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Arsenal owner Kroenke stepping in to pay off £120M loan

Arsenal owner Stan Kroenke is set to step in to help pay off the club's major loan.

Kroenke is set to intervene and help Arsenal pay off the £120m loan they took out to cope with the stadium lockouts, says the Football.London.

Through his business KSE with his son, Josh, the American businessman's decision will have an impact on the upcoming transfer window.

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.

Going into the transfer window without £120m of debt over the club's head is a huge relief.

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