Arsenal take out 120 million pound loan after finances take COVID-19 hit


FILE PHOTO: Soccer Football - Premier League - Arsenal v Aston Villa - Emirates Stadium, London, Britain - November 8, 2020 General view of a corner flag inside the stadium before the match Pool via REUTERS/Andy Rain/Files

(Reuters) - Arsenal have borrowed 120 million pounds ($162.65 million) from the Bank of England to ease the strain on their finances as a result of the COVID-19 pandemic, the Premier League club said on Thursday.

The club announced it has met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF), and they have taken out a short-term loan, which must be repaid by May 2021.

The move comes after north London rivals Tottenham Hotspur borrowed 175 million pounds from the CCFF scheme in June.

"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)," a statement read.

"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."

The help from the CCFF scheme comes in addition to the loan provided by Arsenal's owners Kroenke, Sports & Entertainment that enabled the club to refinance the debt on their Emirates Stadium last year.

($1 = 0.7378 pounds)

(Reporting by Peter Hall, editing by Pritha Sarkar)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 18
Cxense type: free
User access status: 3
   

Did you find this article insightful?

Yes
No

Next In Football

Paulista brought to tears by talk of Valencia relegation battle
Newcastle's Bruce fears the worst over injuries after Wolves draw
Injuries hamper Newcastle in 1-1 draw with Wolves
Juve's away day blues continue as Verona earn draw
AC Milan’s trip to Roma key moment in top-four race - Pioli
Leipzig snatch 3-2 comeback win over Gladbach in thriller
Brighton's Dunk slams officiating after loss to West Brom
Mbappe nets double as PSG thrash Dijon to put pressure on Lille
West Brom win as Brighton pay penalty amid VAR chaos
Barca sink Sevilla to keep title chase alive

Stories You'll Enjoy


Vouchers