Tottenham rolled over a taxpayer-backed loan worth £175million weeks before joining the botched European Super League.
Arsenal also borrowed £120m from the Bank of England but insist they will repay the money in full this month.
Spurs owner Joe Lewis is estimated to be worth £3.6billion but chairman Daniel Levy announced the loan last June amid fears the coronavirus pandemic could cost the club up to £200m in lost revenue.
Spurs, like Arsenal, asked for help from the Government’s Covid Corporate Financing Facility.
Arsenal’s loan is repayable this month and it is understood they will settle it in full despite reporting losses of £47.8m back in March and blowing another hole in their finances by losing Thursday’s Europa League semi-final to Villarreal.
Tottenham’s loan, meanwhile, was due to be repaid in March at an interest rate of 0.5 per cent but it is understood the club have rolled over the payment for another year.
It represents cheap finance compared to typical commercial loans and was extended shortly before the emergence of the ESL plans last month.
The CCFF is now closed for new applicants but Spurs were still able to roll their payment over.
The money was not for new transfers but Spurs have nevertheless spent around £75m on reinforcements since last summer and pay around £240,000 a week of Gareth Bale’s wages.
Source: m.allfootballapp.com