Arsenal have been given a £120million mortgage from the Financial institution of England.
The coronavirus pandemic has financially hit the pockets of the world’s greatest golf equipment over the previous 10 months.
In an official assertion on their web site, Arsenal say they’ve ‘met the standards’ for the Covid Company Financing Facility scheme, which is aimed to ‘present short-term finance at business charges’.
An announcement learn: “As we proceed to work by the implications of the worldwide pandemic on our funds, we are able to affirm at this time that the membership has met the standards set by the Financial institution of England for the Covid Company Financing Facility (CCFF).
“Consequently, we’re taking a short-term £120m mortgage by this facility to partially help in managing the impacts of the income losses attributable to the pandemic.
“It is a related strategy to that taken by all kinds of main organisations throughout many industries together with sport, and is repayable in Might 2021.
“The CCFF is designed to offer short-term finance at business charges through the pandemic to corporations which have sturdy funding scores and which make important contributions to the British financial system.
“The CCFF is along with the mortgage offered by our house owners Kroenke, Sports activities & Leisure that enabled us to refinance the debt on Emirates Stadium in August final yr.”
Arsenal usually are not the one Premier League membership to borrow cash from the Financial institution of England through the coronavirus pandemic.
Tottenham secured a £175m mortgage for a CCFF final June.