Manchester United (MANU) 6-K 13 Mar 24 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Dec. 31, 2023
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, 2023
Current Fiscal Year End Date	--06-30
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Interim consolidated statement

Interim consolidated statement of profit or loss - unaudited - GBP (£) £ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Interim consolidated statement of profit or loss - unaudited
Revenue from contracts with customers		£ 225,756	£ 167,368	£ 382,852	£ 311,022
Operating expenses		(198,661)	(167,640)	(383,423)	(331,284)
Profit/(loss) on disposal of intangible assets		399	(2,588)	29,880	14,020
Operating profit/(loss)		27,494	(2,860)	29,309	(6,242)
Finance costs		(16,593)	(26,277)	(37,842)	(21,956)
Finance income	[1]	16,318	38,392	2,948	3,083
Net finance (costs)/income		(275)	12,115	(34,894)	(18,873)
Profit/(loss) before income tax		27,219	9,255	(5,585)	(25,115)
Income tax (expense)/credit		(6,845)	(2,949)	202	4,905
Profit/(loss) for the period		£ 20,374	£ 6,306	£ (5,383)	£ (20,210)
Earnings/(loss) per share during the period:
Basic earnings/(loss) per share		£ 0.1249	£ 0.0387	£ (0.0330)	£ (0.1239)
Diluted earnings/(loss) per share	[2]	£ 0.1244	£ 0.0385	£ (0.0330)	£ (0.1239)
[1]Each element of finance income is split based on its position in both the three months ended 31 December 2023 and the six months ended 31 December 2023. In the current year, exchange rate fluctuations have resulted in income for the three months ended 31 December 2023 that is greater than the total net position across the six months ended 31 December 2023.[2]For the six months ended 31 December 2023 and 31 December 2022, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

Interim consolidated statemen_2

Interim consolidated statement of comprehensive income/(loss) - unaudited - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Interim consolidated statement of comprehensive income/(loss) - unaudited
Profit/(loss) for the period	£ 20,374	£ 6,306	£ (5,383)	£ (20,210)
Items that may be reclassified to profit or loss
Movement on hedges	3,897	2,106	(5,369)	1,718
Income tax (expense)/credit relating to movements on hedges	(975)	(516)	1,342	(419)
Other comprehensive income/(loss) for the period, net of income tax	2,922	1,590	(4,027)	1,299
Total comprehensive income/(loss) for the period	£ 23,296	£ 7,896	£ (9,410)	£ (18,911)

Interim consolidated balance sh

Interim consolidated balance sheet - unaudited - GBP (£) £ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Non-current assets
Property, plant and equipment	£ 255,246	£ 253,282	£ 243,434
Right-of-use assets	8,199	8,760	3,353
Investment properties	19,853	19,993	20,133
Intangible assets	922,527	812,382	871,529
Trade receivables	24,498	22,303	21,224
Derivative financial instruments	200	7,492	22,189
Total non-current assets	1,230,523	1,124,212	1,181,862
Current assets
Inventories	4,024	3,165	3,272
Prepayments	26,945	16,487	26,087
Contract assets - accrued revenue	61,819	43,332	53,505
Trade receivables	81,388	31,167	116,409
Other receivables	2,065	9,928	2,426
Income tax receivable		5,317	4,479
Derivative financial instruments	2,439	8,317	7,876
Cash and cash equivalents	62,809	76,019	31,045
Total current assets	241,489	193,732	245,099
Total assets	1,472,012	1,317,944	1,426,961
Equity
Share capital	53	53	53
Share premium	68,822	68,822	68,822
Treasury shares	(21,305)	(21,305)	(21,305)
Merger reserve	249,030	249,030	249,030
Hedging reserve	(25)	4,002	2,249
Retained deficit	(200,558)	(196,652)	(189,097)
Total equity	96,017	103,950	109,752
Non-current liabilities
Deferred tax liabilities	924	3,304	2,413
Contract liabilities - deferred revenue	8,059	6,659	7,274
Trade and other payables	189,891	161,141	160,495
Borrowings	506,509	507,335	535,654
Lease liabilities	7,704	7,844	2,475
Derivative financial instruments	1,482	748	519
Provisions		93	89
Total non-current liabilities	714,569	687,124	708,919
Current liabilities
Contract liabilities - deferred revenue	149,643	169,624	160,554
Trade and other payables	231,701	236,472	227,772
Income tax liabilities	775
Borrowings	266,792	105,961	206,246
Lease liabilities	861	1,036	804
Derivative financial instruments	591	931
Provisions	11,063	12,846	12,914
Total current liabilities	661,426	526,870	608,290
Total equity and liabilities	£ 1,472,012	£ 1,317,944	£ 1,426,961

