Covid-19 causing one Premier League Club to lose £9m-a-week and may force them to take out £100m bank loan
- A top Premier League club is losing £9m every week due to the global pandemic
- The virus has severely affected the sporting world with games on hold
A top Premier League club is said to be losing £9m every week due to the coronavirus pandemic.
Reports indicate that the top club is said to be considering taking a £100m bank loan to cover their potential losses.
Top clubs around Europe are facing huge financial losses as they are still paying their players huge amounts in wages without receiving any income.
Arsenal, Chelsea, Liverpool, Manchester City and Manchester United all have wage bills over £200m.
The global pandemic has severely affected the sporting calendar with most sporting events either cancelled or postponed.
Most clubs rely on gate receipts on match day, sponsorship deals and other match day revenue and with the season on hold, clubs are faced with the hurdle of continuing to pay huge wages to their players.
Clubs are looking at ways in reducing costs with Arsenal reportedly to have agreed with their players to take a wage cut.
Southampton and West Ham confirmed their players would defer part of the salaries due to the crisis, while it is has been reported that Watford are set to be the third team.
Brighton chief executive Paul Barber has admitted the cost of the lockdown has been huge for Premier League clubs amid the devastating effects of the virus on the wider world.
Barber said: “The shock to the system has been huge. There’s so many people losing their jobs, so many people facing very difficult times ahead that it would be wrong for us not to pause for a moment and reflect upon how we run it.
“I think this crisis has been a rude awakening for all of us. To see your business effectively closed down overnight, incomes ceased from match day, non-match day, retail, everything effectively stopped.
While the Premier League are determined to finish this season, concerns remain about whether the 2019-20 season will resume or if the remainder of the season will have to be cancelled.