Premier League giants Arsenal have taken out a "short-term" Stg120million ($A210 million) corporate loan from the Bank of England to help offset the impact of the COVID-19 pandemic following their recent cost-cutting.
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During August, the London club announced plans to make 55 roles redundant across several departments because of the financial damage suffered during the coronavirus crisis.
The majority of Arsenal's players had also earlier agreed to a 12.5 per cent pay cut to help keep other staff at the club keep their jobs.
On Thursday, Arsenal confirmed the club were now utilising a Bank of England scheme to bring in significant additional revenue, with matches at the Emirates Stadium now once again being played behind closed doors.
A club statement read: "As we continue to work through the implications of the global pandemic on our finances, we can confirm today that the club has met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF).
"As a result, we are taking a short-term APS120 million ($A210 million) 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 sport, and is repayable in May 2021."
Australian Associated Press
