The Jambos number one, along with Ryan Stevenson and Jamie Hamill, agreed to accept reduced salaries in a bid to help the Edinburgh outfit come through administration. Hearts owe £25million to Lithuanian companies UBIG and Ukio Bankas.
UBIG is now waiting to be put into administration after its assets were frozen, while Ukio Bankas will soon be liquidated after a Kaunas court declared it insolvent.
The threat of court action over a partially-paid £100,000 tax bill sparked the decision to place Hearts into administration earlier this month.
Macdonald praised supporters, who have been buying season tickets in an attempt to aid the club's chances of survival.
He told the Hearts website: "They have been fantastic, buying so many season tickets. Hopefully more of them keep doing that.
"I had to think carefully about taking the cut as I have a family and a mortgage to pay. But at the end of the day this club means everything to me and it's a wee thank you to the fans for what they have done."
Administrators BDO axed 14 members of staff in a cost-cutting measure after taking over the running of the club. And Macdonald admits he is relishing the return to pre-season and the chance to take his mind off off-field matters.
He added: "I have to admit it's not something I usually look forward to but I can't wait to get back into training tomorrow.
"The last few days have been extremely difficult for me personally as I have seen a lot of good people at the club lose their jobs. Getting back in amongst the boys and the banter will be good."
- Sports & Recreation
- Ukio Bankas
- Jamie Hamill