Interim consolidated statemen_3

Interim consolidated statement of changes in equity - unaudited - 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, 2022	£ 53	£ 68,822	£ (21,305)	£ 249,030	£ 950	£ (170,042)	£ 127,508
Loss for the period						(20,210)	(20,210)
Cash flow hedges					1,718		1,718
Tax (expense)/credit relating to movements on hedges					(419)		(419)
Total comprehensive income/(loss) for the period					1,299	(20,210)	(18,911)
Equity-settled share-based payments						1,155	1,155
Balance at end of the period at Dec. 31, 2022	53	68,822	(21,305)	249,030	2,249	(189,097)	109,752
Loss for the period						(8,468)	(8,468)
Cash flow hedges					2,352		2,352
Tax (expense)/credit relating to movements on hedges					(599)		(599)
Total comprehensive income/(loss) for the period					1,753	(8,468)	(6,715)
Equity-settled share-based payments						598	598
Deferred tax credit relating to share-based payments						315	315
Balance at end of the period at Jun. 30, 2023	53	68,822	(21,305)	249,030	4,002	(196,652)	103,950
Loss for the period						(5,383)	(5,383)
Cash flow hedges					(5,369)		(5,369)
Tax (expense)/credit relating to movements on hedges					1,342		1,342
Total comprehensive income/(loss) for the period					(4,027)	(5,383)	(9,410)
Equity-settled share-based payments						1,477	1,477
Balance at end of the period at Dec. 31, 2023	£ 53	£ 68,822	£ (21,305)	£ 249,030	£ (25)	£ (200,558)	£ 96,017

Interim consolidated statemen_4

Interim consolidated statement of cash flows - unaudited - GBP (£) £ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Cash flow from operating activities
Cash used in operations		£ (38,012)	£ (56,633)	£ (12,141)	£ (53,014)
Interest paid		(8,182)	(4,595)	(18,756)	(14,223)
Interest received		223	59	572	77
Tax (paid)/refunded		(561)	(340)	5,256	(392)
Net cash outflow from operating activities		(46,532)	(61,509)	(25,069)	(67,552)
Cash flow from investing activities
Payments for property, plant and equipment		(2,811)	(2,706)	(11,840)	(7,099)
Payments for intangible assets	[1]	(35,729)	(29,868)	(167,942)	(129,892)
Proceeds from sale of intangible assets	[1]	7,913	2,071	33,582	13,733
Net cash outflow from investing activities		(30,627)	(30,503)	(146,200)	(123,258)
Cash flow from financing activities
Proceeds from borrowings		60,000	100,000	160,000	100,000
Principal elements of lease payments		(300)	(571)	(500)	(1,449)
Net cash inflow from financing activities		59,700	99,429	159,500	98,551
Effect of exchange rate changes on cash and cash equivalents		(561)	(649)	(1,441)	2,081
Net (decrease)/increase in cash and cash equivalents		(18,020)	6,768	(13,210)	(90,178)
Cash and cash equivalents at beginning of period		80,829	24,277	76,019	121,223
Cash and cash equivalents at end of period		£ 62,809	£ 31,045	£ 62,809	£ 31,045
[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 17. Trade payables in relation to the acquisition of registrations at the reporting date are provided in Note 25. Trade receivables in relation to the disposal of registrations at the reporting date are provided in Note 20.

General information

General information	6 Months Ended
	Dec. 31, 2023
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 13 March 2024.

Basis of preparation

Basis of preparation	6 Months Ended
	Dec. 31, 2023
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 2023, as filed with the Securities and Exchange Commission on 27 October 2023, 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. Going concern The Group has cash resources as of 31 December 2023 of £62.8 million, with all funds held as cash and cash equivalents and therefore available on demand. As of 31 December 2023, the Group also has access to undrawn revolving facilities of £40 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 of 31 December 2023, the Group also has £260 million of outstanding loans under our revolving facilities. The Group’s secured notes and term loan mature in 2027 and 2029 respectively. Of the Group’s total available revolving facilities of £300 million, £150 million expires in 2025 and £150m expires in 2027. As of 31 December 2023, the Group was in compliance with all debt covenants. Subsequent to the period end, the Group received a cash injection of $200 million related to the minority investment by Sir Jim Ratcliffe. A further $100 million is to be received by 31 December 2024. As a result of a detailed assessment, including prudent assumptions around the men’s first team’s performance, 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 continues to adopt the going concern basis for preparing the unaudited interim consolidated financial statements.

Accounting policies

Accounting policies	6 Months Ended
	Dec. 31, 2023
Summary of significant accounting policies
Accounting policies	3 The accounting policies adopted are consistent with those of the consolidated financial statements for the year ended 30 June 2023, 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 The following amendment to standards has been adopted by the Group for the first time for the year ended 30 June 2024: ● Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 1) The adoption of this amendment has not had a material effect on the Group’s financial statements. 3 Accounting policies (continued) New and amended standards and interpretations issued but not yet adopted The following amendment to IFRS that has been issued by the IASB will become effective in a subsequent accounting period: ● Classification of Liabilities as Current or Non-current (Amendments to IAS 1) This change is not expected to have a material effect on the Group’s financial statements.

Critical estimates and judgment

Critical estimates and judgments	6 Months Ended
	Dec. 31, 2023
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 fair value of registrations – see Note 17 ● Recognition of deferred tax assets – see Note 18 ● Recognition of tax related provisions - see Note 27 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 key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ended 30 June 2023.

