ARSENAL TAKE £120m PANDEMIC BANK LOAN

ARSENAL have taken out a ‘ short- term’ £ 120million corporate loan from the Bank of England to help offset the impact of the Covid-19 pandemic.

A statement from the north London club read: ‘As we continue to work through the implications of the global pandemic on our finances, we can confirm today that the club has met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF).

‘As a result, we are taking a short-term £120m loan through this facility to partially assist in managing the impact of the revenue losses attributable to the pandemic. This is a similar approach to that taken by a wide variety of major organisations across many industries including sport, and is repayable in May 2021.

‘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.’