COVID-19: Germany approve €2.4bn loan for sports kits giant Adidas
The German government have come to the rescue of Adidas, negotiating a loan of 2.4 billion euros which will be financed by public bank KfW Germany.
Adidas manufacture shirts for big clubs such as Real Madrid and Manchester United, and they have stated that due to the coronavirus pandemic and the stoppage of business, they are unable to pay the rent for their stores in the month of April.
Today in #SBDGlobal:
◾ @Adidas gets $3.3B aid package from German government
◾ @Arsenal execs forgoing over a third of their salaries amid #COVID19 pandemic
◾ @Saracens forced to furlough most of staff, asks top earners to defer portion of pay
🌍: https://t.co/PZSuBNNGoI pic.twitter.com/28y6cud5xG
— Sports Business Journal (@sbjsbd) April 16, 2020
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According to El Pais, “Adidas will receive 600 million euros from other financial organisations in order to resist the crisis.”