Seasonality of revenue

Seasonality of revenue	6 Months Ended
	Dec. 31, 2023
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. This is particularly evident in the 2022/23 season, in which the Premier League Season paused for six weeks in November 2022 for the FIFA World Cup to take place. 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. i) Commercial 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. 5 Seasonality of revenue (continued) Significant estimates A number of sponsorship contracts contain significant estimates in relation to the allocation and 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). On 21 July 2023, the Group signed a 10-year extension to its agreement with adidas which began on 1 August 2015 and now terminates on 30 June 2035. The minimum guarantee payable over the term of this extended agreement is £750 million per the original term and an additional £900 million due under the extension, resulting in a total of £1,650 million, subject to certain adjustments. Payments due in a particular year may increase if the club’s men’s or women’s first teams win the Premier League or Women’s Super League respectively, FA Cup or continental competitions with the maximum possible increase being £4.4 million per annum. Payments may decrease if the men’s first team fails to participate in the UEFA Champions League. Under the original term, if the men’s first team did not participate in the UEFA Champions League for two or more consecutive seasons, a deduction of 30% was made in the second or other consecutive year of non-participation. As a result of the men’s first team qualifying for the 2023/24 Champions League, no deductions are due under the original term and there is no critical accounting estimate in relation to the original term. Under the extended term, this clause has been amended to state that a £10 million deduction will be applied for each year of non-participation in the UEFA Champions League, commencing from the 2025/26 season and a critical accounting estimate exists in estimating the value of any such deductions over the life of the contract. The total revenue of this contract including the estimated deduction in respect of the Champions League clause is recognized evenly over the life of contract and the impact of changing the estimated deduction by one year on revenue recognized in any one financial year is £0.8 million. 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 and to the extent that it is deemed highly probably that no revenue recognized will be reversed). 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.

Revenue from contracts with cus

Revenue from contracts with customers	6 Months Ended
	Dec. 31, 2023
Revenue from contracts with customers
Revenue from contracts with customers	6 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 ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ £’000 £’000 £’000 £’000 Sponsorship ​ 39,156 ​ 50,423 ​ 95,322 ​ 108,234 Retail, merchandising, apparel & product licensing ​ 32,606 ​ 28,266 ​ 66,821 ​ 57,843 Commercial 71,762 ​ 78,689 162,143 166,077 Domestic competitions ​ 59,734 ​ 44,399 ​ 89,678 ​ 72,026 European competitions ​ 45,177 ​ 12,895 ​ 52,692 ​ 18,582 Other ​ 1,529 ​ 1,495 ​ 3,417 ​ 3,184 Broadcasting 106,440 ​ 58,789 145,787 93,792 Matchday 47,554 ​ 29,890 74,922 51,153 ​ 225,756 ​ 167,368 382,852 311,022 ​ 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 2022 ​ 36,239 Recognized in revenue during the period ​ 64,230 Cash received/amounts invoiced during the period ​ (46,964) At 31 December 2022 53,505 Recognized in revenue during the period 38,818 Cash received/amounts invoiced during the period (48,991) At 30 June 2023 43,332 Recognized in revenue during the period 105,882 Cash received/amounts invoiced during the period ​ (87,395) At 31 December 2023 61,819 ​ 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. 6 6.2 Assets and liabilities related to contracts with customers (continued) 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 2022 ​ (165,847) ​ (16,697) ​ (182,544) Recognized in revenue during the period ​ 132,606 ​ — ​ 132,606 Cash received/amounts invoiced during the period ​ (117,890) ​ — ​ (117,890) Reclassified to current during the period ​ (9,423) ​ 9,423 ​ — At 31 December 2022 (160,554) (7,274) (167,828) Recognized in revenue during the period 141,292 — 141,292 Cash received/amounts invoiced during the period (149,747) — (149,747) Reclassified to current during the period (615) 615 — At 30 June 2023 (169,624) (6,659) (176,283) Recognized in revenue during the period 134,384 — 134,384 Cash received/amounts invoiced during the period (115,803) — (115,803) Reclassified to current during the period 1,400 (1,400) — At 31 December 2023 (149,643) ​ (8,059) (157,702) ​ 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 year and, where applicable, future financial years.

Operating expenses

Operating expenses	6 Months Ended
	Dec. 31, 2023
Operating expenses
Operating expenses	7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ £’000 £’000 £’000 £’000 Employee benefit expenses (95,090) ​ (77,310) (185,382) (159,566) Depreciation – property, plant and equipment (Note 14) (3,755) ​ (2,953) (7,476) (5,927) Depreciation – right-of-use assets (Note 15) ​ (328) ​ (586) ​ (639) ​ (1,020) Depreciation – investment property (Note 16) (70) ​ (70) (140) (140) Amortization (Note 17) (50,495) ​ (44,971) (97,340) (85,110) Sponsorship, other commercial and broadcasting costs ​ (6,186) ​ (4,353) ​ (19,138) ​ (15,065) External Matchday costs ​ (11,282) ​ (7,703) ​ (18,843) ​ (13,659) Property costs ​ (4,263) ​ (5,090) ​ (7,839) ​ (9,518) Other operating expenses (17,597) ​ (24,604) (37,031) (41,279) Exceptional items (Note 8) (9,595) ​ — (9,595) — ​ (198,661) ​ (167,640) (383,423) (331,284) ​

Exceptional items

Exceptional items	6 Months Ended
	Dec. 31, 2023
Exceptional items
Exceptional items	8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Costs related to strategic review and share sale agreement with Sir Jim Ratcliffe ​ (4,066) ​ — ​ (4,066) ​ — Compensation for loss of office (5,529) — (5,529) — ​ (9,595) — (9,595) — ​ Exceptional items for the three and six months ended 31 December 2023 were £9.6 million. On 22 November 2022, Manchester United plc announced intentions to explore strategic alternatives for the club and on 24 December 2023 it was announced that an agreement had been reached with Sir Jim Ratcliffe for the sale of 25% of Manchester United plc’s Class B shares and up to 25% of Manchester United plc’s Class A shares. Exceptional items for the three and six months ended 31 December comprise costs related to this transaction and compensation for loss of office charges for changes in management as a result of this transaction.

