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Germany

Beleaguered Bayern Set to Wield Salary Axe

With hope dwindling of any chance of silverware this year, Bayern Munich are set to slash players' salaries in the summer after hedging their bets on the lucrative Champions League and Bundesliga titles. Bayern Munich chairman Karl-Heinz Rummenigge says the club, out of the premier European club championship after losing to Real Madrid and 11 points behind German league leaders Werder Bremen, will wield the axe come the close season. "The volume of salaries has to be reduced by 15 to 20 percent," Rummenigge told Wednesday's issue of the weekly Sport Bild. "Expiring contracts will not be renewed under the old conditions," Rummenigge said. "We won't do crazy things any more," he added referring to the reality check most Bundesliga clubs have experienced this season in terms of financing, mainly because of a sharp drop in revenue from television rights.