In the most millionaire soccer league on the planet, the rich also suffer. Two of the Premier League’s wealthiest clubs turned to state assistance to cover its financial deficits. The Bank of England provided more than $ 400 million to renowned teams in the City of London.
Both institutions resorted to the Business Financing Aid program (CCFF) in the face of the Covid-19 crisis. One is Arsenal FC, which bought about $ 165 million last week. The second is Tottenham Hotspur which earned nearly $ 240 million from British taxpayers in June.
It is a form of state bailout in a scenario of public indebtedness without registration since the Second World War. That’s why they exist rejection inside and outside the football industry. The more modest clubs feel discriminated against because of the facilities that are not equitable for all.
The head honcho of a British first division club told the Financial Times that helps “adulterate the competition”. The leaders of other teams claim that “We all access the CCFF or it should not be allowed for anyone”. The UK government introduced that program in March 2020.
Arsenal is owned by Kroenke Sports, the American Stan Kroenke, linked to Walmart, owner of teams in the NFL and NBA. Companies that receive loans from the CCFF barely pay interest close to 0.5%. Tottenham reported that his loan expires in May and can be extended for another year.
Life is different for clubs with less popularity and financial capacity. Leicester, West Ham, Sheffield United, Burnley and Southampton had to get into debt in private banks with higher interests. The last of the five received a £ 80 million loan at 9.14% interest.
The country informs that for the btitánico government all the clubs can go to different aid programs. While the CCFF does not include a specific control on transfers. Tottenham was the third European club to sign the most footballers for around US $ 134 million and Arsenal signed for US $ 100 million.
Arsenal players suffer Southampton goal
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