Profit_(loss) on disposal of in

Profit/(loss) on disposal of intangible assets	6 Months Ended
	Dec. 31, 2023
Profit/(loss) on disposal of intangible assets
Profit/(loss) on disposal of intangible assets	9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Profit/(loss) on disposal of registrations 399 ​ (2,588) 29,880 14,020 ​ 399 ​ (2,588) 29,880 14,020 ​

Net finance (costs)_income

Net finance (costs)/income	6 Months Ended
	Dec. 31, 2023
Net finance (costs)/income
Net finance (costs)/income	10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Interest payable on bank loans and overdrafts (65) ​ (393) (313) (1,206) Interest payable on secured term loan facility, senior secured notes and revolving facilities (10,407) ​ (7,552) (18,798) (13,762) Interest payable on lease liabilities (Note 15) ​ (72) ​ (41) ​ (348) ​ (64) Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities (570) ​ (188) (753) (365) Foreign exchange losses on retranslation of unhedged US dollar borrowings (1) ​ — ​ — ​ (421) ​ (2,703) Unwinding of discount relating to registrations (4,471) ​ (2,305) (7,951) (3,477) Interest on provisions ​ (62) ​ (78) ​ (149) ​ (138) Hedge ineffectiveness on cash flow hedges ​ — ​ — ​ — ​ (241) Fair value movement on derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives (946) ​ (15,720) (9,109) — Total finance costs (16,593) ​ (26,277) (37,842) (21,956) Interest receivable on short-term bank deposits 223 ​ 61 572 191 Foreign exchange gains on retranslation of unhedged US dollar borrowings (2) ​ 13,332 ​ 37,737 ​ — ​ — Reclassified from hedging reserve ​ — ​ — ​ — ​ — Hedge ineffectiveness on cash flow hedges ​ 2,763 ​ 594 ​ 2,376 ​ — Fair value movement on derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives ​ — ​ — ​ — ​ 2,892 Total finance income (3) ​ 16,318 ​ 38,392 ​ 2,948 ​ 3,083 Net finance (costs)/income (275) ​ 12,115 (34,894) (18,873) (1) (2) 10 ​ (3)

Income tax (expense)_credit

Income tax (expense)/credit	6 Months Ended
	Dec. 31, 2023
Income tax (expense)/credit
Income tax (expense)/credit	11 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Current tax ​ Current tax on loss/profit for the period (89) ​ (67) (160) (136) Foreign tax (562) ​ (341) (676) (367) Total current tax expense (651) ​ (408) (836) (503) Deferred tax ​ ​ ​ ​ ​ Origination and reversal of temporary differences (6,194) ​ (2,541) 1,038 5,408 Total deferred tax credit (6,194) ​ (2,541) 1,038 5,408 Total income (expense)/credit (6,845) ​ (2,949) 202 4,905 ​ 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 2024 is 15.72%% (30 June 2023: 20.99%). The current year estimated weighted average annual tax rate is less than the UK corporation tax rate for the year of 25%. This is primarily due to costs incurred in relation to the strategic review undertaken by the Group and Group recharges made to Manchester United plc which are not tax deductible. The prior year estimated weighted average annual tax rate of 20.99% was largely driven by recharges made to Manchester United plc. 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 ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Deferred tax (Note 18) (975) ​ (517) 1,342 (419) Total income tax expense recognized in other comprehensive income (975) ​ (517) 1,342 (419) ​

Earnings_(loss) per share

Earnings/(loss) per share	6 Months Ended
	Dec. 31, 2023
Earnings/(loss) per share
Earnings/(loss) per share	12 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 ​ 2022 2023 2022 Profit/(loss) for the period (£’000) 20,374 ​ 6,306 (5,383) (20,210) Basic earnings/(loss) per share (pence) 12.49 ​ 3.87 (3.30) (12.39) Diluted earnings/(loss) per share (pence) (1) ​ 12.44 ​ 3.85 ​ (3.30) ​ (12.39) ​ (i) Basic earnings/(loss) per share Basic earnings/(loss) per share is calculated by dividing the profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. 12 ​ (ii) Diluted earnings/(loss) per share Diluted earnings/(loss) 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) Weighted average number of shares used as the denominator ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ Number ​ Number ​ Number ​ Number ​ ‘000 ‘000 ‘000 ‘000 Class A ordinary shares 52,110 ​ 52,013 52,110 52,013 Class B ordinary shares 112,732 ​ 112,732 112,732 112,732 Treasury shares (1,683) ​ (1,683) (1,683) (1,683) Weighted average number of ordinary shares used as the denominator in calculating basic loss per share ​ 163,159 ​ 163,062 ​ 163,159 ​ 163,062 Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares (1) ​ 564 ​ 543 ​ 564 ​ — Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (1) ​ 163,723 ​ 163,605 ​ 163,723 ​ 163,062 (1)

Dividends

Dividends	6 Months Ended
	Dec. 31, 2023
Dividends
Dividends	13 No dividends were paid in the six months ended 31 December 2023 (six months ended 31 December 2022: nil ).

