Arsenal have taken out a short-term £120m loan ($163m, 133m euros) from the British government to help them cope with the impact of the coronavirus pandemic, the Premier League club announced Thursday.
In August of last year, the Gunners announced plans to make 55 posts in their staff redundant because of the financial hit the north London side had suffered as a result of Covid-19.
At that stage, the bulk of the club's players had agreed to a 12.5% pay cut from their largely lucrative pay packets in a bid to help other Arsenal staff retain their jobs.
Thursday saw the club confirm they were utilizing a scheme from the Bank of England, the national central bank, to bolster their revenue at a time when matches at their Emirates Stadium are again being played behind closed doors amid a fresh country-wide lockdown.
Arsenal's statement added that the loan was in addition to the extra financial support the club was receiving from owner Stan Kroenke, a US-based sports entrepreneur.
The reports came after the 32-year-old fanned speculation by tweeting a photograph of himself in Istanbul with the words
Posted by Sports Tribune on Wednesday, 6 January 2021
Arsenal's spending on transfer fees and wages in recent months has been criticized in light of the redundancies made to non-playing staff.
The Londoners splashed out £45m ($58m) on transfer deadline day in October for Thomas Partey and offered lucrative three-year contracts to Pierre-Emerick Aubameyang and Willian.
Arsenal have been financially hit by failing to qualify for the Champions League for four consecutive seasons.
Mikel Arteta's men currently sit 11th in the Premier League, six points off the top four.
