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Daily Record
Daily Record
Sport
Steven Mair

SFA secure £5m Covid fighting fund as Hampden is used as loan collateral

The Scottish FA has taken out a £5million loan to cover a shortfall in income as a result of the Covid-19 crisis.

And in the face of a £3million loss in revenue, Hampden Park has been used as collateral to secure the much-needed temporary funds.

Under the Coronavirus Business Interruption Loan Scheme, businesses can apply for finance up to £5million with the UK Government footing the bill for any interest and fees for the first year.

The SFA have opted to take that maximum allowance while putting the national stadium up as a guarantee of repayment to lenders Santander.

A spokesperson said: “The Scottish FA, like many other businesses affected by Covid-19, has successfully applied for a loan to help address the economic impact of the virus on the governing body via the government's Coronavirus Business Interruption Loan Scheme.”

Queen's Park sold the 52k-seater stadium to the SFA last year as the FA opted to continue using Hampden as a home ground for the Scotland team.

Figures from national rugby ground Murrayfield presented an alternative arrangement but were rebuffed in late 2018.

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