After celebrating winning the LaLiga title, Florentino was asked about strengthening the squad for next season.
"The situation is very bad," he told El Transistor.
"It is difficult to ask players to agree to a salary cut so that we can get through the current crisis and make large purchases at the same time. That may have to wait. Real Madrid will again capture the best players as soon as the situation is changed.
"This has certainly been the most difficult season for me as chairman. We have missed out on important income. We have asked the players' group to contribute (salary cut of 10-20 per cent). If they had not voluntarily agreed to adjusting their salary, this club would have suffered big losses. It is an exceptional situation."