Arsenal struggled to complete transfers in the summer due to a lack of funds so it was always going to be interesting to see what they did in January.
It’s possibly fair to say that the need to make some panic signings has disappeared after a run of victories has propelled them away from relegation, so it could be a season to take stock and give some young players a consistent run of games in the first team.
That doesn’t mean the fans weren’t expecting any business to happen and they could still make some signings, but this news suggests they just don’t have the money to complete any giant deals:
Arsenal have borrowed £120m from the Bank of England to ease cashflow issues brought on by the pandemic. It must be paid back by the end of May (with interest).
It’s not going to suddenly add £120m to the transfer kitty. https://t.co/cLr9FXvV9S
— Charles Watts (@charles_watts) January 7, 2021
They won’t be the only club to be in this situation but the fact that the loan needs to be repaid with interest suggests it’s desperately needed, while there are some angry fans who are wondering why their wealthy owners aren’t stepping in to help out.
You also have to think this will hinder them in the summer so it could take a few years to return to a normal financial footing, so it’s probably worth tempering your expectations if you support the club.
There has since been an update where it appears The Bank Of England themselves would not be happy if this money ends up being used for transfers:
The HM Treasury has told @SkySportsNews that the £120m loan to Arsenal is solely to help “sustain jobs and suppliers”.
It’s understood the Bank of England would take a dim view of the club spending millions of pounds in the January transfer window, after taking out this loan.
— Anthony Joseph (@AnthonyRJoseph) January 7, 2021