Manchester United (MANU) 6-K 5 Mar 21 2021 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2020
Document and Entity Information
Entity Registrant Name	Manchester United plc
Entity Central Index Key	0001549107
Amendment Flag	false
Document Type	6-K
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2

Interim consolidated statement

Interim consolidated statement of profit or loss - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Interim consolidated statement of profit or loss
Revenue from contracts with customers	£ 172,850	£ 168,455	£ 281,822	£ 303,826
Operating expenses	(138,659)	(131,253)	(262,132)	(267,674)
Profit/(loss) on disposal of intangible assets	14,278	(715)	1,683	11,302
Operating profit	48,469	36,487	21,373	47,454
Finance costs	(5,722)	(5,386)	(25,296)	(11,912)
Finance income	25,424	20,644	45,019	18,732
Net finance income	19,702	15,258	19,723	6,820
Profit before income tax	68,171	51,745	41,096	54,274
Income tax expense	(4,343)	(16,738)	(7,538)	(18,139)
Profit for the period	£ 63,828	£ 35,007	£ 33,558	£ 36,135
Earnings per share during the period:
Basic earnings per share	£ 0.3917	£ 0.2127	£ 0.2060	£ 0.2196
Diluted earnings per share	£ 0.3907	£ 0.2125	£ 0.2054	£ 0.2194

Interim consolidated statemen_2

Interim consolidated statement of comprehensive income - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Interim consolidated statement of comprehensive income
Profit for the period	£ 63,828	£ 35,007	£ 33,558	£ 36,135
Items that may be reclassified to profit or loss
Movements on hedges	2,075	14,162	19,246	9,904
Income tax (expense)/credit relating to movements on hedges	(167)	947	(210)	(607)
Other comprehensive income for the period, net of income tax	1,908	15,109	19,036	9,297
Total comprehensive income/(loss) for the period	£ 65,736	£ 50,116	£ 52,594	£ 45,432

Interim consolidated balance sh

Interim consolidated balance sheet - GBP (£) £ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Non-current assets
Property, plant and equipment	£ 251,183	£ 254,439	£ 253,523
Right-of-use assets	3,930	4,559	5,168
Investment property	20,692	20,827	24,792
Intangible assets	777,473	775,170	758,476
Deferred tax asset	61,786	58,362	53,862
Trade receivables	34,333	43,694	40,586
Derivative financial instruments	536	1,609
Total non-current assets	1,149,933	1,158,660	1,136,407
Current assets
Inventories	2,792	2,186	2,535
Prepayments	16,183	6,503	13,211
Contract assets - accrued revenue	65,795	45,966	78,098
Trade receivables	62,907	115,985	26,313
Other receivables	371	239	614
Income tax receivable	1,223	1,214	618
Derivative financial instruments	1,776	1,174
Cash and cash equivalents	80,620	51,539	100,856
Total current assets	231,667	224,806	222,245
Total assets	1,381,600	1,383,466	1,358,652
Equity
Share capital	53	53	53
Share premium	68,822	68,822	68,822
Treasury shares	(21,305)	(21,305)
Merger reserve	249,030	249,030	249,030
Hedging reserve	(13,529)	(32,565)	(26,247)
Retained earnings	122,508	87,197	169,341
Total equity	405,579	351,232	460,999
Non-current liabilities
Deferred tax liabilities	30,851	31,337	37,766
Contract liabilities - deferred revenue	13,772	18,759	23,605
Trade and other payables	60,809	51,322	31,241
Borrowings	471,026	520,010	486,852
Lease liabilities	3,255	3,326	3,626
Derivative financial instruments	7,390	9,136	2,323
Total non-current liabilities	587,103	633,890	585,413
Current liabilities
Contract liabilities - deferred revenue	137,447	171,574	143,577
Trade and other payables	173,008	216,093	152,093
Income tax liabilities	12,607	4,005	9,429
Borrowings	65,114	5,605	5,288
Lease liabilities	568	1,067	1,622
Derivative financial instruments	174		231
Total current liabilities	388,918	398,344	312,240
Total equity and liabilities	£ 1,381,600	£ 1,383,466	£ 1,358,652

Interim consolidated statemen_3

Interim consolidated statement of changes in equity - GBP (£) £ in Thousands	Share capital	Share premium	Treasury shares	Merger reserve	Hedging reserve	Retained earnings	Total
Balance at beginning of the period at Jun. 30, 2019	£ 53	£ 68,822		£ 249,030	£ (35,544)	£ 132,841	£ 415,202
Comprehensive income (loss)
Profit/(loss) for the period						36,135	36,135
Cash flow hedges					9,904		9,904
Tax credit/(expense) relating to movements on hedges					(607)		(607)
Total comprehensive income/(loss) for the period					9,297	36,135	45,432
Acquisition of treasury shares			£ 0
Equity-settled share-based payments						365	365
Dividends paid							0
Balance at end of the period at Dec. 31, 2019	53	68,822		249,030	(26,247)	169,341	460,999
Comprehensive income (loss)
Profit/(loss) for the period						(59,368)	(59,368)
Cash flow hedges					(7,027)		(7,027)
Tax credit/(expense) relating to movements on hedges					709		709
Total comprehensive income/(loss) for the period					(6,318)	(59,368)	(65,686)
Acquisition of treasury shares			(21,305)				(21,305)
Equity-settled share-based payments						(453)	(453)
Dividends paid						(23,229)	(23,229)
Balance at end of the period at Jun. 30, 2020	53	68,822	(21,305)	249,030	(32,565)	87,197	351,232
Comprehensive income (loss)
Profit/(loss) for the period						33,558	33,558
Cash flow hedges					19,246		19,246
Tax credit/(expense) relating to movements on hedges					(210)		(210)
Total comprehensive income/(loss) for the period					19,036	33,558	52,594
Acquisition of treasury shares			0
Equity-settled share-based payments						1,753	1,753
Dividends paid							0
Balance at end of the period at Dec. 31, 2020	£ 53	£ 68,822	£ (21,305)	£ 249,030	£ (13,529)	£ 122,508	£ 405,579

Interim consolidated statemen_4

Interim consolidated statement of cash flows - GBP (£) £ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Cash flow from operating activities
Cash generated from/(used in) operations		£ 2,100	£ (13,833)	£ 74,510	£ (18,439)
Interest paid		(2,498)	(1,585)	(10,184)	(10,506)
Interest received			406	1	1,050
Tax paid		(641)	(208)	(3,056)	(1,697)
Net cash (outflow)/inflow from operating activities		(1,039)	(15,220)	61,271	(29,592)
Cash flow from investing activities
Payments for property, plant and equipment		(1,339)	(9,879)	(3,158)	(13,030)
Payments for intangible assets	[1]	(37,968)	(11,598)	(108,775)	(187,311)
Proceeds from sale of intangible assets	[1]	2,991	4,530	22,182	22,009
Payments for derivative financial assets		(939)		(939)
Net cash outflow from investing activities		(37,255)	(16,947)	(90,690)	(178,332)
Cash flow from financing activities
Proceeds from borrowings		60,000		60,000
Principal elements of lease payments		(412)	(382)	(820)	(761)
Net cash outflow from financing activities		59,588	(382)	59,180	(761)
Net increase/(decrease) in cash and cash equivalents		21,294	(32,549)	29,761	(208,685)
Cash and cash equivalents at beginning of period		58,940	140,307	51,539	307,637
Effect of change rate changes on cash and cash equivalents		386	(6,902)	(680)	1,904
Cash and cash equivalents at end of period		£ 80,620	£ 100,856	£ 80,620	£ 100,856
[1]	Payments and proceeds for intangible assets primarily relate to player and key football management staff registrations. When acquiring or selling players’ and key football management staff registrations it is normal industry practice for payment terms to spread over more than one year and consideration may also include non-cash items. Details of registrations additions and disposals are provided in note 16. Trade payables in relation to the acquisition of registrations at the reporting date are provided in note 24. Trade receivables in relation to the disposal of registrations at the reporting date are provided in note 19.

General information

General information	6 Months Ended
	Dec. 31, 2020
General information
General information	1 General information Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men's and women's professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands. The Company’s shares are listed on the New York Stock Exchange under the symbol “MANU”. These financial statements are presented in pounds sterling and all values are rounded to the nearest thousand (£’000) except when otherwise indicated. These interim consolidated financial statements were approved for issue by the Audit Committee on 5 March 2021.

Basis of preparation

Basis of preparation	6 Months Ended
	Dec. 31, 2020
Basis of preparation
Basis of preparation	2 The interim consolidated financial statements of Manchester United plc have been prepared on a going concern basis and in accordance with International Accounting Standard 34 “Interim Financial Reporting”. The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended 30 June 2020, as filed with the Securities and Exchange Commission on 23 October 2020, contained within the Company’s Annual Report on Form 20-F, which were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The report of the auditors on those financial statements was unqualified and did not contain an emphasis of matter paragraph. The results of operations for the interim periods should not be considered indicative of results to be expected for the full fiscal year. COVID-19 pandemic Operationally, the impact of the pandemic and measures to prevent further spread continues to disrupt our businesses. The Old Trafford Stadium, Museum and Stadium Tour operations remain closed to visitors. The Old Trafford based Megastore was also partially closed during the period and remains closed as of the date of this report. The deferred completion of the 2019/20 season resulted in ten home and away matches across all 2019/20 competitions being played during the first quarter of the fiscal year 2021. All matches were played behind closed doors. As a direct result, the 2020/21 Premier League season start was delayed until mid-September 2020 with eight home and seven away Premier League matches being played in the first half of fiscal 2021 compared to ten home and ten away Premier League matches being played in the first half of fiscal 2020. All matches continue to be played behind closed doors. Furthermore, the first team’s pre-season tour was cancelled this summer due to travel restrictions. The impact of playing matches behind closed doors and the cancellation of the pre-season tour has had a significant impact on our Matchday and Commercial fiscal 2021 revenues. This has been partially offset by increased Broadcasting revenues compared to the prior year, reflecting the impact of the first teams participation in the UEFA Champions League in the current year as well as the impact of playing the latter stages of the 2019/20 domestic and European competitions at the start of fiscal 2021. The significant revenue impact of COVID-19 has been partially offset by reduced other operating expenses, principally in respect of matches played behind closed doors, cancellation of the 2020/21 pre-season tour, reduced travel and reduced costs related to the fall in activity at the Old Trafford Megastore. Looking forward, the COVID-19 pandemic will continue to impact results. Subsequent to the end of the period, matches continue to be played behind closed doors and additional lockdown measures were mandated in the UK which has resulted in the closure of the Megastore. Despite the ongoing uncertainty, the Group remains well placed with a strong balance sheet, including cash resources as at 31 December 2020 of £80.6 million. All funds are held as cash and cash equivalents and therefore available on demand. As at 31 December 2020, the Group also has access to undrawn revolving facilities of £140 million. The Group’s debt facilities include the $425 million senior secured notes and the $225 million secured term loan facility, the majority of which attract fixed interest rates. As at 31 December 2020 the Group also has £60 million outstanding loans under our revolving facilities. The Group’s revolving facilities, secured notes and term loan mature in 2025, 2027 and 2029 respectively. As at 31 December 2020, the Company was in compliance with all debt covenants. The evolving and uncertain nature of the situation makes it challenging for Management to estimate the future performance of our businesses, particularly over the near to medium term and the impact on our financial and operating results cannot be forecast with certainty at this time. In light of these inherent uncertainties, Management has considered the potential impact of COVID-19 on the business (and its ability to continue as a going concern) under various scenarios, including: · The impact of playing Premier League, domestic cup and European 2020/21 competitions behind closed doors in their entirety; · The impact of a phased return of fans to the stadium for 2021/22 competitions; · Prudent performance assumptions around UEFA and domestic cup competitions; · Potential credit risk associated with accounts receivable and contract asset balances; · A delay in the timing of cash inflows generated from broadcasting and commercial revenues; and · A combination of the above factors. Management has also considered various levers which the Group has at its disposal, in the event that there is further disruption to 2020/21 football competitions. Levers include reductions in uncommitted capital expenditures, operating cost items such as marketing, travel and entertaining, consultancy, training and development and employee costs. As a result of this detailed assessment, including the various scenarios and levers available to Management, and with reference to the Group’s balance sheet, existing committed facilities, but also acknowledging the inherent uncertainty of the current economic outlook, Management has concluded that the Group is able to meet its obligations when they fall due for a period of at least 12 months after the date of this report. For this reason the Group continue to adopt the going concern basis for preparing the unaudited interim consolidated financial statements.

Accounting policies

Accounting policies	6 Months Ended
	Dec. 31, 2020
Accounting policies
Accounting policies	3 Accounting policies The accounting policies adopted are consistent with those of the consolidated financial statements for the year ended 30 June 2020, except as described below. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. New and amended standards and interpretations adopted by the Group · Phase 2 amendments to IFRS 9, “Financial instruments” for IBOR reform Phase 2 amendments to IFRS 9, “Financial instruments” for IBOR reform are effective for annual reporting periods beginning on or after 1 January 2021 with earlier application permitted. The Group has applied early adoption the amendments. There are no other new or amended standards or interpretations that became applicable for the current reporting period that have had a material impact on the Group. New and amended standards and interpretations issued but not yet adopted There are no IFRS or IFRS IC standards or interpretations that are not yet effective that would be expected to have a material impact on the Group in the future reporting periods or on foreseeable future transactions.

Critical estimates and judgment

Critical estimates and judgments	6 Months Ended
	Dec. 31, 2020
Critical estimates and judgments
Critical estimates and judgments	4 Critical estimates and judgments The preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the interim consolidated financial statements are considered to be: · Estimate of minimum guarantee revenue recognition – see note 5 · Estimate of sponsorship revenue recognition – see note 5 · Estimate of fair value and impairment of investment properties – see note 15 · Estimate of fair value of registrations – see note 16 · Recognition of deferred tax assets – see note 17 Management does not consider there to be any significant judgements in the preparation of the financial statements. In preparing these interim consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 June 2020, with the exception of changes in estimates that are required in determining the provision for income taxes and sponsorship revenue recognition (see note 5).

