Arsenal have taken out the COVID-19 loan from the Bank of England and the loan must be paid back with interest by May.
have taken out a £120m loan from the Bank of England to help offset the impact of the Covid-19 pandemic. The loan is to be repaid before the end of May.
Arsenal are not the only Premier League club to borrow money from the Bank of England.
borrowed as much as £175m last summer, with the club facing serious losses due to the pandemic.
In a statement, 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
"This is a similar approach to that taken by a wide variety of major organizations across many industries including sport, and is repayable in May 2021.
Arsenal revenues have decreased during the pandemic and the club’s cash revenues have run dry because of games being played behind closed doors.
The loan will be used to ease the club’s cash flow problems and will have no impact on the Gunners’ transfer plans.