Arsenal Takes £120m Loan
English Premier League side Arsenal have taken out a short-term £120m loan to help deal with the impact of the coronavirus pandemic. The club say they “met the criteria set by the Bank of England for the Covid Corporate Financing Facility” and a loan which is repayable in May 2021 was granted them.
The Gunners were one of the clubs to briefly welcome back some fans recently. However, the return of fans was stopped as the coronavirus cases kept increasing and forced the English FA to enforce greater restrictions.
An Arsenal statement said: “The CCFF is designed to provide short-term finance at commercial rates during the pandemic to companies that have strong investment ratings and which make significant contributions to the British economy.”
“The CCFF is in addition to the loan provided by our owners Kroenke, Sports & Entertainment that enabled us to refinance the debt on Emirates Stadium in August last year.”