LONDON: Arsenal have secured a £120-million ($163m) short term loan facilty to help the club’s cashflow through the ongoing COVID-19 pandemic.
“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),” the Premier League club announced Thursday.
The loan is repayable by the end of May and is principally designed to help offset the ongoing absence of matchday revenue for the season.
Club statement in full
“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.
“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.”
