They have also agreed to defer "a significant proportion of their earnings", with the money-saving measures in place from April to June.

The club hope these steps will help them emerge from the coronavirus crisis "on a stable basis".

Chief executive Peter Lawwell praised "the willingness of everyone involved."

Celtic, currently 13 points clear at the top of the Scottish Premiership in pursuit of their ninth successive title, posted profits of £24m for the final six months of last year, which they ended with nearly £33m in the bank.

Lawwell acknowledged the Scottish champions are in a strong financial position but "not immune to this unique set of circumstances".

He added: "I would like to pay tribute to Neil and the players for their desire to play their part and the outcomes achieved.

"I am also grateful to my own executive team for the commitment they have devoted to this outcome in very difficult working circumstances."

Lennon says the club's "solidarity on and off the park" will help them through the crisis, with the resumption of the Scottish season having been pushed back to 10 June at the earliest.