Arsenal Takes £120m From Bank of England As COVID Loan
January 8, 2021
Arsenal have taken out a “short-term” £120m corporate loan from the Bank of England to help offset the impact of the Covid-19 pandemic. In a statement the club said:
“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.”