The management of Arsenal football club has announced that it would be taking a £120 million short-term loan.
Announcing this development on the official website of the club, the management said 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 £120 million loan through this facility to partially assist in managing the impacts 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 loan will be used to “partially assist in managing the impacts of the revenue losses attributable to the pandemic,” the management announced.
The short-term loan will be due for repayment in the month of May, 2021.