Arsenal take out £120m Covid loan from government as short-term solution
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Arsenal have confirmed they are taking out a £120million loan from the government after meeting the criteria set by the Bank of England for the Covid Corporate Financing Facility.
Like many other clubs in world football, the Gunners are dealing with financial complications brought on by the coronavirus pandemic.
And after meeting the criteria for CCFF, a scheme designed to support liquidity among larger firms, the club have confirmed they will be taking a short-term loan from the government to help with revenue losses amidst the Covid-19 crisis.
An Arsenal statement reads: “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 £120 million 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.
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“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.”
More to follow.
- Arsenal FC
- Coronavirus
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