Arsenal are to receive £120million from the government in the form of a Covid loan (Picture: Getty)Arsenal have borrowed £120million from the government via a scheme set up to support significant businesses facing cash flow problems created by the coronavirus pandemic. The Premier League giants are taking a short-term loan through this facility to partially assist in managing the impacts of the revenue losses attributable to the continuing global crisis. Aside from one Europa League game against Rapid Vienna and one Premier League fixture Arsenal have continued to play behind closed doors this season and have been deprived of the £3.5million they generate on every matchday. AdvertisementAdvertisement‘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),’ Arsenal confirmed in a statement. ‘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.

Source: Metro January 07, 2021 15:24 UTC