Arsenal had borrowed money from the COVID Corporate Financing facility(CFF) to partially assist in managing the impact of revenue losses attributed to the coronavirus pandemic. The loan was generating a 0.5% interest rate, meaning Arsenal would have to pay back €600,000 in interest.
However today the Bank of England had confirmed that Arsenal football club has repaid in full the loan that they took from CFF. Arsenal was struggling financially because the majority of this season has been played behind closed doors and according to The Telegraph, Arsenal relies most on their match revenues which have been significantly hit by the pandemic.
According to Emirates football finance Expert, Mr. Kieren Maguire speaking on football. london the only way arsenal would be able to pay CFF this season was through the intervention of their owners. It is currently unclear how Kroenke has helped Arsenal pay off their loan.
Arsenal can now get out and spend in the transfer without worries of €120 million loan debt. This is a major boost for Mikel Arteta and Edu in their Arsenal's rebuilding project next season.
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