Stan Kroenke’s £120million decision and impact on Arsenal’s summer transfer plansMay 18, 2021 0 By admin
Stan Kroenke’s £120million decision and impact on Arsenal’s summer transfer plans
Through his business KSE with his son, Josh, the American businessman’s decision will have an impact on the upcoming transfer window.
The Gunners fulfilled the criteria to take out a loan from the Bank of England through the Covid Corporate Financing Facility (CCFF) back in January 2021.
With the financial impact that the pandemic had brought, the club’s revenues took a mammoth hit – especially through gate receipts.
A statement at the time 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).
The scheme allowed big corporations to continue to operate at low-interest rates, with Arsenal only having to pay an extra 0.5% back on top of the £120m they borrowed – which stands at £600,000.
In January, the Gunners largely offloaded a number of fringe players – including Sokratis Papastathopoulos and Shkodran Mustafi.
According to Football London, the north London club will repay the full loan this month through KSE.
However, Kroenke would have to further invest more money if Mikel Arteta’s wish for resources is to be adhered to.
Going into the transfer window without £120m of debt over the club’s head is a huge relief.