Seasonality of revenue

Seasonality of revenue	6 Months Ended
	Dec. 31, 2020
Seasonality of revenue
Seasonality of revenue	5 Seasonality of revenue We experience seasonality in our revenue and cash flow, limiting the overall comparability of interim financial periods. In any given interim period, our total revenue can vary based on the number of games played in that period, which affects the amount of Matchday and Broadcasting revenue recognized. Similarly, certain of our costs are derived from hosting games at Old Trafford, and these costs will also vary based on the number of games played in the period. We historically recognize the most revenue in our second and third fiscal quarters due to the scheduling of matches. However, a strong performance by our first team in European competitions and domestic cups could result in significant additional Matchday and Broadcasting revenue, and consequently we may also recognize the most revenue in our fourth fiscal quarter in those years. Additionally, the seasonality we have experienced in our business has been further impacted by the COVID-19 pandemic. i) Commercial revenue (whether settled in cash or value in kind) comprises revenue receivable from the exploitation of the Manchester United brand through sponsorship and other commercial agreements, including minimum guaranteed revenue, revenue receivable from retailing Manchester United branded merchandise in the UK and licensing the manufacture, distribution and sale of such goods globally, and fees for the Manchester United men’s first team undertaking tours. Revenue is recognized over the term of the sponsorship agreement in line with the performance obligations included within the contract and based on the sponsorship rights enjoyed by the individual sponsor. In instances where the sponsorship rights remain the same over the duration of the contract, revenue is recognized as performance obligations are satisfied evenly over time (i.e. on a straight-line basis). Retail revenue is recognized when control of the products has transferred, being at the point of sale to the customer. License revenue in respect of right to access licences is recognized in line with the performance obligations included within the contract, in instances where these remain the same over the duration of the contract, revenue is recognized evenly on a time elapsed (i.e. straight-line) basis. Sales-based royalty revenue is recognized only when the subsequent sale is made. Significant estimates A number of sponsorship contracts contain significant estimates in relation to the recognition of revenue in line with performance obligations. Minimum guaranteed revenue is recognized over the term of the sponsorship agreement in line with the performance obligations included within the contract and based on the sponsorship benefits enjoyed by the individual sponsor. In instances where the sponsorship rights remain the same over the duration of the contract, revenue is recognized as performance obligations are satisfied evenly over time (i.e. on a straight-line basis). The Group has a 10-year agreement with adidas which began on 1 August 2015. The minimum guarantee payable by adidas over the term of the agreement is £750 million, subject to certain adjustments. Payments due in a particular year may increase if the club's men's first team wins the Premier League, FA Cup or Champions League, or decrease if the club's men's first team fails to participate in the Champions League for two or more consecutive seasons with the maximum possible increase being £4 million per year and the maximum possible reduction being 30% of the applicable payment for the year in which the second or other consecutive season of non-participation falls. Participation in the UEFA Champions League is typically secured via a top 4 finish in the Premier League or winning the UEFA Europa League. Revenue is currently being recognized based on management's estimate as at 31 December 2020 that the full minimum guarantee amount is the most likely amount that will be received, as management does not expect two consecutive seasons of non-participation in the Champions League. Certain sponsorship contracts include termination clauses which are exercisable at the sole discretion of the Company. Revenue is currently being recognized based on management's estimate at 31 December 2020 that such termination clauses will not be exercised. Management does not expect a material change to the total revenue recognized for such sponsorship contracts in the next twelve months. ii) Broadcasting revenue represents revenue receivable from all UK and overseas broadcasting contracts, including contracts negotiated centrally by the Premier League and UEFA. Distributions from the Premier League comprise a fixed element (which is recognized evenly as each performance obligation is satisfied i.e.as each Premier League match is played), facility fees for live coverage and highlights of domestic home and away matches (which are recognized when the respective performance obligation is satisfied i.e. the respective match is played), and merit awards (which, being variable consideration, are recognized when each performance obligation is satisfied i.e. as each Premier League match is played, based on management’s estimate of where the men's first team will finish at the end of the football season i.e. the most likely outcome). Distributions from UEFA relating to participation in European competitions comprise market pool payments (which are recognized over the matches played in the competition, a portion of which reflects Manchester United’s performance relative to the other Premier League clubs in the competition), fixed amounts for participation in individual matches (which are recognized when the matches are played) and an individual club coefficient share (which is recognized over the group stage matches). iii) Matchday revenue is recognized based on matches played throughout the year with revenue from each match (including season ticket allocated amounts) only being recognized when the performance obligation is satisfied i.e. the match has been played. Revenue from related activities such as Conference and Events or the Museum is recognized as the event or service is provided or the facility is used. Matchday revenue includes revenue receivable from all domestic and European match day activities from Manchester United games at Old Trafford, together with the Group’s share of gate receipts from domestic cup matches not played at Old Trafford, and fees for arranging other events at the Old Trafford stadium. As the Group acts as the principal in the sale of match tickets, the share of gate receipts payable to the other participating club and competition organizer for domestic cup matches played at Old Trafford is treated as an operating expense. As a result of COVID-19, all matches in the current period have been and continue to be played behind closed doors.

Revenue from contracts with cus

Revenue from contracts with customers	6 Months Ended
	Dec. 31, 2020
Revenue from contracts with customers
Revenue from contracts with customers	6 Revenue from contracts with customers 6.1 Disaggregation of revenue from contracts with customers The principal activity of the Group is the operation of men’s and women’s professional football clubs. All of the activities of the Group support the operation of the football clubs and the success of the men’s first team in particular is critical to the on-going development of the Group. Consequently the chief operating decision maker (being the Board and executive officers of Manchester United plc) regards the Group as operating in one material segment, being the operation of professional football clubs. All revenue derives from the Group’s principal activity in the United Kingdom. Revenue can be analysed into its three main components as follows: Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Sponsorship 37,780 74,286 Retail, merchandising, apparel & product licensing 24,832 48,028 Commercial 62,612 70,660 122,314 151,055 Domestic competitions 51,706 50,440 87,989 78,327 European competitions 55,421 11,935 65,054 14,949 Other 1,577 2,322 3,259 4,297 Broadcasting 108,704 64,697 156,302 97,573 Matchday 1,534 33,098 3,206 55,198 172,850 168,455 281,822 303,826 All non-current assets, other than US deferred tax assets, are held within the United Kingdom. 6.2 Assets and liabilities related to contracts with customers Details of movements on assets related to contracts with customers are as follows: Current contract assets – accrued revenue £’000 At 1 July 2019 39,532 Recognized in revenue during the period 74,877 Cash received/amounts invoiced during the period (36,311) At 31 December 2019 78,098 Recognized in revenue during the period 44,249 Cash received/amounts invoiced during the period (76,381) At 30 June 2020 45,966 Recognized in revenue during the period 64,354 Cash received/amounts invoiced during the period (44,525) At 31 December 2020 65,795 A contract asset (accrued revenue) is recognized if commercial, broadcasting or Matchday revenue performance obligations are satisfied prior to unconditional consideration being due under the contract. The Group considered the current and expected future economic impact surrounding the COVID-19 pandemic and determined that there was no material impact on impairment of contract assets. Details of movements on liabilities related to contracts with customers are as follows: Current Non-current contract contract Total contract liabilities – liabilities – liabilities – deferred deferred deferred revenue revenue revenue £’000 £’000 £’000 At 1 July 2019 (190,146) (33,354) (223,500) Recognized in revenue during the period 125,635 — 125,635 Cash received/amounts invoiced during the period (69,317) — (69,317) Reclassified to current during the period (9,749) 9,749 — At 31 December 2019 (143,577) (23,605) (167,182) Recognized in revenue during the period 99,527 — 99,527 Cash received/amounts invoiced during the period (122,678) — (122,678) Reclassified to current during the period (4,846) 4,846 — At 30 June 2020 (171,574) (18,759) (190,333) Recognized in revenue during the period 82,929 — 82,929 Cash received/amounts invoiced during the period (43,815) — (43,815) Reclassified to current during the period (4,987) 4,987 — At 31 December 2020 (137,447) (13,772) (151,219) Commercial, broadcasting and Matchday consideration which is received in advance of the performance obligation being satisfied is treated as a contract liability (deferred revenue). The deferred revenue is then recognized as revenue when the performance obligation is satisfied. The Group receives substantial amounts of deferred revenue prior to the previous financial year end which is then recognized as revenue throughout the current and, where applicable, future financial years.

Operating expenses

Operating expenses	6 Months Ended
	Dec. 31, 2020
Operating expenses
Operating expenses	7 Operating expenses Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Employee benefit expenses (81,750) (70,965) (153,657) (141,175) Depreciation - property, plant and equipment (note 13) (3,167) (3,133) (6,466) (6,273) Depreciation – right-of-use assets (note 14) (426) (404) (848) (808) Depreciation - investment property (note 15) (70) (89) (135) (187) Amortization (note 16) (32,459) (31,257) (64,002) (63,444) Other operating expenses (20,787) (25,405) (37,024) (55,787) (138,659) (131,253) (262,132) (267,674)

Profit_(loss) on disposal of in

Profit/(loss) on disposal of intangible assets	6 Months Ended
	Dec. 31, 2020
Profit/(loss) on disposal of intangible assets
Profit/(loss) on disposal of intangible assets	8 Profit/(loss) on disposal of intangible assets Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Profit/(loss) on disposal of registrations 14,131 (1,531) 1,247 10,214 Player loan income 147 816 436 1,088 14,278 (715) 1,683 11,302

Net finance income

Net finance income	6 Months Ended
	Dec. 31, 2020
Net finance income
Net finance income	9 Net finance income Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Interest payable on bank loans and overdrafts (545) (245) (800) (583) Interest payable on secured term loan facility, senior secured notes and revolving facilities (4,236) (4,345) (8,263) (9,455) Interest payable on lease liabilities (note 14) (26) (33) (54) (68) Amortization of issue costs on secured term loan facility and senior secured notes (152) (146) (294) (291) Unwinding of discount relating to registrations (300) (192) (455) (1,169) Reclassified from hedging reserve (1) — — (14,837) — Fair value movement on derivative financial instruments: Embedded foreign exchange derivatives (463) (425) (593) (346) Total finance costs (5,722) (5,386) (25,296) (11,912) Interest receivable on short-term bank deposits — 415 1 1,070 Foreign exchange gains on retranslation of unhedged US dollar borrowings (2) 23,752 19,522 42,835 17,074 Hedge ineffectiveness on cash flow hedges 1,525 707 2,036 588 Fair value movement on derivative financial instruments: Foreign currency options 147 — 147 — Total finance income 25,424 20,644 45,019 18,732 Net finance income 19,702 15,258 19,723 6,820 (1) Foreign exchange losses immediately reclassified from the hedging reserve for hedged future revenues no longer meeting the hedge accounting criteria due to a change in denomination of the contract currency. (2) Unrealized foreign exchange gains on unhedged USD borrowings due to a favourable swing in foreign exchange rates.

Income tax expense

Income tax expense	6 Months Ended
	Dec. 31, 2020
Income tax expense
Income tax expense	10 Income tax expense Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Current tax Current tax on profit for the period (5,485) (6,073) (8,021) (6,673) Foreign tax 335 (205) (1,001) (655) Adjustment in respect of previous years (562) (32) (562) (32) Total current tax expense (5,712) (6,310) (9,584) (7,360) Deferred tax Origination and reversal of temporary differences 9,262 (6,432) 13,249 (6,783) Re-measurement of US deferred tax asset (7,893) (3,996) (11,203) (3,996) Total deferred tax credit/(expense) 1,369 (10,428) 2,046 (10,779) Total income tax expense (4,343) (16,738) (7,538) (18,139) Tax is recognized based on management’s estimate of the weighted average annual tax rate expected for the full financial year. Based on current forecasts, the estimated weighted average annual tax rate used for the year to 30 June 2021 is 6.58% (30 June 2020: 32.58%). The tax expense includes one off items of £4.8m (31 December 2019: £0.4m) which are not reflected in the estimated weighted average annual tax rate. These mainly relate to the re-measurement of the US deferred tax asset, irrecoverable foreign tax credits created in the year, foreign exchange rate movements on USD denominated tax basis and foreign exchange gains arising on USD debt which are not subject to US tax. In addition to the amounts recognized in the statement of profit or loss, the following amounts relating to tax have been recognized in other comprehensive income: Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Current tax 35 (529) (2,074) (932) Deferred tax (note 17) (202) 1,476 1,864 325 Total income tax (expense)/credit recognized in other comprehensive income (167) 947 (210) (607)

Earnings per share

Earnings per share	6 Months Ended
	Dec. 31, 2020
Earnings per share
Earnings per share	11 Earnings per share Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 Profit for the period (£’000) 63,828 35,007 33,558 36,135 Basic earnings per share (pence) 39.17 21.27 20.60 21.96 Diluted earnings per share (pence) 39.07 21.25 20.54 21.94 (i) Basic earnings per share is calculated by dividing the profit for the period by the weighted average number of ordinary shares in issue during the period. (ii) Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the year to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year, or, if later, the date of issue of the potential ordinary shares. (iii) Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 Number Number Number Number ‘000 ‘000 ‘000 ‘000 Class A ordinary shares (thousands) 40,622 40,573 40,622 40,573 Class B ordinary shares (thousands) 124,000 124,000 124,000 124,000 Treasury shares (1,683) — (1,683) — Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 162,939 164,573 162,939 164,573 Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares 446 173 446 164 Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 163,385 164,746 163,385 164,737

Dividends

Dividends	6 Months Ended
	Dec. 31, 2020
Dividends
Dividends	12 Dividends No dividend has been paid by the Company during the six month period ended 31 December 2020 (six months ended 31 December 2019: £nil). A semi-annual dividend of $14,665,000, equivalent to $0.09 per share, was paid on 7 January 2021. The pounds sterling equivalent was £10,718,000.