Property, plant and equipment

Property, plant and equipment	6 Months Ended
	Dec. 31, 2023
Property, plant and equipment
Property, plant and equipment	14 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Freehold Plant and Fixtures ​ ​ ​ property ​ machinery ​ and fittings ​ Total ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 At 1 July 2023 ​ ​ ​ ​ ​ ​ ​ Cost 287,413 ​ 46,706 ​ 75,873 ​ 409,992 Accumulated depreciation (66,677) ​ (35,094) ​ (54,939) ​ (156,710) Net book amount 220,736 ​ 11,612 ​ 20,934 ​ 253,282 Six months ended 31 December 2023 ​ ​ ​ ​ ​ ​ ​ Opening net book amount 220,736 ​ 11,612 ​ 20,934 ​ 253,282 Additions 2,783 1,872 4,785 9,440 Depreciation charge (1,743) (2,455) (3,278) (7,476) Closing net book amount 221,776 11,029 22,441 255,246 At 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 290,196 ​ 48,578 ​ 80,658 ​ 419,432 Accumulated depreciation ​ (68,420) ​ (37,549) ​ (58,217) ​ (164,186) Net book amount ​ 221,776 ​ 11,029 ​ 22,441 ​ 255,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 July 2022 ​ ​ ​ ​ Cost 281,377 39,562 75,394 396,333 Accumulated depreciation (63,261) (34,293) (56,118) (153,672) Net book amount 218,116 5,269 19,276 242,661 Six months ended 31 December 2022 ​ ​ ​ ​ Opening net book amount 218,116 5,269 19,276 242,661 Additions 1,884 1,167 3,649 6,700 Depreciation charge (1,703) (1,330) (2,894) (5,927) Closing net book amount 218,297 5,106 20,031 243,434 At 31 December 2022 ​ ​ ​ ​ Cost 283,261 40,729 79,043 403,033 Accumulated depreciation (64,964) (35,623) (59,012) (159,599) Net book amount 218,297 5,106 20,031 243,434 ​

Leases

Leases	6 Months Ended
	Dec. 31, 2023
Leases
Leases	15 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 ​ ​ 2023 ​ 2023 ​ 2022 ​ ​ £’000 ​ £’000 ​ £’000 Property 7,683 8,114 2,925 Plant and machinery 516 646 428 Total 8,199 8,760 3,353 ​ Additions to right-of-use assets for the six months ended 31 December 2023 amounted to £113,000 (2022: £301,000) and for the year ended 30 June 2023 amounted to £6,384,000. 15 Leases (continued) (i) Amounts recognized in the consolidated balance sheet (continued) Lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 30 June 31 December ​ ​ 2023 ​ 2023 ​ 2022 ​ ​ £’000 ​ £’000 ​ £’000 Current 861 1,036 804 Non-current 7,704 7,844 2,475 Total lease liabilities 8,565 8,880 3,279 ​ The following table provides an analysis of the movements in lease liabilities: ​ ​ ​ ​ ​ £’000 At 1 July 2022 4,430 Cash flows (1,515) Additions ​ 300 Accretion expense 64 At 31 December 2022 3,279 Cash flows (627) Additions 6,084 Accretion expense 144 At 30 June 2023 8,880 Cash flows (806) Additions 143 Accretion expense 348 At 31 December 2023 8,565 ​ (ii) Amounts recognized in the consolidated statement of profit or loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Depreciation charge of right-of-use assets ​ ​ ​ ​ Property (215) ​ (361) ​ (431) (730) Plant and machinery (113) ​ (225) ​ (208) (290) ​ (328) ​ (586) ​ (639) (1,020) Interest expense (included in finance costs) (72) ​ (41) ​ (348) (64) Expense relating to short-term leases (included in operating expenses) (62) ​ (99) ​ (134) (194) ​ (iii) The group’s leasing activities and how these are accounted for The Group leases various offices and equipment. All leases with a term of more than 12 months, unless the underlying asset is of low value, are recognized as a right-of-use asset, with a corresponding lease liability, at the date at which the leased asset is available for use by the Group. ​ The lease agreements do not impose any covenants other than the security interests in the right-of-use assets that are held by the lessor. Right-of-use assets may not be used as security for borrowing purposes. 15 Leases (continued) ​ (iii) The group’s leasing activities and how these are accounted for (continued) ​ Lease liabilities are initially measured on a present value basis. Lease liabilities include the net present value of lease payments, less any lease incentives receivable. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, which is generally the case for leases of the Group, the Group’s incremental borrowing rate is used, being the rate that the Group would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment with similar terms, security and conditions. Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Right-of-use assets are initially measured at cost comprising the following: ● the amount of the initial measurement of the lease liability; ● any lease payments made at or before the commencement date less any lease incentives received; ● any initial direct costs; and ● restoration costs. Right-of-use assets are depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Payments associated with short-term leases of property, plant and equipment and all leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.

