Covid Corporate Financing Facility

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.