The club said that the cuts were the result of the financial impact of the Covid-19 pandemic.
The announcement sparked an immediate social media backlash from fans contrasting the huge sums involved with keeping key players to the lost jobs of staff at the north London outfit.
"Revenue from broadcasters, matchday and commercial activities have all been hit severely and these impacts will continue into at least the forthcoming 2020/21 season." the club said in a statement.
The club said they had done all they could to reduce costs, including players, senior staff and executive team members taking voluntary pay cuts, adding "but it is now clear that we must reduce our costs further to ensure we are operating in a sustainable and responsible way.
"We do not make these proposals lightly and have looked at every aspect of the club and our expenditure before reaching this point. We have also received significant financial support from our owners, Kroenke, Sports & Entertainment in terms of refinancing our stadium debt.
"These steps have all reduced the impact of the pandemic on the club and have helped us continue to maintain investment in the team. This will continue to be a key priority."