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Dec. 31, 2020
Property, plant and equipment.
Property, plant and equipment	13 Property, plant and equipment Freehold Plant and Fixtures property machinery and fittings Total £’000 £’000 £’000 £’000 At 1 July 2020 Cost 270,900 38,222 79,741 388,863 Accumulated depreciation (56,435) (32,461) (45,528) (134,424) Net book amount 214,465 5,761 34,213 254,439 Six months ended 31 December 2020 Opening net book amount 214,465 5,761 34,213 254,439 Additions 423 1,119 1,668 3,210 Transfers 7,366 — (7,366) — Depreciation charge (1,743) (1,613) (3,110) (6,466) Closing net book amount 220,511 5,267 25,405 251,183 At 31 December 2020 Cost 278,689 37,248 73,400 389,337 Accumulated depreciation (58,178) (31,981) (47,995) (138,154) Net book amount 220,511 5,267 25,405 251,183 At 1 July 2019 Cost 268,981 34,845 64,806 368,632 Accumulated depreciation (53,155) (29,688) (39,757) (122,600) Net book amount 215,826 5,157 25,049 246,032 Six months ended 31 December 2019 Opening net book amount 215,826 5,157 25,049 246,032 Additions — 1,384 12,380 13,764 Depreciation charge (1,631) (1,271) (3,371) (6,273) Closing net book amount 214,195 5,270 34,058 253,523 At 31 December 2019 Cost 268,981 36,229 77,186 382,396 Accumulated depreciation (54,786) (30,959) (43,128) (128,873) Net book amount 214,195 5,270 34,058 253,523

Leases

Leases	6 Months Ended
	Dec. 31, 2020
Leases
Leases	14 Leases (i) Amounts recognized in the consolidated balance sheet The balance sheet shows the following amounts relating to leases: Right-of-use assets: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Property 3,590 4,290 5,056 Plant and machinery 340 269 112 Total 3,930 4,559 5,168 Additions to right-of-use assets for the six months ended 31 December 2020 amounted £219,000 and for the year ended 30 June 2020 amounted to £239,000. Lease liabilities: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Current 568 1,067 1,622 Non-current 3,255 3,326 3,626 Total lease liabilities 3,823 4,393 5,248 The following table provides an analysis of the movements in lease liabilities: £’000 At 1 July 2019 5,976 Cash flows (797) Accretion expense 69 At 31 December 2019 5,248 Cash flows (1,155) Acquisition 239 Accretion expense 61 At 30 June 2020 4,393 Cash flows (842) Acquisition 219 Accretion expense 53 At 31 December 2020 3,823 (ii) Amounts recognized in the consolidated statement of profit or loss: 31 December 31 December 2020 2019 £’000 £’000 Depreciation charge of right-of-use assets Property (765) (765) Plant and machinery (83) (43) (848) (808) Interest expense (included in finance cost) (54) (68) Expense relating to short-term leases (included in operating expenses) (261) (351) Expense relating to low value leases (included in operating expenses) (21) (8)

Investment properties

Investment properties	6 Months Ended
	Dec. 31, 2020
Investment properties
Investment properties	15 Investment property Total £’000 At 1 July 2020 Cost 32,193 Accumulated depreciation and impairment (11,366) Net book amount 20,827 Six months ended 31 December 2020 Opening net book amount 20,827 Depreciation charge (135) Closing net book amount 20,692 At 31 December 2020 Cost 32,193 Accumulated depreciation and impairment (11,501) Net book amount 20,692 At 1 July 2019 Cost 32,193 Accumulated depreciation and impairment (7,214) Net book amount 24,979 Six months ended 31 December 2019 Opening net book amount 24,979 Depreciation charge (187) Closing net book amount 24,792 At 31 December 2019 Cost 32,193 Accumulated depreciation and impairment (7,401) Net book amount 24,792 Significant estimates – fair value and impairment of investment properties Investment properties were externally valued as of 30 June 2020 in accordance with the Royal Institution of Chartered Surveyors (“RICS”) Valuation - Global Standards 2017 on the basis of Fair Value (as defined in the Standards). The fair value of investment properties as of 30 June 2020 was £23,065,000. The external valuers noted that the outbreak of COVID-19 has impacted global financial markets. Given the unknown future impact that COVID-19 might have on the real estate market, the external valuers recommend that the Group keep the valuation of these properties under frequent review. As at the valuation date, they consider that they can attach less weight to previous market evidence for comparison purposes, to inform opinions of value. Indeed, the current response to COVID-19 means they are faced with an unprecedented set of circumstances on which to base a judgment. Market activity is being impacted within the out-of-town retail market and valuations are therefore reported on the basis of “material valuation uncertainty” as per VPS 3 and VPGA 10 of the RICS Red Book Global. Consequently, less certainty, and a higher degree of caution, should be attached to the valuations within these sectors of the market than would normally be the case. For the avoidance of doubt, the inclusion of the “material valuation uncertainty” declaration above does not mean that the valuations cannot be relied upon. Rather the phrase is used in order to be clear and transparent that, in the current extraordinary circumstances, less certainty, and a higher degree of caution, can be attached to the valuation than would otherwise be the case. Based upon the carrying value of investment properties and the inputs used in the external valuation, management does not expect any further material impairment to investment properties in the next twelve months. Management has considered the carrying amount of investment property as of 31 December 2020 and concluded that, as there are no indicators of impairment, an impairment test is not required. Fair value of investment property is determined using inputs that are not based on observable market data, consequently the asset is categorized as Level 3.

Intangible assets

Intangible assets	6 Months Ended
	Dec. 31, 2020
Intangible assets.
Intangible assets	16 Intangible assets Other intangible Goodwill Registrations assets Total £’000 £’000 £’000 £’000 At 1 July 2020 Cost 421,453 831,275 14,797 1,267,525 Accumulated amortization — (484,403) (7,952) (492,355) Net book amount 421,453 346,872 6,845 775,170 Six months ended 31 December 2020 Opening net book amount 421,453 346,872 6,845 775,170 Additions — 78,895 929 79,824 Disposals — (13,519) — (13,519) Amortization charge — (61,896) (2,106) (64,002) Closing net book amount 421,453 350,352 5,668 777,473 At 31 December 2020 Cost 421,453 866,019 15,561 1,303,033 Accumulated amortization — (515,667) (9,893) (525,560) Net book amount 421,453 350,352 5,668 777,473 At 1 July 2019 Cost 421,453 772,328 13,964 1,207,745 Accumulated amortization — (433,566) (5,322) (438,888) Net book amount 421,453 338,762 8,642 768,857 Six months ended 31 December 2019 Opening net book amount 421,453 338,762 8,642 768,857 Additions — 103,489 1,476 104,965 Disposals — (51,902) — (51,902) Amortization charge — (61,172) (2,272) (63,444) Closing net book amount 421,453 329,177 7,846 758,476 At 31 December 2019 Cost 421,453 772,089 14,076 1,207,618 Accumulated amortization — (442,912) (6,230) (449,142) Net book amount 421,453 329,177 7,846 758,476 Impairment tests for goodwill Goodwill is not subject to amortization and is tested annually for impairment (normally at the end of the third fiscal quarter) or more frequently if events or changes in circumstances indicate a potential impairment. Management has considered the carrying amount of goodwill as of 31 December 2020 and concluded that, as there are no indicators of impairment, a detailed impairment test is not required. Having assessed the future anticipated cash flows, management believes that any reasonably possible changes in key assumptions would not result in an impairment of goodwill. Significant estimates - fair value of registrations The costs associated with the acquisition of players' and key football management staff registrations include an estimate of the fair value of any contingent consideration. The estimate of the fair value of the contingent consideration payable requires management to assess the likelihood of specific performance conditions being met which would trigger the payment of the contingent consideration. This assessment is carried out on an individual basis. The maximum additional amount that could be payable as of 31 December 2020 is disclosed in note 29.1. The estimate over the probability of contingent consideration payable could impact the net book value of registrations and amortization recognized in the statement of profit or loss. Other intangible assets Other intangible assets include internally generated assets whose cost and accumulated amortization as of 31 December 2020 was £2,098,000 and £1,667,000 respectively (31 December 2019: £2,076,000 and £1,065,000 respectively).

Deferred tax

Deferred tax	6 Months Ended
	Dec. 31, 2020
Deferred tax
Deferred tax	17 Deferred tax Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after allowable offset) for financial reporting purposes: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 US deferred tax assets (61,786) (58,362) (53,862) UK deferred tax liabilities 30,851 31,337 37,766 Net deferred tax asset (30,935) (27,025) (16,096) The movements in the net deferred tax asset are as follows: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 At the beginning of the period (27,025) (26,550) (26,550) (Credited)/expensed to the statement of profit or loss (note 10) (2,046) 1,426 10,779 Credited to other comprehensive income (note 10) (1,864) (1,901) (325) At the end of the period (30,935) (27,025) (16,096) Significant estimates – recognition of deferred tax assets Deferred tax assets are recognized only to the extent that it is probable that the associated deductions will be available for use against future profits and that there will be sufficient future taxable profit available against which the temporary differences can be utilized, provided the asset can be reliably quantified. In estimating future taxable profit, management use “base case” approved forecasts which incorporate a number of assumptions, including a prudent level of future uncontracted revenue in the forecast period. In arriving at a judgment in relation to the recognition of deferred tax assets, management considers the regulations applicable to tax and advice on their interpretation. Future taxable income may be higher or lower than estimates made when determining whether it is appropriate to record a tax asset and the amount to be recorded. Furthermore, changes in the legislative framework or applicable tax case law may result in management reassessing the recognition of deferred tax assets in future periods. (1) At 31 December 2020 there is an unrecognized US deferred tax asset of £30,282,000 (31 December 2019: £22,672,000) in respect of foreign tax credits in the US. At 31 December 2020, the Group had no unrecognized UK deferred tax assets (31 December 2019: £nil).

Inventories

Inventories	6 Months Ended
	Dec. 31, 2020
Inventories
Inventories	18 Inventories 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Finished goods 2,792 2,186 2,535 The cost of inventories recognized as an expense and included in operating expenses for the six months ended 31 December 2020 amounted to £3,211,000 (year ended 30 June 2020: £6,433,000; six months ended 31 December 2019: £4,888,000).

Trade receivables

Trade receivables	6 Months Ended
	Dec. 31, 2020
Trade receivables.
Trade receivables	19 Trade receivables 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Trade receivables 172,829 69,633 Less: provision for impairment of trade receivables (12,108) (13,150) (2,734) Net trade receivables 159,679 66,899 Less: non-current portion Trade receivables 34,333 43,694 40,586 Current trade receivables 62,907 115,985 26,313 Net trade receivables include transfer fees receivable from other football clubs of £59,503,000 (30 June 2020: £57,726,000; 31 December 2019: £56,843,000) of which £34,333,000 (30 June 2020: £43,694,000; 31 December 2019: £40,586,000) is receivable after more than one year. Net trade receivables also include £28,529,000 (30 June 2020: £91,968,000; 31 December 2019: £4,255,000) of deferred revenue that is contractually payable to the Group, but recorded in advance of the earnings process, with corresponding amounts recorded as contract liabilities - deferred revenue. The fair value of net trade receivables as at 31 December 2020 was £99,105,000 (30 June 2020: £161,797,000; 31 December 2019: £69,864,000) before discounting of cash flows.

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Dec. 31, 2020
Derivative financial instruments.
Derivative financial instruments	20 Derivative financial instruments 31 December 2020 30 June 2020 31 December 2019 Assets Liabilities Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 £’000 £’000 Used for hedging: Interest rate swaps — (7,121) — (9,136) — (2,317) Forward foreign exchange contracts 81 — 223 — At fair value through profit or loss: Embedded foreign exchange derivatives — (443) 150 — — (101) Forward foreign exchange contracts 1,145 — 2,410 — — (136) Foreign currency options 1,086 — — — — — 2,312 (7,564) 2,783 (9,136) — (2,554) Less non-current portion: Used for hedging: Interest rate swaps — (7,121) — (9,136) — (2,317) At fair value through profit or loss: Embedded foreign exchange derivatives — (269) 54 — — — Forward foreign exchange contracts 536 — 1,555 — — (6) Non-current derivative financial instruments 536 (7,390) 1,609 (9,136) — (2,323) Current derivative financial instruments 1,776 (174) 1,174 — — (231) Fair value hierarchy Derivative financial instruments are carried at fair value. The different levels used in measuring fair value have been defined in accounting standards as follows: · Level 1 – the fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. · Level 2 - the fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximize the use of observable market data and as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. · Level 3 – if one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. All of the financial instruments detailed above are included in level 2.

Cash and cash equivalents

Cash and cash equivalents	6 Months Ended
	Dec. 31, 2020
Cash and cash equivalents
Cash and cash equivalents	21 Cash and cash equivalents 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Cash at bank and in hand 80,620 51,539 100,856 Cash and cash equivalents for the purposes of the interim consolidated statement of cash flows are as above.

Share capital

Share capital	6 Months Ended
	Dec. 31, 2020
Share capital.
Share capital	22 Share capital Number of Ordinary shares shares (thousands) £’000 At 1 July 2019 164,571 53 Employee share-based compensation awards – issue of shares 2 — At 31 December 2019 164,573 53 Employee share-based compensation awards – issue of shares 49 — At 30 June 2020 164,622 53 Employee share-based compensation awards – issue of shares — — At 31 December 2020 164,622 53 The Company has two classes of ordinary shares outstanding: Class A ordinary shares and Class B ordinary shares. The rights of the holders of Class A ordinary shares and Class B ordinary shares are identical, except with respect to voting and conversion. Each Class A ordinary share is entitled to one vote per share and is not convertible into any other shares. Each Class B ordinary share is entitled to 10 votes per share and is convertible into one Class A ordinary share at any time. In addition, Class B ordinary shares will automatically convert into Class A ordinary shares upon certain transfers and other events, including upon the date when holders of all Class B ordinary shares cease to hold Class B ordinary shares representing, in the aggregate, at least 10% of the total number of Class A and Class B ordinary shares outstanding. For special resolutions (which are required for certain important matters including mergers and changes to the Company’s governing documents), which require the vote of two‑thirds of the votes cast, at any time that Class B ordinary shares remain outstanding, the voting power permitted to be exercised by the holders of the Class B ordinary shares will be weighted such that the Class B ordinary shares shall represent, in the aggregate, 67% of the voting power of all shareholders. As of 31 December 2020, the Company’s issued share capital comprised 40,622,089 Class A ordinary shares and 124,000,000 Class B ordinary shares. 1,682,896 Class A ordinary shares are currently held in treasury. Distributable reserves have been reduced by £21,305,000, being the consideration paid for these shares. See note 23.

