Arsenal Football Club of England have been compelled to take £120m short-term loan to help augment it’s working capital requirement amid COVID-19 pandemic.
The £120m government loan was gotten through a scheme provided to support important businesses encountering financial issues during the coronavirus pandemic.
According to Arsenal, the loan will be repaid in May and the loan necessary to help in coping with the impact of the revenue losses that occurred during the coronavirus pandemic.
In a statement, Arsenal said: “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 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.”
