English Premier League (EPL) clubside Arsenal said on Thursday they have borrowed about N62 billion (120 million pounds or 162.65 million dollars) from the Bank of England.
The loan was sourced to ease the strain on their finances as a result of the COVID-19 pandemic.
The club announced they have met the criteria set by the Bank of England for the Covid Corporate Financing Facility (CCFF).
Arsenal added they have taken out a short-term loan, which must be repaid by May 2021.
The move comes after north London rivals Tottenham Hotspur borrowed 175 million pounds from the CCFF scheme in June.
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