Treasury shares

Treasury shares	6 Months Ended
	Dec. 31, 2020
Treasury shares.
Treasury shares	23 Treasury shares Number of shares (thousands) £’000 At 1 July 2019 and 30 December 2019 — — Acquisition of shares (1,683) (21,305) At 30 June 2020 (1,683) (21,305) Acquisition of shares — — At 31 December 2020 (1,683) (21,305)

Trade and other payables

Trade and other payables	6 Months Ended
	Dec. 31, 2020
Trade and other payables
Trade and other payables	24 Trade and other payables 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Trade payables 144,792 155,983 106,394 Other payables 12,739 8,526 2,807 Accrued expenses 51,616 70,638 63,984 Social security and other taxes 24,670 32,268 10,149 233,817 267,415 183,334 Less: non-current portion Trade payables 59,808 50,065 29,738 Other payables 1,001 1,257 1,503 Non-current trade and other payables 60,809 51,322 31,241 Current trade and other payables 173,008 216,093 152,093 Trade payables include transfer fees and other associated costs in relation to the acquisition of players' registrations of £132,036,000 (30 June 2020: £149,134,000; 31 December 2019: £97,884,000) of which £59,808,000 (30 June 2020: £50,065,000; 31 December 2019: £29,738,000) is due after more than one year. Of the amount due after more than one year, £39,406,000 (30 June 2020: £26,396,000; 31 December 2019: £13,889,000) is expected to be paid between 1 and 2 years, and the balance of £20,402,000 (30 June 2020: £23,669,000; 31 December 2019: £15,849,000) is expected to be paid between 2 and 5 years. The fair value of trade payables as at 31 December 2020 was £147,896,000 (30 June 2020: £158,464,000; 31 December 2019: £108,538,000) before discounting of cash flows. The fair value of other payables is not materially different to their carrying amount. The UK government has made available a range of business support measures during COVID-19. The Group has benefited directly from government assistance in the form of payment deferrals for VAT. The quarterly VAT payments totalling £15,474,000 for the periods ended 29 February 2020 and 31 May 2020, originally due 31 March 2020 and 30 June 2020 respectively, have been deferred until 31 March 2021, with a further option available to spread the payment due over eleven equal monthly instalments from March 2021.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2020
Borrowings
Borrowings	25 Borrowings 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Senior secured notes 308,388 340,417 318,738 Secured term loan facility 162,638 179,593 168,114 Revolving credit facilities 60,000 — — Accrued interest on senior secured notes and revolving credit facilities 5,114 5,605 5,288 536,140 525,615 492,140 Less: non-current portion Senior secured notes 308,388 340,417 318,738 Secured term loan facility 162,638 179,593 168,114 Non-current borrowings 471,026 520,010 486,852 Current borrowings 65,114 5,605 5,288 The senior secured notes of £308,388,000 (30 June 2020: £340,417,000; 31 December 2019: £318,738,000) is stated net of unamortized issue costs amounting to £2,853,000 (30 June 2020: £3,044,000; 31 December 2019: £3,231,000). The outstanding principal amount of the senior secured notes is $425,000,000 (30 June 2020: $425,000,000; 31 December 2019: $425,000,000). The senior secured notes have a fixed coupon rate of 3.79% per annum and interest is paid semi‑annually. The senior secured notes mature on 25 June 2027. The senior secured notes were issued by our wholly-owned subsidiary, Manchester United Football Club Limited, and are guaranteed by Red Football Limited, Red Football Junior Limited, Manchester United Limited and MU Finance Limited and are secured against substantially all of the assets of those entities and Manchester United Football Club Limited. These entities are wholly-owned subsidiaries of Manchester United plc. The secured term loan facility of £162,638,000 (30 June 2020: £179,593,000; 31 December 2019: £168,114,000) is stated net of unamortized issue costs amounting to £2,138,000 (30 June 2020: £2,241,000; 31 December 2019: £2,342,000). The outstanding principal amount of the secured term loan facility is $225,000,000 (30 June 2020: $225,000,000; 31 December 2019: $225,000,000). The secured term loan facility attracts interest of US dollar LIBOR plus an applicable margin of between 1.25% and 1.75% per annum and interest is paid monthly. The remaining balance of the secured term loan facility is repayable on 6 August 2029, although the Group has the option to repay the secured term loan facility at any time before then. The secured term loan facility was provided to our wholly-owned subsidiary, Manchester United Football Club Limited, and is guaranteed by Red Football Limited, Red Football Junior Limited, Manchester United Limited, MU Finance Limited and Manchester United Football Club Limited and is secured against substantially all of the assets of each of those entities. These entities are wholly-owned subsidiaries of Manchester United plc. The Group also has £60,000,000 in outstanding borrowings and £140,000,000 in borrowing capacity under our revolving facilities. The facilities terminate in 2025. The Group has complied with all covenants under its revolving facilities, the secured term loan facility and the note purchase agreement governing the senior secured notes during the 2020 and 2019 reporting period.

Cash generated from_(used in) o

Cash generated from/(used in) operations	6 Months Ended
	Dec. 31, 2020
Cash generated from/(used in) operations
Cash generated from/(used in) operations	26 Cash generated from/(used in) operations Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Profit before income tax 68,171 51,745 41,096 54,274 Adjustments for: Depreciation 3,663 3,626 7,449 7,268 Amortization 32,459 31,257 64,002 63,444 (Profit)/loss on disposal of intangible assets (14,278) 715 (1,683) (11,302) Net finance income (19,702) (15,258) (19,723) (6,820) Non-cash employee benefit expense - equity-settled share-based payments 488 227 1,753 365 Foreign exchange losses/(gains) on operating activities 50 87 1,174 (286) Reclassified from hedging reserve 114 2,957 (412) 5,811 Changes in working capital: Inventories 750 129 (606) (405) Prepayments 3,519 2,171 (9,908) (181) Contract assets – accrued revenue (38,920) (38,165) (19,829) (38,566) Trade receivables 9,950 6,160 63,256 8,504 Other receivables 67 14,655 (132) 574 Contract liabilities – deferred revenue (41,234) (66,449) (39,114) (56,318) Trade and other payables (2,997) (7,690) (12,813) (44,801) Cash generated from/(used in) operations 2,100 (13,833) 74,510 (18,439)

Pension arrangements

Pension arrangements	6 Months Ended
	Dec. 31, 2020
Pension arrangements
Pension arrangements	27 Pension arrangements The Group participates in the Football League Pension and Life Assurance Scheme (‘the Scheme’). The Scheme is a funded multi‑employer defined benefit scheme, with 92 participating employers, and where members may have periods of service attributable to several participating employers. The Group is unable to identify its share of the assets and liabilities of the Scheme and therefore accounts for its contributions as if they were paid to a defined contribution scheme. The Group has received confirmation that the assets and liabilities of the Scheme cannot be split between the participating employers. The Group is advised only of the additional contributions it is required to pay to make good the deficit. These contributions could increase in the future if one or more of the participating employers exits the Scheme. The last triennial actuarial valuation of the Scheme was carried out at 31 August 2017 where the total deficit on the ongoing valuation basis was £30.4 million. The accrual of benefits ceased within the Scheme on 31 August 1999, therefore there are no contributions relating to current accrual. The Group pays monthly contributions based on a notional split of the total expenses and deficit contributions of the Scheme. The Group currently pays total contributions of £506,000 per annum and this amount will increase by 5% per annum from September 2021. Based on the existing actuarial valuation assumptions, this will be sufficient to pay off the deficit by 31 October 2023. As of 31 December 2020, the present value of the Group’s outstanding contributions (i.e. its future liability) is £1,503,000. This amounts to £502,000 (30 June 2020: £488,000; 31 December 2019: £474,000) due within one year and £1,001,000 (30 June 2020: £1,257,000; 31 December 2019: £1,503,000) due after more than one year and is included within other payables. Contributions are also made to defined contribution pension arrangements and are charged to the statement of profit or loss in the period in which they become payable.

Financial risk management

Financial risk management	6 Months Ended
	Dec. 31, 2020
Financial risk management
Financial risk management	28 Financial risk management 28.1 Financial risk factors The Group’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk, and cash flow and fair value interest rate risk), credit risk, and liquidity risk. The interim consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended 30 June 2020, as filed with the Securities and Exchange Commission on 23 October 2020, in the Company’s Annual Report on Form 20-F. There have been no changes in risk management since the previous financial year end or in any risk management policies except as described below. Cash flow risk Foreign exchange gains or losses arising on re-translation of our unhedged US dollar borrowings are recognized in the statement of profit or loss immediately and are subject to UK Corporation tax. From time to time, we may use foreign currency options to manage the unfavourable impact foreign exchange volatility may have on our cash flows. 28.2 Hedging activities The Group uses derivative financial instruments to hedge certain exposures, and has designated certain derivatives as hedges of cash flows (cash flow hedge). The Group hedges the foreign exchange risk on contracted future US dollar revenues whenever possible using the Group’s US dollar net borrowings as the hedging instrument. The foreign exchange gains or losses arising on re-translation of the Group’s US dollar net borrowings used in the hedge are initially recognized in other comprehensive income, rather than being recognized in the statement of profit or loss immediately. Amounts previously recognized in other comprehensive income and accumulated in the hedging reserve are subsequently reclassified into the statement of profit or loss in the same accounting period, and within the same statement of profit or loss line (i.e. commercial revenue), as the underlying future US dollar revenues, which given the varying lengths of the commercial revenue contracts will be between January 2021 to June 2025. The foreign exchange gains or losses arising on re-translation of the Group’s unhedged US dollar borrowings are recognized in the statement of profit or loss immediately (within net finance costs). The table below details the net borrowings being hedged at the balance sheet date: 31 December 30 June 31 December 2020 2020 2019 $’000 $’000 $’000 USD borrowings 650,000 650,000 650,000 Hedged USD cash (2,434) (3,025) (58,892) Net USD debt 647,566 646,975 591,108 Hedged future USD revenues (1) (63,720) (177,524) (199,137) Unhedged USD borrowings 583,846 469,451 391,971 Closing USD exchange rate ($: £) 1.3655 1.2374 1.3200 (1) The hedged future revenues as at 30 June 2020 and 31 December 2019 include a forecast transaction to which hedge accounting was applied, which no longer meets the hedge accounting criteria due to a change in denomination of the contract currency. The Group hedges its cash flow interest rate risk where considered appropriate using interest rate swaps. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. The effective portion of changes in the fair value of the interest rate swap is initially recognized in other comprehensive income, rather than being recognized in the statement of profit or loss immediately. Amounts previously recognized in other comprehensive income and accumulated in the hedging reserve are subsequently reclassified into the statement of profit or loss in the same accounting period, and within the same statement of profit or loss line (i.e. net finance costs), as the underlying interest payments, which given the term of the swap will be between January 2021 to June 2024. The following table details the interest rate swaps at the reporting date that are used to hedge borrowings: 31 December 30 June 31 December 2020 2020 2019 Principal value of loan outstanding ($’000) 150,000 150,000 150,000 Rate received 1 month $ LIBOR 1 month $ LIBOR 1 month $ LIBOR Rate paid Fixed 2.032 % Fixed 2.032 % Fixed 2.032 % Expiry date 30 June 2024 30 June 2024 30 June 2024 As of 31 December 2020 the fair value of the above interest rate swap was a liability of £7,121,000 (30 June 2020: liability of £9,136,000; 31 December 2019: liability of £2,317,000). The Group also seeks to hedge the majority of the foreign exchange risk on revenue arising as a result of participation in UEFA club competitions, either by using contracted future foreign exchange expenses (including player transfer fee commitments) or by placing forward foreign exchange contracts, at the point at which it becomes reasonably certain that it will receive the revenue. The Group also seeks to hedge the foreign exchange risk on other contracted future foreign exchange expenses using available foreign exchange cash balances and forward foreign exchange contracts.

Contingent liabilities and cont

Contingent liabilities and contingent assets	6 Months Ended
	Dec. 31, 2020
Contingent liabilities and contingent assets
Contingent liabilities and contingent assets	29 Contingent liabilities and contingent assets 29.1 Contingent liabilities The Group had contingent liabilities at 31 December 2020 in respect of: (i) Transfer fees Under the terms of certain contracts with other football clubs and agents in respect of player transfers, additional amounts, in excess of the amounts included in the cost of registrations, would be payable by the Group if certain substantive performance conditions are met. These excess amounts are only recognized within the cost of registrations when the Group considers that it is probable that the condition related to the payment will be achieved. The maximum additional amounts that could be payable is £85,960,000 (30 June 2020: £79,021,000; 31 December 2019: £60,211,000). No material adjustment was required to the amounts included in the cost of registrations during the period (2019: no material adjustments) and consequently there was no material impact on the amortization of registration charges in the statement of profit or loss (2019: no material impact). As of 31 December 2020, the potential amount payable by type of condition and category of player was: First team squad Other Total Type of condition £’000 £’000 £’000 MUFC appearances/team success/new contract 26,956 12,888 39,844 International appearances 11,606 47 11,653 Other 33,650 813 34,463 72,212 13,748 85,960 (ii) Tax matters We are currently in active discussions with UK tax authorities over a number of tax areas in relation to arrangements with players and players' representatives. It is possible that in the future, as a result of discussions between the Group and UK tax authorities, as well as discussions UK tax authorities are holding with other stakeholders within the football industry, interpretations of applicable rules will be challenged, which could result in liabilities in relation to these matters. The information usually required by IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’, is not disclosed on the grounds that it is not practicable to be disclosed. 29.2 Contingent assets (i) Transfer fees Under the terms of certain contracts with other football clubs in respect of player transfers, additional amounts would be payable to the Group if certain specific performance conditions are met. In accordance with the recognition criteria for contingent assets, such amounts are only disclosed by the Group when probable and recognized when virtually certain. As of 31 December 2020, the amount of such receipt considered to be probable was £1,314,000 (30 June 2020: £4,026,000; 31 December 2019: £4,046,000).

Commitments

Commitments	6 Months Ended
	Dec. 31, 2020
Commitments
Commitments	30 Commitments 30.1 Capital commitments As at 31 December 2020, the Group had contracted capital expenditure relating to property, plant and equipment amounting to £242,000 (30 June 2020: £972,000; 31 December 2019: £4,523,000) and to other intangible assets amounting to £452,000 (30 June 2020: £405,000; 31 December 2019: £280,000). The Group also had contracted capital expenditure in relation to registrations, for which the contracted amounts are reflected within note 31.2. These amounts are not recognized as liabilities. 30.2 Non-cancellable operating leases The Group leases various offices and equipment under non-cancellable operating lease agreements. The leases have varying terms and renewal rights. On renewal, the terms of the leases are renegotiated. The Group recognizes right-of-use assets for these leases, except for short-term and low value leases. The Group also leases out its investment property.

Events occurring after the repo

Events occurring after the reporting period	6 Months Ended
	Dec. 31, 2020
Events occurring after the reporting period
Events occurring after the reporting period	31 Events occurring after the reporting period 31.1 Dividends An interim dividend of $14,665,000 (equivalent to $0.09 per share), the pounds sterling equivalent of which was £10,718,000, was paid on 7 January 2021. 31.2 Registrations The playing registrations of certain footballers have been disposed of, subsequent to 31 December 2020, for total proceeds, net of associated costs, of £1,113,000. The associated net book value was £609,000. Subsequent to 31 December 2020 the playing registrations of certain players were acquired or extended for a total consideration, including associated costs, of £24,007,000. Payments are due within the next 5 years 31.3 Financial Covenants On 4 March 2021, the Group proactively negotiated amendments with lenders of the Note Purchase Agreement, Secured term loan and Revolving facilities. The amendment agreements cover the period 31 March 2021 to 30 September 2022 inclusive and protect the Group from further, material COVID-19 related disruption events. The amendments provide the Group with the flexibility to reduce the financial maintenance covenant (EBITDA of not less than £65 million in a 12-month testing period) to £25 million, in the event of a subsequent curtailment of football competitions and/or a prolonged inability to operate the stadium at full fan capacity. The Group retains the ability to revoke the amendments prior to 30 September 2022 .

Related party transactions

Related party transactions	6 Months Ended
	Dec. 31, 2020
Related party transactions
Related party transactions	32 Related party transactions Trusts and other entities controlled by six lineal descendants of Mr. Malcolm Glazer collectively own 7.75% of our issued and outstanding Class A ordinary shares and all of our issued and outstanding Class B ordinary shares, representing 97.19% of the voting power of our outstanding capital stock.

