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.”
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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.
