To compensate for the effects of the Covid 19 pandemic, Arsenal took out a “short-term” £ 120 million loan from the Bank of England. In August, owing to the financial harm caused by the coronavirus outbreak, the Premier League club announced plans to slash 55 jobs in different departments.
A 12.5 percent salary reduction had already been accepted by the majority of Arsenal players to help other club workers retain their jobs. We can confirm that the club has met the requirements set by the Bank of England for the Covid Corporate Financing Facility (CCFF)-Arsenal (@Arsenal) January 7, 2021On Thursday, Arsenal reported that the club is using a Bank of England program to generate significant additional revenue, with games being played behind closed doors at Emirates Stadium once again. A club statement read: “As we continue to work through the impact of the global pandemic on our finances, we can today confirm that the club has met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF). ” This is a similar approach to that taken by a wide range of large organizations across many industries, including sport, and is repayable in May 2021 at Emirates Stadium (Catherine Ivill/PA) “This is a similar approach to that taken by a wide range of large organizations across many sectors, including sport, and is repayable in May 2021. “The CCFF was structured to provide short-term funding for businesses with a high investment rating during the pandemic at commercial rates. “The CCFF is in addition to the loan provided by our owners Kroenke, Sports & Entertainment, which enabled us to refinance the Emirates Stadium debt last August.”