[SPORTS News] Cashstrapped Arsenal take out £120m loan from Bank of England

Arsenal football club of England have been forced to take out a huge £120m short-term loan to help provide finance during the coronavirus pandemic.

The £120million loan from the government was gotten via a scheme created to support significant businesses facing financial issues during the coronavirus pandemic.

Arsenal say the loan, which will be repaid in May, is necessary to assist in managing the impact of the revenue losses that took place during the coronavirus pandemic.

Other major companies who got the government’s Covid corporate financing facility loan include British Airways, John Lewis, Burberry and the Football Association.

“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,” said Arsenal in a statement.

“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.”