Arsenal have confirmed they are set to receive a £120m loan from the Bank of England as part of the Covid Corporate Financing Facility.
The CCFF has been set up to provide short-term loans to help cash-flow issues caused by the Covid-19 pandemic and is available to companies who make ‘a material contribution to the UK economy’.
Tottenham and the Football Association have also utilised the CCFF, with Spurs taking out a £175m loan in June and the FA borrowing the same amount in December.
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A statement from Arsenal said: “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.

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“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.”

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The Gunners came in for criticism last summer when they made 55 redundancies after players had taken a pay cut on the understanding that it would preserve jobs for other staff.
They also spent around £75m in the summer transfer window and gave striker Pierre-Emerick Aubameyang a new deal worth a reported £250,000 a week.
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