Stan Kroenke set to intervene to help Arsenal pay off a £120m loan owed to Bank of England after Covid hit finances
ARSENAL owner Stan Kroenke is set to personally intervene as the club pays back a £120million Government loan.Reports suggest the Gunners are intent on paying back the full amount this month having received the funds at the onset of the pandemic.
Stan Kroenke is reportedly ready to step in amid Arsenal’s financial woesCredit: Getty
According to Football.London, the American owner will help the club despite calls for Kroenke to sell his shares.
Kroenke, 73, is worth north of £5.75billion and the loan repayment also includes a 0.5 per cent interest rate worth £600,000.
It is said the club used the money to help pay off the contracts of Shkodran Mustafi and Sokratis Papastathopoulos earlier this year.
And although the option is available to apply for a 12-month extension in repaying the loan, Arsenal are reportedly ready to pay it back this month.
The coronavirus crisis hit the North London outfit hard with almost all of the club’s £100million annual matchday revenue lost during the pandemic.
In August, the Gunners announced plans to make 55 members of staff redundant.
Arsenal bosses were criticised for subsequently handing out mega contracts to new signing Willian and captain Pierre-Emerick Aubameyang.
The failure of Mikel Arteta’s side to qualify for next season’s Champions League will further impact their finances with participation in the Europa League also in major doubt.
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Gooners have vehemently protested against Kroenke during the team’s on-pitch struggles and following the doomed European Super League plot.
Spotify founder Daniel Ek attempted to pull off a takeover with help from club legends Thierry Henry, Dennis Bergkamp and Patrick Vieira.
However, the Swede has claimed that Kroenke rejected his offer and has no intention to sell.
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