During the coronavirus pandemic, England’s Arsenal football club was forced to take out a massive £ 120m short-term loan to help provide funding.
The government’s £ 120 million loans was received through a program developed to help vital companies facing financial difficulties during the coronavirus pandemic.
Arsenal believes that the loan, which will be repaid in May, is necessary to help manage the effects of the loss of revenue that occurred during the coronavirus pandemic.
British Airways, John Lewis, Burberry, and the Football Association are other big businesses that have secured the government’s Covid corporate financing facility loan.
“This is a similar strategy to that adopted in May 2021 by a wide range of major organizations across many sectors, including sport, and is repayable,” Arsenal said in a statement.
The CCFF is intended to provide, during the pandemic, short-term funding at commercial rates to companies that have high investment scores and are making substantial 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.