Due to the COVID-19 crisis, sports club have struggled to keep paying all their staffs as the hiatus lingers on, with clubs having to furlough their staffs or staffs taking pay cuts and deferment.
The major shareholder at Arsenal football club, Stan Kreonke is set to bail out one of his sports club from the current financial crisis rocking clubs around the world due to the COVID-19 pandemic.
The American businessman is to inject cash into the club finances as it struggles to pay hundreds of its staffs, both playing and none playing staffs.
Kreonke, who also owns the Colorado Rapids of the Major League Soccer, Denver Nuggets of the NBA, Los Angeles Rams of the NFL and Colorado Avalanche of the NHL among other sports franchises.
Arsenal will receive the cash injection from owner, Stan Kreonke, to help ease the clubs financial burden during this irregular off season break due to the COVID-19 pandemic.
Arsenal became the first Premier League team to take a voluntary pay cuts among the playing squad, as the players accepted a 12.5% pay cut after the intervention of the coach Mikel Arteta.
Arsenal players had initially rejected the offer which was on the table. The offer was to reimburse the players the 12.5% pay cut on the condition they made a Champions League spot, which looks very unlikely they are going to make it.
However, after talks between the coach, Mikel Arteta and Hector Bellerin and other senior players, the squad accepted the pay cuts with a source close to the players describing the coach as an ‘extraordinary man’.
With the cash injection from billionaire owner and pay cuts from the playing squad, hundreds lower earning staffs will be paid in full and will not have to furlough any staffs.
Liverpool and Tottenham Hotspur were among Premier League clubs to have furloughed staffs since the COVID-19 crisis but Liverpool has since rescinded that decision.