London, Jan. 7, 2021 English Premier League (EPL) clubside Arsenal said on Thursday they have borrowed about N62 billion (120 million pounds or 162.65 million dollars) from the Bank of England.
The loan was sourced to ease the strain on their finances as a result of the COVID-19 pandemic.
The club announced they have met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF).
Arsenal added they have taken out a short-term loan, which must be repaid by May 2021.
The move comes after north London rivals Tottenham Hotspur borrowed 175 million pounds from the CCFF scheme in June.
“As we continue to work through the implications of the global pandemic on our finances, we can confirm today that the club has met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF),” a statement read.
“As a result, we are taking a short-term 120 million pounds loan through this facility to partially assist in managing the impact of the revenue losses attributable to the pandemic.
“This is a similar approach to that taken by a wide variety of major organisations across many industries, including sports.”
The help from the CCFF scheme comes in addition to the loan provided by Arsenal’s owners Kroenke, Sports & Entertainment.
This has enabled the club to refinance the debt on their Emirates Stadium last year.