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Top English football club Arsenal has taken out a short-term loan of £ 120m (US $ 163m) from the Bank of England to help offset the impact of the Covid-19 pandemic .
During the month of August, the Premier League club announced its intention to cut 55 positions in several departments due to the financial damage suffered during the coronavirus crisis.
The majority of Arsenal players had also previously agreed to a 12.5% pay cut to help other club staff keep their jobs.
On January 7, Arsenal confirmed that the club were using a Bank of England program to generate significant additional income, with matches at Emirates Stadium again being played behind closed doors.
A club statement read: “As we continue to work on 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 loan of £ 120million through this facility to partially help manage the impact of lost income from the pandemic.
“This is a similar approach to that taken by a wide variety of major organizations in many industries, including sports, and is reimbursable in May 2021.
“The CCFF is designed to provide short-term finance at commercial rates during the pandemic to companies that have good investment ratings and that contribute significantly to the UK economy.
“The CCFF is in addition to the loan from our owners Kroenke, Sports & Entertainment which allowed us to refinance the debt of Emirates Stadium in August of last year.”
Arsenal have taken out a £ 120million short-term loan to the UK