Investment property

Investment property	6 Months Ended
	Dec. 31, 2023
Investment property
Investment property	16 ​ ​ ​ ​ ​ ​ Total ​ £’000 At 1 July 2023 ​ Cost 32,193 Accumulated depreciation and impairment (12,200) Net book amount 19,993 Six months ended 31 December 2023 ​ Opening net book amount 19,993 Depreciation charge (140) Closing net book amount 19,853 At 31 December 2023 ​ ​ Cost ​ 32,193 Accumulated depreciation and impairment ​ (12,340) Net book amount ​ 19,853 ​ ​ ​ At 1 July 2022 ​ Cost 32,193 Accumulated depreciation and impairment (11,920) Net book amount 20,273 Six months ended 31 December 2022 ​ Opening net book amount 20,273 Depreciation charge (140) Closing net book amount 20,133 At 31 December 2022 ​ Cost 32,193 Accumulated depreciation and impairment (12,060) Net book amount 20,133 ​ Investment properties were externally valued as of 30 June 2023 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 2023 was £32,970,000. Management has considered the carrying amount of investment property as of 31 December 2023 and concluded that, as there are no indicators of impairment, an impairment test is not required. Fair value of investment properties 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, 2023
Intangible assets.
Intangible assets	17 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ intangible ​ ​ ​ Goodwill Registrations assets Total ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 At 1 July 2023 Cost 421,453 924,829 22,164 1,368,446 Accumulated amortization — (539,944) (16,120) (556,064) Net book amount 421,453 384,885 6,044 812,382 Six months ended 31 December 2023 ​ ​ ​ ​ Opening net book amount 421,453 384,885 6,044 812,382 Additions — 215,086 2,350 217,436 Disposals — (9,951) — (9,951) Amortization charge — (95,863) (1,477) (97,340) Closing net book amount 421,453 494,157 6,917 922,527 At 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 421,453 ​ 1,026,551 ​ 24,514 ​ 1,472,518 Accumulated amortization ​ — ​ (532,394) ​ (17,597) ​ (549,991) Net book amount ​ 421,453 ​ 494,157 ​ 6,917 ​ 922,527 ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 July 2022 ​ ​ ​ ​ Cost 421,453 779,196 18,817 1,219,466 Accumulated amortization — (462,985) (13,203) (476,188) Net book amount 421,453 316,211 5,614 743,278 Six months ended 31 December 2022 ​ ​ ​ ​ Opening net book amount 421,453 316,211 5,614 743,278 Additions — 221,472 699 222,171 Disposals — (8,810) — (8,810) Amortization charge — (83,736) (1,374) (85,110) Closing net book amount 421,453 445,137 4,939 871,529 At 31 December 2022 ​ ​ ​ ​ Cost 421,453 968,617 19,516 1,409,586 Accumulated amortization — (523,480) (14,577) (538,057) Net book amount 421,453 445,137 4,939 871,529 ​ 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 2023 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. 17 Intangible assets (continued) 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 2023 is disclosed in Note 31.1. 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 2023 was £2,103,000 and £ 2,103,000 respectively (31 December 2022: £2,103,000 and £ 2,101,000 respectively).

Deferred tax

Deferred tax	6 Months Ended
	Dec. 31, 2023
Deferred tax
Deferred tax	18 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 ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Net deferred tax liability (924) (3,304) (2,413) ​ The movements in the net deferred tax liability are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 ​ 2022 ​ ​ £’000 ​ £’000 £’000 At the beginning of the period (3,304) (7,402) (7,402) Credited to the statement of profit or loss (Note 11) 1,038 4,801 5,408 Credited/(expensed) to other comprehensive income (Note 11) 1,342 (1,018) (419) Credit relating to share-based payments ​ — ​ 315 ​ — At the end of the period (924) (3,304) (2,413) ​ Group profits are subject to both UK and US corporate tax. The current US federal corporate income tax rate is 21% compared to the substantively enacted UK corporation tax rate of 25%. As the UK corporation tax rate is higher than the US federal corporate income tax rate, it is forecast that all future US cash tax will be sheltered by foreign tax credits derived from UK tax paid. A potential US deferred tax asset at the period end has therefore not been recognised as it is not forecast to give rise to a future economic benefit. Future increases in the US federal corporate income tax rate could result in the recognition of the US deferred tax asset. 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, advice on their interpretation and potential future business planning. 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.

Inventories

Inventories	6 Months Ended
	Dec. 31, 2023
Inventories
Inventories	19 ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 30 June ​ 31 December ​ ​ 2023 ​ 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Finished goods 4,024 3,165 3,272 ​ The cost of inventories recognized as an expense and included in operating expenses for the six months ended 31 December 2023 amounted to £8,614,000 (year ended 30 June 2023: £12,307,000; six months ended 31 December 2022: £7,042,000).

Trade receivables

Trade receivables	6 Months Ended
	Dec. 31, 2023
Trade receivables.
Trade receivables	20 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Trade receivables 124,019 69,729 150,863 Less: provision for impairment of trade receivables (18,133) (16,259) (13,230) Net trade receivables 105,886 53,470 137,633 Less: non-current portion ​ ​ ​ Trade receivables 24,498 22,303 21,224 Current trade receivables 81,388 31,167 116,409 ​ Net trade receivables include transfer fees receivable from other football clubs of £52,220,000 (30 June 2023: £42,309,000; 31 December 2022: £55,311,000) of which £24,498,000 (30 June 2023: £22,303,000; 31 December 2022: £21,224,000) is receivable after more than one year. Net trade receivables also include £24,591,000 (30 June 2023: £13,207,000; 31 December 2022: £35,087,000) 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. Gross contractual trade receivables pre discounting as at 31 December 2023 were £108,900,000 (30 June 2023: £54,393,000; 31 December 2022: £139,199,000).