Subsidiaries

Subsidiaries	6 Months Ended
	Dec. 31, 2020
Subsidiaries
Subsidiaries	33 Subsidiaries The following companies are the subsidiary undertakings of the Company as of 31 December 2020: % of ownership Subsidiaries Principal activity interest Red Football Finance Limited* Finance company 100 Red Football Holdings Limited* Holding company 100 Red Football Shareholder Limited Holding company 100 Red Football Joint Venture Limited Holding company 100 Red Football Limited Holding company 100 Red Football Junior Limited Holding company 100 Manchester United Limited Holding company 100 Alderley Urban Investments Limited Property investment 100 Manchester United Football Club Limited Professional football club 100 Manchester United Women’s Football Club Limited Professional football club 100 Manchester United Interactive Limited Dormant company 100 MU 099 Limited Dormant company 100 MU Commercial Holdings Limited Holding company 100 MU Commercial Holdings Junior Limited Holding company 100 MU Finance Limited Dormant company 100 MU RAML Limited Retail and licensing company 100 MUTV Limited Media company 100 RAML USA LLC Retail company 100 * Direct investment of Manchester United plc, others are held by subsidiary undertakings. All of the above are incorporated and operate in England and Wales, with the exception of Red Football Finance Limited which is incorporated and operates in the Cayman Islands and RAML USA LLC which is incorporated in the United States.

Accounting policies (Policies)

Accounting policies (Policies)	6 Months Ended
	Dec. 31, 2020
Accounting policies
Taxes on income	Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings.
New and amended standards and interpretations adopted by the Group	New and amended standards and interpretations adopted by the Group · Phase 2 amendments to IFRS 9, “Financial instruments” for IBOR reform Phase 2 amendments to IFRS 9, “Financial instruments” for IBOR reform are effective for annual reporting periods beginning on or after 1 January 2021 with earlier application permitted. The Group has applied early adoption the amendments. There are no other new or amended standards or interpretations that became applicable for the current reporting period that have had a material impact on the Group.
New and amended standards and interpretations issued but not yet adopted	New and amended standards and interpretations issued but not yet adopted There are no IFRS or IFRS IC standards or interpretations that are not yet effective that would be expected to have a material impact on the Group in the future reporting periods or on foreseeable future transactions.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	6 Months Ended
	Dec. 31, 2020
Revenue from contracts with customers
Schedule of revenue derived from principal activity	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Sponsorship 37,780 74,286 Retail, merchandising, apparel & product licensing 24,832 48,028 Commercial 62,612 70,660 122,314 151,055 Domestic competitions 51,706 50,440 87,989 78,327 European competitions 55,421 11,935 65,054 14,949 Other 1,577 2,322 3,259 4,297 Broadcasting 108,704 64,697 156,302 97,573 Matchday 1,534 33,098 3,206 55,198 172,850 168,455 281,822 303,826
Schedule of assets and liabilities related to contracts with customers	Current contract assets – accrued revenue £’000 At 1 July 2019 39,532 Recognized in revenue during the period 74,877 Cash received/amounts invoiced during the period (36,311) At 31 December 2019 78,098 Recognized in revenue during the period 44,249 Cash received/amounts invoiced during the period (76,381) At 30 June 2020 45,966 Recognized in revenue during the period 64,354 Cash received/amounts invoiced during the period (44,525) At 31 December 2020 65,795 Current Non-current contract contract Total contract liabilities – liabilities – liabilities – deferred deferred deferred revenue revenue revenue £’000 £’000 £’000 At 1 July 2019 (190,146) (33,354) (223,500) Recognized in revenue during the period 125,635 — 125,635 Cash received/amounts invoiced during the period (69,317) — (69,317) Reclassified to current during the period (9,749) 9,749 — At 31 December 2019 (143,577) (23,605) (167,182) Recognized in revenue during the period 99,527 — 99,527 Cash received/amounts invoiced during the period (122,678) — (122,678) Reclassified to current during the period (4,846) 4,846 — At 30 June 2020 (171,574) (18,759) (190,333) Recognized in revenue during the period 82,929 — 82,929 Cash received/amounts invoiced during the period (43,815) — (43,815) Reclassified to current during the period (4,987) 4,987 — At 31 December 2020 (137,447) (13,772) (151,219)

Operating expenses (Tables)

Operating expenses (Tables)	6 Months Ended
	Dec. 31, 2020
Operating expenses
Schedule of operating expenses	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Employee benefit expenses (81,750) (70,965) (153,657) (141,175) Depreciation - property, plant and equipment (note 13) (3,167) (3,133) (6,466) (6,273) Depreciation – right-of-use assets (note 14) (426) (404) (848) (808) Depreciation - investment property (note 15) (70) (89) (135) (187) Amortization (note 16) (32,459) (31,257) (64,002) (63,444) Other operating expenses (20,787) (25,405) (37,024) (55,787) (138,659) (131,253) (262,132) (267,674)

Profit_(loss) on disposal of _2

Profit/(loss) on disposal of intangible assets (Tables)	6 Months Ended
	Dec. 31, 2020
Profit/(loss) on disposal of intangible assets
Schedule of profit/(loss) on disposal of intangible assets	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Profit/(loss) on disposal of registrations 14,131 (1,531) 1,247 10,214 Player loan income 147 816 436 1,088 14,278 (715) 1,683 11,302

Net finance income (Tables)

Net finance income (Tables)	6 Months Ended
	Dec. 31, 2020
Net finance income
Schedule of net finance income	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Interest payable on bank loans and overdrafts (545) (245) (800) (583) Interest payable on secured term loan facility, senior secured notes and revolving facilities (4,236) (4,345) (8,263) (9,455) Interest payable on lease liabilities (note 14) (26) (33) (54) (68) Amortization of issue costs on secured term loan facility and senior secured notes (152) (146) (294) (291) Unwinding of discount relating to registrations (300) (192) (455) (1,169) Reclassified from hedging reserve (1) — — (14,837) — Fair value movement on derivative financial instruments: Embedded foreign exchange derivatives (463) (425) (593) (346) Total finance costs (5,722) (5,386) (25,296) (11,912) Interest receivable on short-term bank deposits — 415 1 1,070 Foreign exchange gains on retranslation of unhedged US dollar borrowings (2) 23,752 19,522 42,835 17,074 Hedge ineffectiveness on cash flow hedges 1,525 707 2,036 588 Fair value movement on derivative financial instruments: Foreign currency options 147 — 147 — Total finance income 25,424 20,644 45,019 18,732 Net finance income 19,702 15,258 19,723 6,820 (1) Foreign exchange losses immediately reclassified from the hedging reserve for hedged future revenues no longer meeting the hedge accounting criteria due to a change in denomination of the contract currency. (2) Unrealized foreign exchange gains on unhedged USD borrowings due to a favourable swing in foreign exchange rates.

Income tax expense (Tables)

Income tax expense (Tables)	6 Months Ended
	Dec. 31, 2020
Income tax expense
Schedule of income tax expense	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Current tax Current tax on profit for the period (5,485) (6,073) (8,021) (6,673) Foreign tax 335 (205) (1,001) (655) Adjustment in respect of previous years (562) (32) (562) (32) Total current tax expense (5,712) (6,310) (9,584) (7,360) Deferred tax Origination and reversal of temporary differences 9,262 (6,432) 13,249 (6,783) Re-measurement of US deferred tax asset (7,893) (3,996) (11,203) (3,996) Total deferred tax credit/(expense) 1,369 (10,428) 2,046 (10,779) Total income tax expense (4,343) (16,738) (7,538) (18,139)
Schedule of amounts relating to tax recognized directly in other comprehensive income	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Current tax 35 (529) (2,074) (932) Deferred tax (note 17) (202) 1,476 1,864 325 Total income tax (expense)/credit recognized in other comprehensive income (167) 947 (210) (607)

(Loss)_earnings per share (Tabl

(Loss)/earnings per share (Tables)	6 Months Ended
	Dec. 31, 2020
Earnings per share
Schedule of (loss)/earnings per share	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 Profit for the period (£’000) 63,828 35,007 33,558 36,135 Basic earnings per share (pence) 39.17 21.27 20.60 21.96 Diluted earnings per share (pence) 39.07 21.25 20.54 21.94
Schedule of weighted average number of shares	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 Number Number Number Number ‘000 ‘000 ‘000 ‘000 Class A ordinary shares (thousands) 40,622 40,573 40,622 40,573 Class B ordinary shares (thousands) 124,000 124,000 124,000 124,000 Treasury shares (1,683) — (1,683) — Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share 162,939 164,573 162,939 164,573 Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares 446 173 446 164 Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share 163,385 164,746 163,385 164,737

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Dec. 31, 2020
Property, plant and equipment.
Schedule of property, plant and equipment	Freehold Plant and Fixtures property machinery and fittings Total £’000 £’000 £’000 £’000 At 1 July 2020 Cost 270,900 38,222 79,741 388,863 Accumulated depreciation (56,435) (32,461) (45,528) (134,424) Net book amount 214,465 5,761 34,213 254,439 Six months ended 31 December 2020 Opening net book amount 214,465 5,761 34,213 254,439 Additions 423 1,119 1,668 3,210 Transfers 7,366 — (7,366) — Depreciation charge (1,743) (1,613) (3,110) (6,466) Closing net book amount 220,511 5,267 25,405 251,183 At 31 December 2020 Cost 278,689 37,248 73,400 389,337 Accumulated depreciation (58,178) (31,981) (47,995) (138,154) Net book amount 220,511 5,267 25,405 251,183 At 1 July 2019 Cost 268,981 34,845 64,806 368,632 Accumulated depreciation (53,155) (29,688) (39,757) (122,600) Net book amount 215,826 5,157 25,049 246,032 Six months ended 31 December 2019 Opening net book amount 215,826 5,157 25,049 246,032 Additions — 1,384 12,380 13,764 Depreciation charge (1,631) (1,271) (3,371) (6,273) Closing net book amount 214,195 5,270 34,058 253,523 At 31 December 2019 Cost 268,981 36,229 77,186 382,396 Accumulated depreciation (54,786) (30,959) (43,128) (128,873) Net book amount 214,195 5,270 34,058 253,523

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2020
Leases
Schedule of right-of-use assets	Right-of-use assets: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Property 3,590 4,290 5,056 Plant and machinery 340 269 112 Total 3,930 4,559 5,168
Schedule of lease liabilities	Lease liabilities: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Current 568 1,067 1,622 Non-current 3,255 3,326 3,626 Total lease liabilities 3,823 4,393 5,248 The following table provides an analysis of the movements in lease liabilities: £’000 At 1 July 2019 5,976 Cash flows (797) Accretion expense 69 At 31 December 2019 5,248 Cash flows (1,155) Acquisition 239 Accretion expense 61 At 30 June 2020 4,393 Cash flows (842) Acquisition 219 Accretion expense 53 At 31 December 2020 3,823
Schedule of amounts recognized in the consolidated statement of profit or loss	31 December 31 December 2020 2019 £’000 £’000 Depreciation charge of right-of-use assets Property (765) (765) Plant and machinery (83) (43) (848) (808) Interest expense (included in finance cost) (54) (68) Expense relating to short-term leases (included in operating expenses) (261) (351) Expense relating to low value leases (included in operating expenses) (21) (8)

Investment properties (Table)

Investment properties (Table)	6 Months Ended
	Dec. 31, 2020
Investment properties
Schedule of investment property	Total £’000 At 1 July 2020 Cost 32,193 Accumulated depreciation and impairment (11,366) Net book amount 20,827 Six months ended 31 December 2020 Opening net book amount 20,827 Depreciation charge (135) Closing net book amount 20,692 At 31 December 2020 Cost 32,193 Accumulated depreciation and impairment (11,501) Net book amount 20,692 At 1 July 2019 Cost 32,193 Accumulated depreciation and impairment (7,214) Net book amount 24,979 Six months ended 31 December 2019 Opening net book amount 24,979 Depreciation charge (187) Closing net book amount 24,792 At 31 December 2019 Cost 32,193 Accumulated depreciation and impairment (7,401) Net book amount 24,792

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Dec. 31, 2020
Intangible assets.
Schedule of intangible assets	Other intangible Goodwill Registrations assets Total £’000 £’000 £’000 £’000 At 1 July 2020 Cost 421,453 831,275 14,797 1,267,525 Accumulated amortization — (484,403) (7,952) (492,355) Net book amount 421,453 346,872 6,845 775,170 Six months ended 31 December 2020 Opening net book amount 421,453 346,872 6,845 775,170 Additions — 78,895 929 79,824 Disposals — (13,519) — (13,519) Amortization charge — (61,896) (2,106) (64,002) Closing net book amount 421,453 350,352 5,668 777,473 At 31 December 2020 Cost 421,453 866,019 15,561 1,303,033 Accumulated amortization — (515,667) (9,893) (525,560) Net book amount 421,453 350,352 5,668 777,473 At 1 July 2019 Cost 421,453 772,328 13,964 1,207,745 Accumulated amortization — (433,566) (5,322) (438,888) Net book amount 421,453 338,762 8,642 768,857 Six months ended 31 December 2019 Opening net book amount 421,453 338,762 8,642 768,857 Additions — 103,489 1,476 104,965 Disposals — (51,902) — (51,902) Amortization charge — (61,172) (2,272) (63,444) Closing net book amount 421,453 329,177 7,846 758,476 At 31 December 2019 Cost 421,453 772,089 14,076 1,207,618 Accumulated amortization — (442,912) (6,230) (449,142) Net book amount 421,453 329,177 7,846 758,476

Deferred tax (Tables)

Deferred tax (Tables)	6 Months Ended
	Dec. 31, 2020
Deferred tax
Schedule of deferred taxes	The following is the analysis of the deferred tax balances (after allowable offset) for financial reporting purposes: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 US deferred tax assets (61,786) (58,362) (53,862) UK deferred tax liabilities 30,851 31,337 37,766 Net deferred tax asset (30,935) (27,025) (16,096) The movements in the net deferred tax asset are as follows: 31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 At the beginning of the period (27,025) (26,550) (26,550) (Credited)/expensed to the statement of profit or loss (note 10) (2,046) 1,426 10,779 Credited to other comprehensive income (note 10) (1,864) (1,901) (325) At the end of the period (30,935) (27,025) (16,096)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2020
Inventories
Schedule of inventories	31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Finished goods 2,792 2,186 2,535

Trade receivables (Tables)

Trade receivables (Tables)	6 Months Ended
	Dec. 31, 2020
Trade receivables.
Schedule of trade receivables	31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Trade receivables 172,829 69,633 Less: provision for impairment of trade receivables (12,108) (13,150) (2,734) Net trade receivables 159,679 66,899 Less: non-current portion Trade receivables 34,333 43,694 40,586 Current trade receivables 62,907 115,985 26,313

