Arsenal borrowed 132 million euros from the Bank of England to ease the financial strain on its coffers as a result of the COVID-19 pandemic, announced this Thursday the London club.
The English entity affirms that it meets the criteria established by the Bank of England for the Covid Corporate Financing Facility (CCFF), and they have requested a short-term loan, which must be repaid before May 2021. The move comes after north London rivals, Tottenham Hotspur, will request a credit similar to the CCFF of € 193M last June, mainly due to the economic consequences aggravated by the coronavirus pandemic.
“As we continue to work on the implications of the pandemic on our finances, today we can confirm that the club has met the criteria set by the Bank of England for corporate financing of CovidFacility (CCFF),” a statement from Arsenal reads. . “As a result, we are taking a short-term loan of 132 million euros to help partially manage the impact of reduced revenues and losses caused by the pandemic.. This is a proposal similar to that adopted by a wide variety of major organizations in many industries, including sports. “
We can confirm that the club has met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF)
– Arsenal (@Arsenal) January 7, 2021
British government aid under the CCFF program adds to the delay granted to Arsenal owners, which allowed the club to roll over the debt from the Emirates Stadium construction last year.