Derivative financial instrument

Derivative financial instruments	6 Months Ended
	Dec. 31, 2023
Derivative financial instruments.
Derivative financial instruments	21 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 2023 ​ 30 June 2023 ​ 31 December 2022 ​ ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ £’000 £’000 £’000 £’000 £’000 £’000 Used for hedging: ​ ​ ​ ​ ​ ​ Interest rate swaps 2,211 — 4,173 — 4,901 — Forward foreign exchange contracts ​ 321 ​ (2,072) ​ 378 ​ (1,615) ​ — ​ — At fair value through profit or loss: ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives 107 (1) 11,258 (64) 22,561 — Forward foreign exchange contracts — — — — 2,603 (519) ​ 2,639 (2,073) 15,809 (1,679) 30,065 (519) Less non-current portion: ​ ​ ​ ​ ​ ​ Used for hedging: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps — ​ — — — 4,901 — Forward foreign exchange contracts ​ 159 ​ (1,482) ​ 378 ​ (748) ​ — ​ — At fair value through profit or loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives 41 ​ — 7,114 — 15,938 — Forward foreign exchange contracts — ​ — — — 1,350 (519) Non-current derivative financial instruments 200 ​ (1,482) 7,492 (748) 22,189 (519) Current derivative financial instruments 2,439 ​ (591) 8,317 (931) 7,876 — ​ 21 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, 2023
Cash and cash equivalents
Cash and cash equivalents	22 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Cash at bank and in hand 62,809 76,019 31,045 ​ 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, 2023
Share capital.
Share capital	23 ​ ​ ​ ​ ​ ​ ​ Number of shares Ordinary shares ​ ​ (thousands) ​ £’000 At 1 July 2022 164,745 53 Employee share-based compensation awards – issue of shares — — At 31 December 2022 164,745 53 Employee share-based compensation awards – issue of shares 97 — At 30 June 2023 164,842 53 Employee share-based compensation awards – issue of shares — — At 31 December 2023 164,842 53 ​ The Company has two classes of ordinary shares outstanding: Class A ordinary shares and Class B ordinary shares, each with a par value of $0.0005 per share two-thirds As of 31 December 2023, the Company’s issued share capital comprised 54,537,360 Class A ordinary shares and 110,207,613 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 24.

Treasury shares

Treasury shares	6 Months Ended
	Dec. 31, 2023
Treasury shares.
Treasury shares	24 Treasury shares ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ shares ​ ​ ​ (thousands) £’000 At 1 July 2022, 31 December 2022, 30 June 2023 and 31 December 2023 1,683 21,305 ​

Trade and other payables

Trade and other payables	6 Months Ended
	Dec. 31, 2023
Trade and other payables
Trade and other payables	25 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Trade payables 348,707 302,708 290,239 Other payables 10,274 12,039 13,420 Accrued expenses 49,139 62,271 66,079 Social security and other taxes 13,472 20,595 18,529 ​ 421,592 397,613 388,267 Less: non-current portion ​ ​ ​ ​ ​ Trade payables 189,693 ​ 160,649 ​ 159,719 Other payables 198 ​ 492 ​ 776 Non-current trade and other payables 189,891 ​ 161,141 ​ 160,495 Current trade and other payables 231,701 ​ 236,472 ​ 227,772 ​ Trade payables include transfer fees and other associated costs in relation to the acquisition of players’ registrations of £338,978,000 (30 June 2023: £276,626,000; 31 December 2022: £280,730,000) of which £189,693,000 (30 June 2023: £160,649,000; 31 December 2022: £159,719,000) is due after more than one year. Of the amount due after more than one year, £108,752,000 (30 June 2023: £80,256,000; 31 December 2022: £79,385,000) is expected to be paid between 1 and 2 years, £80,941,000 (30 June 2023: £80,393,000; 31 December 2022: £79,855,000) is expected to be paid between 2 and 5 years, and the balance of £nil (30 June 2023: £nil; 31 December 2022: £479,000) is expected to be paid after 5 years. Gross contractual trade payables pre discounting as at 31 December 2023 were £378,560,000 (30 June 2023: £317,809,000; 31 December 2022: £307,913,000). The gross contractual value of other payables is not materially different to their carrying amount.

Borrowings

Borrowings	6 Months Ended
	Dec. 31, 2023
Borrowings
Borrowings	26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Senior secured notes 331,572 332,112 350,626 Secured term loan facility 174,937 175,223 185,028 Revolving credit facilities 260,000 100,000 200,000 Accrued interest on senior secured notes and revolving credit facilities 6,792 5,961 6,246 ​ 773,301 613,296 741,900 Less: non-current portion ​ ​ ​ Senior secured notes 331,572 332,112 350,626 Secured term loan facility 174,937 175,223 185,028 Non-current borrowings 506,509 507,335 535,654 Current borrowings 266,792 105,961 206,246 ​ The senior secured notes of £331,572,000 (30 June 2023: £332,112,000; 31 December 2022: £350,626,000) is stated net of unamortized issue costs amounting to £1,866,000 (30 June 2023: £2,113,000; 31 December 2022: £2,354,000). The outstanding principal amount of the senior secured notes is $425,000,000 (30 June 2023: $425,000,000; 31 December 2022: $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. 26 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 £174,937,000 (30 June 2023: £175,223,000; 31 December 2022: £185,028,000) is stated net of unamortized issue costs amounting to £1,589,000 (30 June 2023: £1,720,000; 31 December 2022: £1,850,000). The outstanding principal amount of the secured term loan facility is $225,000,000 (30 June 2023: $225,000,000; 31 December 2022: $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 £260,000,000 (30 June 2023: £100,000,000; 31 December 2022: £200,000,000) in outstanding loans and £40,000,000 (30 June 2023: £200,000,000; 31 December 2022: £100,000,000) in borrowing capacity under our revolving facilities. £150,000,000 of the facilities terminate on 4 April 2025 and the remainder terminates on 25 June 2027. 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 2023 and 2022 reporting period.

