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FA borrow £175m from Bank of England to ease COVID-19 losses

The Football Association (FA) has borrowed £175 million from the Bank of England to help ease the financial pressures caused by the coronavirus pandemic.

Reportedly, English football's governing body could be set to face up to £300 million in losses, which has led to the FA taking advantage of the government's COVID Corporate Financing Facility (CCFF), something that Premier League side Tottenham Hotspur made use of in June.

It is unclear how long the FA will be given to pay back the loan, with Tottenham's loan expected to be paid back by the end of March 2021.

The CCFF has been made available to companies that can prove they make 'a material contribution to the UK economy'. Non-sporting related enterprises, including John Lewis and Rolls Royce are another two companies that have taken out a loan.

In July, the FA announced that the financial impact of COVID-19 would lead to 124 redundancies, which totals 15 per cent of the FA workforce.

Author: Jake Wilkin