Tottenham Hotspur announced on Friday that it had paid back the $243 million it had borrowed from the Bank of England as part of a coronavirus loan scheme, freeing up cash that could help the Premier League club sign players and a new manager.

The north London club said it repaid the low-interest loan from the $347 million it recently raised from institutional investors.

“The club’s ability to manage effectively throughout the Covid-19 period led to discussions with the same institutions that supported the club in 2019 to refinance stadium funding,” Tottenham chairman Daniel Levy said in a statement.

“Our investors and banks,” he continued, “have been supportive throughout the pandemic, for which we are very grateful.”

Tottenham were one of dozens of businesses that borrowed from the central bank’s Covid Corporate Financing Facility last year to tide them over during the pandemic and had pledged not to use the funds for player acquisitions.

The club, still in search of a manager after finishing seventh in the Premier League, had reported an annual loss of $88.7 million for the fiscal year that ended June 30, 2020.