LONDON: Arsenal have had to make a short-term loan worth 120 million pounds from the British government to help them deal with the impact of the COVID-19 pandemic, the English Premier League club announced.
In August last year, The Gunners announced plans to cut 12.5 per cent of their players’ salaries to ensure club staff are able to retain their positions.
Yesterday the club confirmed they had to use a scheme from the Bank of England, to help the club after the match at the Emirates Stadium had to take place without spectators and a curfew was re-enforced.
“As we continue to work to address the pandemic impact on our finances, we can confirm that the club meets the criteria set by the Bank of England for the COVID Corporate Financial Facility (CCFF).
“Therefore, we are taking a short-term loan of 120 million pounds through this facility to help address the impact of loss of income due to pandemics.
“It is the same approach taken by other large organizations in many industries including sports, and it will be repaid in May 2021.
“The CCFF is designed to provide short-term financial assistance to companies with strong investment rates and make significant contributions to the British economy,” Arsenal said.
Arsenal’s financial situation worsened when he failed to qualify for the Champions League for four consecutive seasons.
Mikel Arteta’s squad is currently ranked 11th in the English Premier League, six points behind the top four. – AFP