Derivative financial instrume_2

Derivative financial instruments (Tables)	6 Months Ended
	Dec. 31, 2020
Derivative financial instruments.
Schedule of derivative financial instruments	31 December 2020 30 June 2020 31 December 2019 Assets Liabilities Assets Liabilities Assets Liabilities £’000 £’000 £’000 £’000 £’000 £’000 Used for hedging: Interest rate swaps — (7,121) — (9,136) — (2,317) Forward foreign exchange contracts 81 — 223 — At fair value through profit or loss: Embedded foreign exchange derivatives — (443) 150 — — (101) Forward foreign exchange contracts 1,145 — 2,410 — — (136) Foreign currency options 1,086 — — — — — 2,312 (7,564) 2,783 (9,136) — (2,554) Less non-current portion: Used for hedging: Interest rate swaps — (7,121) — (9,136) — (2,317) At fair value through profit or loss: Embedded foreign exchange derivatives — (269) 54 — — — Forward foreign exchange contracts 536 — 1,555 — — (6) Non-current derivative financial instruments 536 (7,390) 1,609 (9,136) — (2,323) Current derivative financial instruments 1,776 (174) 1,174 — — (231)

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Dec. 31, 2020
Cash and cash equivalents
Schedule of cash and cash equivalents	31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Cash at bank and in hand 80,620 51,539 100,856

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	Dec. 31, 2020
Share capital.
Schedule of share capital	Number of Ordinary shares shares (thousands) £’000 At 1 July 2019 164,571 53 Employee share-based compensation awards – issue of shares 2 — At 31 December 2019 164,573 53 Employee share-based compensation awards – issue of shares 49 — At 30 June 2020 164,622 53 Employee share-based compensation awards – issue of shares — — At 31 December 2020 164,622 53

Treasury Shares (Tables)

Treasury Shares (Tables)	6 Months Ended
	Dec. 31, 2020
Treasury shares.
Schedule of treasury shares	Number of shares (thousands) £’000 At 1 July 2019 and 30 December 2019 — — Acquisition of shares (1,683) (21,305) At 30 June 2020 (1,683) (21,305) Acquisition of shares — — At 31 December 2020 (1,683) (21,305)

Trade and other payables (Table

Trade and other payables (Tables)	6 Months Ended
	Dec. 31, 2020
Trade and other payables
Schedule of trade and other payables	31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Trade payables 144,792 155,983 106,394 Other payables 12,739 8,526 2,807 Accrued expenses 51,616 70,638 63,984 Social security and other taxes 24,670 32,268 10,149 233,817 267,415 183,334 Less: non-current portion Trade payables 59,808 50,065 29,738 Other payables 1,001 1,257 1,503 Non-current trade and other payables 60,809 51,322 31,241 Current trade and other payables 173,008 216,093 152,093

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Dec. 31, 2020
Borrowings
Schedule of borrowings	31 December 30 June 31 December 2020 2020 2019 £’000 £’000 £’000 Senior secured notes 308,388 340,417 318,738 Secured term loan facility 162,638 179,593 168,114 Revolving credit facilities 60,000 — — Accrued interest on senior secured notes and revolving credit facilities 5,114 5,605 5,288 536,140 525,615 492,140 Less: non-current portion Senior secured notes 308,388 340,417 318,738 Secured term loan facility 162,638 179,593 168,114 Non-current borrowings 471,026 520,010 486,852 Current borrowings 65,114 5,605 5,288

Cash generated from_(used in)_2

Cash generated from/(used in) operations (Tables)	6 Months Ended
	Dec. 31, 2020
Cash generated from/(used in) operations
Schedule of cash (used in)/generated from operations	Three months ended Six months ended 31 December 31 December 2020 2019 2020 2019 £’000 £’000 £’000 £’000 Profit before income tax 68,171 51,745 41,096 54,274 Adjustments for: Depreciation 3,663 3,626 7,449 7,268 Amortization 32,459 31,257 64,002 63,444 (Profit)/loss on disposal of intangible assets (14,278) 715 (1,683) (11,302) Net finance income (19,702) (15,258) (19,723) (6,820) Non-cash employee benefit expense - equity-settled share-based payments 488 227 1,753 365 Foreign exchange losses/(gains) on operating activities 50 87 1,174 (286) Reclassified from hedging reserve 114 2,957 (412) 5,811 Changes in working capital: Inventories 750 129 (606) (405) Prepayments 3,519 2,171 (9,908) (181) Contract assets – accrued revenue (38,920) (38,165) (19,829) (38,566) Trade receivables 9,950 6,160 63,256 8,504 Other receivables 67 14,655 (132) 574 Contract liabilities – deferred revenue (41,234) (66,449) (39,114) (56,318) Trade and other payables (2,997) (7,690) (12,813) (44,801) Cash generated from/(used in) operations 2,100 (13,833) 74,510 (18,439)

Financial risk management (Tabl

Financial risk management (Tables)	6 Months Ended
	Dec. 31, 2020
Financial risk management
Schedule of net borrowings being hedged at balance sheet date	31 December 30 June 31 December 2020 2020 2019 $’000 $’000 $’000 USD borrowings 650,000 650,000 650,000 Hedged USD cash (2,434) (3,025) (58,892) Net USD debt 647,566 646,975 591,108 Hedged future USD revenues (1) (63,720) (177,524) (199,137) Unhedged USD borrowings 583,846 469,451 391,971 Closing USD exchange rate ($: £) 1.3655 1.2374 1.3200 (1) The hedged future revenues as at 30 June 2020 and 31 December 2019 include a forecast transaction to which hedge accounting was applied, which no longer meets the hedge accounting criteria due to a change in denomination of the contract currency.
Schedule of interest rate swaps at reporting date that are used to hedge borrowings	31 December 30 June 31 December 2020 2020 2019 Principal value of loan outstanding ($’000) 150,000 150,000 150,000 Rate received 1 month $ LIBOR 1 month $ LIBOR 1 month $ LIBOR Rate paid Fixed 2.032 % Fixed 2.032 % Fixed 2.032 % Expiry date 30 June 2024 30 June 2024 30 June 2024

Contingent liabilities and co_2

Contingent liabilities and contingent assets (Tables)	6 Months Ended
	Dec. 31, 2020
Contingent liabilities and contingent assets
Schedule of potential amount payable by type of condition and category of player	First team squad Other Total Type of condition £’000 £’000 £’000 MUFC appearances/team success/new contract 26,956 12,888 39,844 International appearances 11,606 47 11,653 Other 33,650 813 34,463 72,212 13,748 85,960

Subsidiaries (Tables)

Subsidiaries (Tables)	6 Months Ended
	Dec. 31, 2020
Subsidiaries
Schedule of subsidiary undertakings	% of ownership Subsidiaries Principal activity interest Red Football Finance Limited* Finance company 100 Red Football Holdings Limited* Holding company 100 Red Football Shareholder Limited Holding company 100 Red Football Joint Venture Limited Holding company 100 Red Football Limited Holding company 100 Red Football Junior Limited Holding company 100 Manchester United Limited Holding company 100 Alderley Urban Investments Limited Property investment 100 Manchester United Football Club Limited Professional football club 100 Manchester United Women’s Football Club Limited Professional football club 100 Manchester United Interactive Limited Dormant company 100 MU 099 Limited Dormant company 100 MU Commercial Holdings Limited Holding company 100 MU Commercial Holdings Junior Limited Holding company 100 MU Finance Limited Dormant company 100 MU RAML Limited Retail and licensing company 100 MUTV Limited Media company 100 RAML USA LLC Retail company 100 * Direct investment of Manchester United plc, others are held by subsidiary undertakings.

Basis of preparation (Details)

Basis of preparation (Details)	6 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item	Dec. 31, 2020GBP (£)	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Dec. 31, 2019GBP (£)
COVID-19 pandemic
Number of played matches deferred from previous fiscal year | item	10
Number of Premier League home matches played | item	8	10
Number of Premier League away matches played | item	7	10
Cash resources			£ 80,620,000		£ 51,539,000	£ 100,856,000
Borrowings			536,140,000		525,615,000	492,140,000
Senior secured notes
COVID-19 pandemic
Notional amount | $	$ 425,000,000	$ 425,000,000		$ 425,000,000
Borrowings			308,388,000		340,417,000	318,738,000
Secured term loan facility
COVID-19 pandemic
Notional amount | $	$ 225,000,000	$ 225,000,000		$ 225,000,000
Borrowings			162,638,000		£ 179,593,000	£ 168,114,000
Revolving facilities
COVID-19 pandemic
Undrawn borrowing facilities			140,000,000
Borrowings			£ 60,000,000

Seasonality of revenue (Details

Seasonality of revenue (Details) - adidas £ in Millions	Aug. 01, 2015GBP (£)item
Estimates and judgments
Number of consecutive seasons of non-participation in Champions League that would impact guarantee payable by adidas | item	2
Term of agreement (in years)	10 years
Minimum guarantee payable by parties under agreement	£ 750
Maximum increase in guarantee payable per year	£ 4
Maximum possible percentage of reduction in guarantee per year	30.00%

Revenue from contracts with c_3

Revenue from contracts with customers - Disaggregation of revenue from contract with customers (Details) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020GBP (£)	Dec. 31, 2019GBP (£)	Dec. 31, 2020GBP (£)componentsegment	Dec. 31, 2019GBP (£)
Revenue from contracts with customers
Number of material segments | segment			1
Number of main components of revenue | component			3
Revenue from contracts with customers	£ 172,850	£ 168,455	£ 281,822	£ 303,826
Commercial
Revenue from contracts with customers
Revenue from contracts with customers	62,612	70,660	122,314	151,055
Sponsorship
Revenue from contracts with customers
Revenue from contracts with customers	37,780	45,147	74,286	98,777
Retail, merchandising, apparel & product licensing
Revenue from contracts with customers
Revenue from contracts with customers	24,832	25,513	48,028	52,278
Broadcasting
Revenue from contracts with customers
Revenue from contracts with customers	108,704	64,697	156,302	97,573
Domestic competitions
Revenue from contracts with customers
Revenue from contracts with customers	51,706	50,440	87,989	78,327
European competitions
Revenue from contracts with customers
Revenue from contracts with customers	55,421	11,935	65,054	14,949
Other
Revenue from contracts with customers
Revenue from contracts with customers	1,577	2,322	3,259	4,297
Matchday
Revenue from contracts with customers
Revenue from contracts with customers	£ 1,534	£ 33,098	£ 3,206	£ 55,198

Revenue from contracts with c_4

Revenue from contracts with customers - Assets and liabilities related to contracts with customers (Details) - GBP (£) £ in Thousands	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Revenue from contracts with customers
Contract liabilities - deferred revenue at beginning of period	£ (190,333)	£ (167,182)	£ (223,500)
Recognized in revenue during the period	82,929	99,527	125,635
Cash received/amounts invoiced during the period	(43,815)	(122,678)	(69,317)
Contract liabilities - deferred revenue at end of period	(151,219)	(190,333)	(167,182)
Current contract assets and contract liabilities
Revenue from contracts with customers
Contract assets - accrued revenue at beginning of period	45,966	78,098	39,532
Recognized in revenue during the period	64,354	44,249	74,877
Cash received/amounts invoiced during the period	(44,525)	(76,381)	(36,311)
Contract assets - accrued revenue at end of period	65,795	45,966	78,098
Contract liabilities - deferred revenue at beginning of period	(171,574)	(143,577)	(190,146)
Recognized in revenue during the period	82,929	99,527	125,635
Cash received/amounts invoiced during the period	(43,815)	(122,678)	(69,317)
Reclassified to current during the period	(4,987)	(4,846)	(9,749)
Contract liabilities - deferred revenue at end of period	(137,447)	(171,574)	(143,577)
Non-current contract assets and contract liabilities
Revenue from contracts with customers
Contract liabilities - deferred revenue at beginning of period	(18,759)	(23,605)	(33,354)
Reclassified to current during the period	4,987	4,846	9,749
Contract liabilities - deferred revenue at end of period	£ (13,772)	£ (18,759)	£ (23,605)

Operating expenses (Details)

Operating expenses (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating expenses
Employee benefit expenses	£ (81,750)	£ (70,965)	£ (153,657)	£ (141,175)
Depreciation - property, plant and equipment (note 13)	(3,167)	(3,133)	(6,466)	(6,273)
Depreciation - right-of-use assets (note 14)	(426)	(404)	(848)	(808)
Depreciation - investment properties (note 15)	(70)	(89)	(135)	(187)
Amortization (note 16)	(32,459)	(31,257)	(64,002)	(63,444)
Other operating expenses	(20,787)	(25,405)	(37,024)	(55,787)
Total operating expenses	£ (138,659)	£ (131,253)	£ (262,132)	£ (267,674)

Profit_(loss) on disposal of _3

Profit/(loss) on disposal of intangible assets (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Profit/(loss) on disposal of intangible assets
Profit/(loss) on disposal of registrations	£ 14,131	£ (1,531)	£ 1,247	£ 10,214
Player loan income	147	816	436	1,088
Total profit/(loss) on disposal of intangible assets	£ 14,278	£ (715)	£ 1,683	£ 11,302

Net finance income (Details)

Net finance income (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Net finance income
Interest payable on bank loans and overdrafts	£ (545)	£ (245)	£ (800)	£ (583)
Interest payable on secured term loan facility, senior secured notes and revolving facilities	(4,236)	(4,345)	(8,263)	(9,455)
Interest payable on lease liabilities (note 14)	(26)	(33)	(54)	(68)
Amortization of issue costs on secured term loan facility and senior secured notes	(152)	(146)	(294)	(291)
Unwinding of discount relating to registrations	(300)	(192)	(455)	(1,169)
Reclassified from hedging reserve			(14,837)
Fair value movements on derivative financial instruments:
Embedded foreign exchange derivatives	(463)	(425)	(593)	(346)
Total finance costs	(5,722)	(5,386)	(25,296)	(11,912)
Interest receivable on short-term bank deposits		415	1	1,070
Foreign exchange gains on retranslation of unhedged US dollar borrowings	23,752	19,522	42,835	17,074
Hedge ineffectiveness on cash flow hedges	1,525	707	2,036	588
Fair value movements on derivative financial instruments:
Foreign currency options	147		147
Total finance income	25,424	20,644	45,019	18,732
Net finance income	£ 19,702	£ 15,258	£ 19,723	£ 6,820

Income tax expense - Current ta

Income tax expense - Current tax and Deferred tax (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2021	Jun. 30, 2020
Current tax
Total current tax expense	£ (5,712)	£ (6,310)	£ (9,584)	£ (7,360)
Deferred tax
Origination and reversal of temporary differences	9,262	(6,432)	13,249	(6,783)
Re-measurement of US deferred tax asset	(7,893)	(3,996)	(11,203)	(3,996)
Total deferred tax credit/(expense)	1,369	(10,428)	2,046	(10,779)		£ (1,426)
Total tax expense
Total income tax expense	(4,343)	(16,738)	(7,538)	(18,139)
Corporate tax rate						32.58%
One off items which are not reflected in estimated weighted average annual tax rate			4,800	400
Forecast
Total tax expense
Corporate tax rate					6.58%
UK and US
Current tax
Current tax on loss/(profit) for the period	(5,485)	(6,073)	(8,021)	(6,673)
Adjustment in respect of previous years	(562)	(32)	(562)	(32)
Other than UK and US
Current tax
Current tax on loss/(profit) for the period	£ 335	£ (205)	£ (1,001)	£ (655)

