"He's convinced that his team is unbeatable, so let him keep that belief. How can we be sitting here talking about the Serie A title when we have a plague on our doorstep? I couldn't care less about football right now," said Cellino.

As of Sunday, there was a total of 6,557 cases of COVID-19.

Several Juventus players recently tested positive, including Paulo Dybala and Blaise Matuidi.

Barcelona could temporarily reduce the salaries of first team players to counteract the economic effects of COVID-19.

Players are aware of the potential decision, which will be made in a meeting next week.

The average salary of a Barcelona player is $11.8 million per season.

Barcelona have yet to consider laying off staff.

"It is vital for Barcelona's financial stability. Other clubs that have already done their job but Barca must keep fighting for the La Liga title and for continuing to advance in the Champions League," club sources told ESPN.