Some Arsenal fans worried as update on club's £120m loan emerges
Some Arsenal fans have been voicing their worries after news emerged regarding the club’s £120m loan from the Bank of England.
The Gunners took out a loan to help the club through financial difficulty during the coronavirus pandemic, and it was announced by the government-owned that the borrowed money has been paid off.
Like many other teams across the country, Arsenal have struggled through the recent pandemic and announced back in at the start of March that they’d made just under £50m in losses after tax.
However, it didn’t seem to affect the red and white in the transfer window with Arsenal splashing more £75m on deals, including an eye-opening £45m on Thomas Partey.
And it seems the north London giants are about to embark on yet another spending spree in the market with recent reports claiming the American owner Stan Kroenke could be about to unleash extra transfer funds.
Arsenal need every little boost they can get in terms of financial help, however, some publications are saying the Kroenke’s assisted the side in paying off the £120m loan.
It means the club are now in debt to the Kroenke’s who sometime in the future will be looking for repayment of money they’ve put into the team.
Here are how fans reacted to the news…
My worry is if this would affect our transfer window
— Dhruv (@patel_afc) May 20, 2021
Is that not just moving the debt on? Kicking the can down the road so to speak?
— Thomas Clark (@thomasclark87) May 20, 2021
That’s like paying a credit card with another credit card 🙄
— Mario Silva (@RoMaRiO1991) May 20, 2021
At a much higher rate than that offered by big borris! Where is the logic here?
— Palmer Pimento (@Jamie92668665) May 20, 2021
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