Income tax expense - Additional

Income tax expense - Additional information related to tax (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Income tax expense
Current tax	£ 35	£ (529)	£ (2,074)	£ (932)
Deferred tax (note 17)	(202)	1,476	1,864	325	£ 1,901
Total income tax (expense)/credit recognized in other comprehensive income	£ (167)	£ 947	£ (210)	£ (607)

Earnings per share (Details)

Earnings per share (Details) £ / shares in Units, £ in Thousands, shares in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020GBP (£)£ / sharesitemshares	Dec. 31, 2019GBP (£)£ / sharesshares	Dec. 31, 2020GBP (£)£ / sharesitemshares	Jun. 30, 2020GBP (£)	Dec. 31, 2019GBP (£)£ / sharesshares
Earnings per share
Profit for the period | £	£ 63,828	£ 35,007	£ 33,558	£ (59,368)	£ 36,135
Basic earnings per share | £ / shares	£ 0.3917	£ 0.2127	£ 0.2060		£ 0.2196
Diluted earnings per share | £ / shares	£ 0.3907	£ 0.2125	£ 0.2054		£ 0.2194
Number of categories of dilutive potential ordinary shares | item	1		1
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share	162,939	164,573	162,939		164,573
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share	163,385	164,746	163,385		164,737
Class A ordinary shares
Earnings per share
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share	40,622	40,573	40,622		40,573
Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares	446	173	446		164
Class B ordinary shares
Earnings per share
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share	124,000	124,000	124,000		124,000
Treasury shares
Earnings per share
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share	1,683		1,683

Dividends (Details)

Dividends (Details)	Jan. 07, 2021USD ($)$ / shares	Jan. 07, 2021GBP (£)	Dec. 31, 2020GBP (£)	Jun. 30, 2020GBP (£)	Dec. 31, 2019GBP (£)
Dividends
Dividends paid | £			£ 0	£ 23,229,000	£ 0
Dividends paid before financial statements authorised for issue but not recognised as distribution to owners	$ 14,665,000	£ 10,718,000
Dividends paid before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares	$ 0.09

Property, plant and equipment_2

Property, plant and equipment (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of changes in property, plant and equipment
Opening amount			£ 254,439	£ 246,032
Additions			3,210	13,764
Depreciation charge	£ (3,167)	£ (3,133)	(6,466)	(6,273)
Closing amount	251,183	253,523	251,183	253,523
Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			388,863	368,632
Closing amount	389,337	382,396	389,337	382,396
Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(134,424)	(122,600)
Closing amount	(138,154)	(128,873)	(138,154)	(128,873)
Property
Reconciliation of changes in property, plant and equipment
Opening amount			214,465	215,826
Additions			423
Transfers			7,366
Depreciation charge			(1,743)	(1,631)
Closing amount	220,511	214,195	220,511	214,195
Property | Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			270,900	268,981
Closing amount	278,689	268,981	278,689	268,981
Property | Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(56,435)	(53,155)
Closing amount	(58,178)	(54,786)	(58,178)	(54,786)
Plant and machinery
Reconciliation of changes in property, plant and equipment
Opening amount			5,761	5,157
Additions			1,119	1,384
Depreciation charge			(1,613)	(1,271)
Closing amount	5,267	5,270	5,267	5,270
Plant and machinery | Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			38,222	34,845
Closing amount	37,248	36,229	37,248	36,229
Plant and machinery | Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(32,461)	(29,688)
Closing amount	(31,981)	(30,959)	(31,981)	(30,959)
Fixtures and fittings
Reconciliation of changes in property, plant and equipment
Opening amount			34,213	25,049
Additions			1,668	12,380
Transfers			(7,366)
Depreciation charge			(3,110)	(3,371)
Closing amount	25,405	34,058	25,405	34,058
Fixtures and fittings | Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			79,741	64,806
Closing amount	73,400	77,186	73,400	77,186
Fixtures and fittings | Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(45,528)	(39,757)
Closing amount	£ (47,995)	£ (43,128)	£ (47,995)	£ (43,128)

Leases - Amounts recognized in

Leases - Amounts recognized in the consolidated balance sheet (Details) - GBP (£)	6 Months Ended	12 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Leases
Right-of-use assets	£ 3,930,000	£ 4,559,000	£ 5,168,000
Additions to right-of-use assets	219,000	239,000
Lease liabilities:
Current	568,000	1,067,000	1,622,000
Non-current	3,255,000	3,326,000	3,626,000
Total lease liabilities	3,823,000	4,393,000	5,248,000
Property
Leases
Right-of-use assets	3,590,000	4,290,000	5,056,000
Plant and machinery
Leases
Right-of-use assets	£ 340,000	£ 269,000	£ 112,000

Leases - Movement in lease liab

Leases - Movement in lease liabilities (Details) - GBP (£) £ in Thousands	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Lease liabilities
Beginning balance	£ 4,393	£ 5,248
Cash flows	(842)	(1,155)	£ (797)
Acquisition	219	239
Accretion expense	53	61	69
Ending balance	£ 3,823	£ 4,393	5,248
Increase (decrease) due to adoption of IFRS 16
Lease liabilities
Beginning balance			£ 5,976

Leases - Amounts recognized i_2

Leases - Amounts recognized in the consolidated statement of profit or loss (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Leases
Depreciation - right-of-use assets	£ (426)	£ (404)	£ (848)	£ (808)
Interest expense (included in finance cost)	£ (26)	£ (33)	(54)	(68)
Expense relating to short-term leases (included in operating expenses)			(261)	(351)
Expense relating to low value leases (included in operating expenses)			(21)	(8)
Property
Leases
Depreciation - right-of-use assets			(765)	(765)
Plant and machinery
Leases
Depreciation - right-of-use assets			£ (83)	£ (43)

Investment properties (Details)

Investment properties (Details) - GBP (£)	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Investment property
Opening amount			£ 20,827,000	£ 24,979,000
Depreciation charge	£ (70,000)	£ (89,000)	(135,000)	(187,000)
Closing amount	20,692,000	24,792,000	20,692,000	24,792,000
Cost / gross value
Investment property
Opening amount			32,193,000	32,193,000
Closing amount	32,193,000	32,193,000	32,193,000	32,193,000
Accumulated depreciation, amortization and impairment
Investment property
Opening amount			(11,366,000)	(7,214,000)
Closing amount	£ (11,501,000)	£ (7,401,000)	(11,501,000)	£ (7,401,000)
Not measured at fair value in statement of financial position but for which fair value is disclosed
Investment property
Opening amount			£ 23,065,000

Intangible assets - Reconciliat

Intangible assets - Reconciliation of intangible assets (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of intangible assets
Opening net book amount			£ 775,170	£ 768,857
Additions			79,824	104,965
Disposals			(13,519)	(51,902)
Amortization charge	£ (32,459)	£ (31,257)	(64,002)	(63,444)
Closing net book amount	777,473	758,476	777,473	758,476
Cost / gross value
Reconciliation of intangible assets
Opening net book amount			1,267,525	1,207,745
Closing net book amount	1,303,033	1,207,618	1,303,033	1,207,618
Accumulated depreciation, amortization and impairment
Reconciliation of intangible assets
Opening net book amount			(492,355)	(438,888)
Closing net book amount	(525,560)	(449,142)	(525,560)	(449,142)
Goodwill
Reconciliation of intangible assets
Opening net book amount			421,453	421,453
Closing net book amount	421,453	421,453	421,453	421,453
Goodwill | Cost / gross value
Reconciliation of intangible assets
Opening net book amount			421,453	421,453
Closing net book amount	421,453	421,453	421,453	421,453
Registrations
Reconciliation of intangible assets
Opening net book amount			346,872	338,762
Additions			78,895	103,489
Disposals			(13,519)	(51,902)
Amortization charge			(61,896)	(61,172)
Closing net book amount	350,352	329,177	350,352	329,177
Registrations | Cost / gross value
Reconciliation of intangible assets
Opening net book amount			831,275	772,328
Closing net book amount	866,019	772,089	866,019	772,089
Registrations | Accumulated depreciation, amortization and impairment
Reconciliation of intangible assets
Opening net book amount			(484,403)	(433,566)
Closing net book amount	(515,667)	(442,912)	(515,667)	(442,912)
Other intangible assets
Reconciliation of intangible assets
Opening net book amount			6,845	8,642
Additions			929	1,476
Amortization charge			(2,106)	(2,272)
Closing net book amount	5,668	7,846	5,668	7,846
Other intangible assets | Cost / gross value
Reconciliation of intangible assets
Opening net book amount			14,797	13,964
Closing net book amount	15,561	14,076	15,561	14,076
Other intangible assets | Accumulated depreciation, amortization and impairment
Reconciliation of intangible assets
Opening net book amount			(7,952)	(5,322)
Closing net book amount	£ (9,893)	£ (6,230)	£ (9,893)	£ (6,230)

Intangible assets - Other intan

Intangible assets - Other intangible assets (Details) - GBP (£)	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Intangible assets
Intangible assets and goodwill	£ 777,473,000	£ 775,170,000	£ 758,476,000	£ 768,857,000
Cost / gross value
Intangible assets
Intangible assets and goodwill	1,303,033,000	1,267,525,000	1,207,618,000	1,207,745,000
Accumulated depreciation, amortization and impairment
Intangible assets
Intangible assets and goodwill	(525,560,000)	(492,355,000)	(449,142,000)	(438,888,000)
Other intangible assets
Intangible assets
Intangible assets and goodwill	5,668,000	6,845,000	7,846,000	8,642,000
Other intangible assets | Cost / gross value
Intangible assets
Intangible assets and goodwill	15,561,000	14,797,000	14,076,000	13,964,000
Other intangible assets | Cost / gross value | Internally generated
Intangible assets
Intangible assets and goodwill	2,098,000		2,076,000
Other intangible assets | Accumulated depreciation, amortization and impairment
Intangible assets
Intangible assets and goodwill	(9,893,000)	£ (7,952,000)	(6,230,000)	£ (5,322,000)
Other intangible assets | Accumulated depreciation, amortization and impairment | Internally generated
Intangible assets
Intangible assets and goodwill	£ (1,667,000)		£ (1,065,000)

Deferred tax - Analysis of the

Deferred tax - Analysis of the deferred tax (Details) - GBP (£) £ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Analysis of deferred tax
Deferred tax assets	£ (61,786)	£ (58,362)	£ (53,862)
Deferred tax liabilities	30,851	31,337	37,766
Net deferred tax asset	(30,935)	(27,025)	(16,096)	£ (26,550)
US
Analysis of deferred tax
Deferred tax assets	(61,786)	(58,362)	(53,862)
UK
Analysis of deferred tax
Deferred tax liabilities	£ 30,851	£ 31,337	£ 37,766

Deferred tax - Movements in net

Deferred tax - Movements in net deferred tax asset (Details) - GBP (£)	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Movements in net deferred tax asset
Net deferred tax asset at beginning of period			£ (27,025,000)	£ (26,550,000)	£ (26,550,000)
(Credited)/expensed to the statement of profit or loss (note 10)	£ (1,369,000)	£ 10,428,000	(2,046,000)	10,779,000	1,426,000
Credited to other comprehensive income (note 10)	202,000	(1,476,000)	(1,864,000)	(325,000)	(1,901,000)
Net deferred tax asset at end of period	(30,935,000)	(16,096,000)	(30,935,000)	(16,096,000)	£ (27,025,000)
US
Movements in net deferred tax asset
Unrecognised deferred tax assets	30,282,000	22,672,000	30,282,000	22,672,000
UK
Movements in net deferred tax asset
Unrecognised deferred tax assets	£ 0	£ 0	£ 0	£ 0

Inventories (Details)

Inventories (Details) - GBP (£)	6 Months Ended		12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Jun. 30, 2020
Inventories
Finished goods	£ 2,792,000	£ 2,535,000	£ 2,186,000
Cost of inventory recognized during the period	£ 3,211,000	£ 4,888,000	£ 6,433,000

Trade receivables (Details)

Trade receivables (Details) - GBP (£)	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Trade receivables
Trade receivables	£ 97,240,000	£ 159,679,000	£ 66,899,000
Less: non-current portion
Trade receivables	34,333,000	43,694,000	40,586,000
Current trade receivables	62,907,000	115,985,000	26,313,000
Transfer fees receivable	59,503,000	57,726,000	56,843,000
Deferred revenue contractually payable to Group	28,529,000	91,968,000	4,255,000
Due after 1 year
Less: non-current portion
Transfer fees receivable	34,333,000	43,694,000	40,586,000
Cost / gross value
Trade receivables
Trade receivables	109,348,000	172,829,000	69,633,000
Accumulated impairment
Trade receivables
Trade receivables	(12,108,000)	(13,150,000)	(2,734,000)
Not measured at fair value in statement of financial position but for which fair value is disclosed
Trade receivables
Trade receivables	£ 99,105,000	£ 161,797,000	£ 69,864,000

Derivative financial instrume_3

Derivative financial instruments (Details) - GBP (£) £ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	£ 2,312	£ 2,783
Derivative financial instruments, liabilities	(7,564)	(9,136)	£ (2,554)
Derivative financial instruments, non-current assets	536	1,609
Derivative financial instruments, non-current liabilities	(7,390)	(9,136)	(2,323)
Derivative financial instruments, current assets	1,776	1,174
Derivative financial instruments, current liabilities	(174)		(231)
Embedded foreign exchange derivatives | At fair value through profit and loss
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets		150
Derivative financial instruments, non-current assets		54
Forward foreign exchange contracts | Derivatives used for hedging:
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	81	223
Forward foreign exchange contracts | At fair value through profit and loss
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	1,145	2,410
Derivative financial instruments, non-current assets	536	1,555
Foreign currency options | At fair value through profit and loss
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	1,086
Interest rate swap | Derivatives used for hedging:
Disclosure of detailed information about financial instruments
Derivative financial instruments, liabilities	(7,121)	(9,136)	(2,317)
Derivative financial instruments, non-current liabilities	(7,121)	£ (9,136)	(2,317)
Embedded foreign exchange derivatives | At fair value through profit and loss:
Disclosure of detailed information about financial instruments
Derivative financial instruments, liabilities	(443)		(101)
Derivative financial instruments, non-current liabilities	£ (269)
Forward foreign exchange contracts | At fair value through profit and loss:
Disclosure of detailed information about financial instruments
Derivative financial instruments, liabilities			(136)
Derivative financial instruments, non-current liabilities			£ (6)

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - GBP (£) £ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and cash equivalents
Cash at bank and in hand	£ 80,620	£ 51,539	£ 100,856

Share capital (Details)

Share capital (Details)	6 Months Ended
	Dec. 31, 2020GBP (£)Voteitemshares	Jun. 30, 2020GBP (£)shares	Dec. 31, 2019GBP (£)shares
Ordinary shares
Balance at the beginning | £	£ 53,000	£ 53,000
Balance at the end | £	£ 53,000	53,000	£ 53,000
Number of class of ordinary shares | item	2
Number of class A shares to which one B share is convertible | shares	1
Proportion of votes required for special resolutions	66.67%
Treasury shares | £	£ 21,305,000	£ 21,305,000
Ordinary shares
Number of shares
Balance at the beginning (in shares) | shares	164,622,000	164,573,000	164,571,000
Employee share-based compensation awards - issue of shares (in shares) | shares	0	49,000	2,000
Balance at the end (in shares) | shares	164,622,000	164,622,000	164,573,000
Ordinary shares
Balance at the beginning | £	£ 53,000	£ 53,000	£ 53,000
Employee share-based compensation awards - issue of shares | £	0	0	0
Balance at the end | £	£ 53,000	£ 53,000	£ 53,000
Class A ordinary shares
Ordinary shares
Number of voting right per share | Vote	1
Number of shares issued | shares	40,622,089
Number of shares purchased and held in treasury | shares	1,682,896
Treasury shares | £	£ 21,305,000
Class B ordinary shares
Ordinary shares
Number of voting right per share | Vote	10
Percentage of ordinary shares outstanding below which Class B shares will convert to Class A	10.00%
Percentage of voting power of shareholders	67.00%
Number of shares issued | shares	124,000,000

Treasury shares (Details)

Treasury shares (Details) - GBP (£) £ in Thousands	6 Months Ended
	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Treasury shares, Value
Balance at beginning of the period	£ 351,232	£ 460,999	£ 415,202
Acquisition of treasury shares		(21,305)
Balance at end of the period	£ 405,579	£ 351,232	£ 460,999
Treasury shares
Treasury shares, Number of shares
Opening balance	(1,683)
Acquisition of treasury shares	0	(1,683)	0
Closing balance	(1,683)	(1,683)
Treasury shares, Value
Balance at beginning of the period	£ (21,305)
Acquisition of treasury shares	0	£ (21,305)	£ 0
Balance at end of the period	£ (21,305)	£ (21,305)

Trade and other payables (Detai

Trade and other payables (Details)	Dec. 31, 2020GBP (£)installment	Jun. 30, 2020GBP (£)	Dec. 31, 2019GBP (£)
Trade and other payables
Trade payables	£ 144,792,000	£ 155,983,000	£ 106,394,000
Other payables	12,739,000	8,526,000	2,807,000
Accrued expenses	51,616,000	70,638,000	63,984,000
Social security and other taxes	24,670,000	32,268,000	10,149,000
Total trade and other payables	233,817,000	267,415,000	183,334,000
Less: non-current portion
Trade payables	59,808,000	50,065,000	29,738,000
Other payables	1,001,000	1,257,000	1,503,000
Non-current trade and other payables	60,809,000	51,322,000	31,241,000
Current trade and other payables	173,008,000	216,093,000	152,093,000
Transfer fees and other associated costs	132,036,000	149,134,000	97,884,000
Deferred VAT payments	£ 15,474,000
Number of equal monthly instalments to spread VAT payments | installment	11
Not measured at fair value in statement of financial position but for which fair value is disclosed
Trade and other payables
Trade payables	£ 147,896,000	158,464,000	108,538,000
Due after 1 year
Less: non-current portion
Transfer fees and other associated costs	59,808,000	50,065,000	29,738,000
Between 1 and 2 years
Less: non-current portion
Transfer fees and other associated costs	39,406,000	26,396,000	13,889,000
Between 2 and 5 years
Less: non-current portion
Transfer fees and other associated costs	£ 20,402,000	£ 23,669,000	£ 15,849,000

Borrowings (Details)

Borrowings (Details)	6 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2020GBP (£)	Jun. 30, 2020USD ($)	Jun. 30, 2020GBP (£)	Dec. 31, 2019USD ($)	Dec. 31, 2019GBP (£)
Disclosure of detailed information about borrowings
Total borrowings		£ 536,140,000		£ 525,615,000		£ 492,140,000
Non-current borrowings		471,026,000		520,010,000		486,852,000
Current borrowings		65,114,000		5,605,000		5,288,000
Senior secured notes
Disclosure of detailed information about borrowings
Total borrowings		308,388,000		340,417,000		318,738,000
Non-current borrowings		308,388,000		340,417,000		318,738,000
Unamortized issue costs on borrowings		2,853,000		3,044,000		3,231,000
Principal amount / Notional amount | $	$ 425,000,000		$ 425,000,000		$ 425,000,000
Secured term loan facility
Disclosure of detailed information about borrowings
Total borrowings		162,638,000		179,593,000		168,114,000
Non-current borrowings		162,638,000		179,593,000		168,114,000
Unamortized issue costs on borrowings		2,138,000		2,241,000		2,342,000
Principal amount / Notional amount | $	$ 225,000,000		$ 225,000,000		$ 225,000,000
Revolving facilities
Disclosure of detailed information about borrowings
Total borrowings		60,000,000
Undrawn borrowing facilities		140,000,000
Accrued interest on senior secured notes and revolving credit facilities
Disclosure of detailed information about borrowings
Total borrowings		£ 5,114,000		£ 5,605,000		£ 5,288,000
Fixed interest rate | Senior secured notes
Disclosure of detailed information about borrowings
Borrowings, interest rate	3.79%	3.79%
Floating interest rate | Secured term loan facility
Disclosure of detailed information about borrowings
Borrowings, interest rate basis	US dollar LIBOR
Minimum | Floating interest rate | Secured term loan facility
Disclosure of detailed information about borrowings
Adjustment to interest rate basis	1.25%	1.25%
Maximum | Floating interest rate | Secured term loan facility
Disclosure of detailed information about borrowings
Adjustment to interest rate basis	1.75%	1.75%

Cash generated from_(used in)_3

Cash generated from/(used in) operations (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Cash generated from/(used in) operations
Profit before income tax	£ 68,171	£ 51,745	£ 41,096	£ 54,274
Depreciation	3,663	3,626	7,449	7,268
Amortization	32,459	31,257	64,002	63,444
(Profit)/loss on disposal of intangible assets	(14,278)	715	(1,683)	(11,302)
Net finance income	(19,702)	(15,258)	(19,723)	(6,820)
Non-cash employee benefit expense - equity-settled share-based payments	488	227	1,753	365
Foreign exchange losses/(gains) on operating activities	50	87	1,174	(286)
Reclassified from hedging reserve	114	2,957	(412)	5,811
Changes in working capital:
Inventories	750	129	(606)	(405)
Prepayments	3,519	2,171	(9,908)	(181)
Contract assets - accrued revenue	(38,920)	(38,165)	(19,829)	(38,566)
Trade receivables	9,950	6,160	63,256	8,504
Other receivables	67	14,655	(132)	574
Contract liabilities - deferred revenue	(41,234)	(66,449)	(39,114)	(56,318)
Trade and other payables	(2,997)	(7,690)	(12,813)	(44,801)
Cash generated from/(used in) operations	£ 2,100	£ (13,833)	£ 74,510	£ (18,439)

Pension arrangements (Details)

Pension arrangements (Details) - Football League Pension and Life Assurance Scheme	1 Months Ended	6 Months Ended
	Sep. 30, 2021	Dec. 31, 2020GBP (£)item	Jun. 30, 2020GBP (£)	Dec. 31, 2019GBP (£)	Aug. 31, 2017GBP (£)
Pension arrangements
Number of participating employers | item		92
Total deficit on actuarial valuation					£ 30,400,000
Contribution to current accrual of benefits		£ 0
Total contributions paid by Group based on actuarial valuation		506,000
Percentage of increase in contributions	5.00%
Present value of outstanding contributions to pension arrangements		1,503,000
Less than 1 year
Pension arrangements
Present value of outstanding contributions to pension arrangements		502,000	£ 488,000	£ 474,000
Due after 1 year
Pension arrangements
Present value of outstanding contributions to pension arrangements		£ 1,001,000	£ 1,257,000	£ 1,503,000

Financial risk management - Hed

Financial risk management - Hedging activities (Details) $ in Thousands	Dec. 31, 2020USD ($)$ / £	Jun. 30, 2020USD ($)$ / £	Dec. 31, 2019USD ($)$ / £
Financial risk management activities
Closing exchange rate | $ / £	1.3655	1.2374	1.3200
US dollar
Financial risk management activities
Net debt	$ 647,566	$ 646,975	$ 591,108
Hedged future USD revenues	(63,720)	(177,524)	(199,137)
Unhedged USD borrowings	583,846	469,451	391,971
Borrowings | US dollar
Financial risk management activities
Net debt	650,000	650,000	650,000
Cash | US dollar
Financial risk management activities
Net debt	$ (2,434)	$ (3,025)	$ (58,892)

Financial risk management - Swa

Financial risk management - Swaps (Details) - Interest rate swap $ in Thousands	Dec. 31, 2020GBP (£)USD ($)	Jun. 30, 2020GBP (£)USD ($)	Dec. 31, 2019GBP (£)USD ($)
Financial risk management activities
Fair value of interest rate swaps, liability | £	£ 7,121,000	£ 9,136,000	£ 2,317,000
Long position
Financial risk management activities
Principal value of loan outstanding | $	150,000	150,000	150,000
Rate received	1 month $ LIBOR	1 month $ LIBOR	1 month $ LIBOR
Rate paid	2.032%	2.032%	2.032%

Contingent liabilities and co_3

Contingent liabilities and contingent assets (Details) - GBP (£)	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Transfer fees
Additional fees payable, first team squad	£ 72,212,000
Additional fees payable, other	13,748,000
Additional fees payable	85,960,000	£ 79,021,000	£ 60,211,000
Probable effect of contingent assets	1,314,000	£ 4,026,000	£ 4,046,000
MUFC appearances/team success/new contract
Transfer fees
Additional fees payable, first team squad	26,956,000
Additional fees payable, other	12,888,000
Additional fees payable	39,844,000
International appearances
Transfer fees
Additional fees payable, first team squad	11,606,000
Additional fees payable, other	47,000
Additional fees payable	11,653,000
Other
Transfer fees
Additional fees payable, first team squad	33,650,000
Additional fees payable, other	813,000
Additional fees payable	£ 34,463,000

Commitments - Capital commitmen

Commitments - Capital commitments (Details) - GBP (£)	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Property, plant and equipment
Capital commitments
Capital commitments	£ 242,000	£ 972,000	£ 4,523,000
Other intangible assets
Capital commitments
Capital commitments	£ 452,000	£ 405,000	£ 280,000

Events occurring after the re_2

Events occurring after the reporting period (Details)	Mar. 31, 2021GBP (£)	Jan. 07, 2021USD ($)$ / shares	Jan. 07, 2021GBP (£)	Dec. 31, 2020GBP (£)	Mar. 05, 2021GBP (£)	Dec. 31, 2020GBP (£)	Dec. 31, 2019GBP (£)
Events occurring after the reporting date
Dividends paid before financial statements authorised for issue but not recognised as distribution to owners		$ 14,665,000	£ 10,718,000
Dividends paid before financial statements authorised for issue but not recognised as distribution to owners per share | $ / shares		$ 0.09
Net book value of disposals of intangible assets						£ 13,519,000	£ 51,902,000
Additions or extensions of intangible assets						79,824,000	104,965,000
Minimum amount of consolidated profit or loss (EBITDA) to be maintained				£ 65,000,000
Period of time for financial maintenance covenant testing				12 months
Registrations
Events occurring after the reporting date
Net book value of disposals of intangible assets						13,519,000	51,902,000
Additions or extensions of intangible assets						£ 78,895,000	£ 103,489,000
Disposal of playing registrations | Registrations
Events occurring after the reporting date
Proceeds from disposal of registrations, net of associated costs					£ 1,113,000
Net book value of disposals of intangible assets					609,000
Acquisition or extension of playing registrations | Registrations
Events occurring after the reporting date
Additions or extensions of intangible assets					£ 24,007,000
Due term of payments					5 years
Changes in financial covenants
Events occurring after the reporting date
Reduced minimum amount of consolidated profit or loss (EBITDA) to be maintained	£ 25,000,000

Related party transactions (Det

Related party transactions (Details) - Trusts and other entities controlled by descendants of Malcolm Glazer	Dec. 31, 2020item
Related party transactions
Number of lineal descendants of Mr. Malcolm Glazer	6
Voting power on outstanding capital stock (as a percent)	97.19%
Class A ordinary shares
Related party transactions
Ownership interest on issued and outstanding ordinary shares (as a percent)	7.75%
Class B ordinary shares
Related party transactions
Ownership interest on issued and outstanding ordinary shares (as a percent)	100.00%

Subsidiaries (Details)

Subsidiaries (Details)	Dec. 31, 2020
Red Football Finance Limited
Subsidiaries
Percentage of ownership interest	100.00%
Red Football Holdings Limited
Subsidiaries
Percentage of ownership interest	100.00%
Red Football Shareholder Limited
Subsidiaries
Percentage of ownership interest	100.00%
Red Football Joint Venture Limited
Subsidiaries
Percentage of ownership interest	100.00%
Red Football Limited
Subsidiaries
Percentage of ownership interest	100.00%
Red Football Junior Limited
Subsidiaries
Percentage of ownership interest	100.00%
Manchester United Limited
Subsidiaries
Percentage of ownership interest	100.00%
Alderley Urban Investments Limited
Subsidiaries
Percentage of ownership interest	100.00%
Manchester United Football Club Limited
Subsidiaries
Percentage of ownership interest	100.00%
Manchester United Women's Football Club Limited
Subsidiaries
Percentage of ownership interest	100.00%
Manchester United Interactive Limited
Subsidiaries
Percentage of ownership interest	100.00%
MU 099 Limited
Subsidiaries
Percentage of ownership interest	100.00%
MU Commercial Holdings Limited
Subsidiaries
Percentage of ownership interest	100.00%
MU Commercial Holdings Junior Limited
Subsidiaries
Percentage of ownership interest	100.00%
MU Finance Limited
Subsidiaries
Percentage of ownership interest	100.00%
MU RAML Limited
Subsidiaries
Percentage of ownership interest	100.00%
MUTV Limited
Subsidiaries
Percentage of ownership interest	100.00%
RAML USA LLC
Subsidiaries
Percentage of ownership interest	100.00%