Provisions

Provisions	6 Months Ended
	Dec. 31, 2023
Provisions
Provisions	27 ​ ​ ​ ​ ​ ​ ​ ​ ​ Other (1) Tax (2) Total ​ £’000 £’000 £’000 At 1 July 2022 1,143 11,501 12,644 Charged/(credited) to profit or loss: ​ ​ ​ Reassessment of provisions ​ 97 ​ (29) ​ 68 Additional provisions recognized — 291 291 At 31 December 2022 1,240 11,763 13,003 (Credited)/charged to profit or loss: ​ ​ ​ Reassessment of provisions (364) 293 (71) Additional provisions recognized — 7 7 At 30 June 2023 876 12,063 12,939 Charged/(credited) to profit or loss: ​ ​ ​ Reassessment of provisions 79 (1,955) (1,876) At 31 December 2023 955 10,108 11,063 Less: non-current portion ​ ​ ​ ​ ​ ​ Provisions ​ — ​ — ​ — Current provisions 955 10,108 11,063 (1) Other provision includes, amongst other items, make good provisions as the Group is required to restore the leased premises of its office spaces to their original condition at the end of the respective lease terms. A provision has been recognized based upon the estimated expenditure required to remove any leasehold improvements. The remaining term on such leased properties is between 3 months and 9 years. 27 (2) Provision in respect of player related tax matters. The timing of cash outflows is by its nature uncertain but it is management’s best estimate that these will be made within the next 12 months.

Cash used in operations

Cash used in operations	6 Months Ended
	Dec. 31, 2023
Cash used in operations
Cash used in operations	28 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Profit/(loss) before income tax 27,219 9,255 (5,585) (25,115) Adjustments for: ​ ​ ​ ​ Depreciation 4,153 3,609 8,255 7,087 Amortization 50,495 44,971 97,340 85,110 (Profit)/loss on disposal of intangible assets (399) 2,588 (29,880) (14,020) Net finance costs/(income) 275 (12,115) 34,894 18,873 Non-cash employee benefit expense - equity-settled share-based payments ​ 736 ​ 626 ​ 1,476 ​ 1,155 Foreign exchange losses on operating activities 619 5,140 477 3,967 Reclassified from hedging reserve 250 (367) (2) (530) Changes in working capital: ​ ​ ​ ​ Inventories 1,022 480 (859) (1,072) Prepayments ​ 9,286 ​ 4,638 ​ (10,833) ​ (10,928) Contract assets – accrued revenue ​ (14,476) ​ (7,366) ​ (18,487) ​ (17,266) Trade receivables ​ (39,110) ​ (64,070) ​ (44,355) ​ (48,087) Other receivables 9,612 (497) 7,863 (857) Contract liabilities – deferred revenue ​ (64,780) ​ (23,898) ​ (18,581) ​ (14,716) Trade and other payables (23,602) (19,821) (31,839) (36,974) Provisions ​ 688 ​ 194 ​ (2,025) ​ 359 Cash used in operations (38,012) (56,633) (12,141) (53,014) ​

Pension arrangements

Pension arrangements	6 Months Ended
	Dec. 31, 2023
Pension arrangements
Pension arrangements	29 The Group participates in the Football League Pension and Life Assurance Scheme (‘the Scheme’). The Scheme is a funded multi-employer defined benefit scheme 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 2020 where the total deficit on the ongoing valuation basis was £27.5 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 £573,000 per annum and this amount will increase by 5% per annum from September 2024. Based on the existing actuarial valuation assumptions, this will be sufficient to pay off the deficit by 30 April 2025. As of 31 December 2023, the present value of the Group’s outstanding contributions (i.e. its future liability) is £777,000 . This amounts to £579,000 (30 June 2023: £567,000 ; 31 December 2022: £555,000 ) due within one year and £198,000 (30 June 2023: £491,000 ; 31 December 2022: £777,000 ) due after more than one year and is included within other payables. 29 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, 2023
Financial risk management
Financial risk management	30 30.1 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 2023, as filed with the Securities and Exchange Commission on 27 October 2023, contained within 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. 30.2 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 2024 to June 2027. 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 ​ 2023 2023 2022 ​ ​ $’000 ​ $’000 ​ $’000 USD borrowings 650,000 650,000 650,000 Hedged USD cash (33,200) (57,500) (8,900) Net USD debt 616,800 592,500 641,100 Hedged future USD revenues (1) (253,600) (52,000) (50,780) Unhedged USD borrowings 363,200 540,500 590,320 Closing USD exchange rate ($: £) 1.2746 1.2716 1.2040 (1) 30 30.2 Hedging activities (continued) 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 a portion of variable rate 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 2024 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 ​ ​ 2023 2023 2022 ​ Principal value of loan outstanding ($’000) 150,000 150,000 150,000 ​ Rate received 1 month $ SOFR 1 month $ SOFR 1 month $ LIBOR ​ Rate paid Fixed 1.9215 % Fixed 1.9215 % Fixed 2.032 % Expiry date 30 June 2024 30 June 2024 30 June 2024 ​ ​ As of 31 December 2023, the fair value of the above interest rate swap was an asset of £2,211,000 (30 June 2023: asset of £4,173,000; 31 December 2022: asset of £4,901,000). 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. ​ Summary of hedging reserve ​ The Group’s hedging reserve comprises of two separate hedging reserves, the cash flow hedge reserve and the cost of hedging reserve. Details of balances in each reserve (net of tax) are shown below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 ​ At 30 June 2023 ​ At 31 December 2022 ​ £’000 £’000 £’000 Cash flow hedge reserve 1,521 2,815 2,249 Cost of hedging reserve (1,546) 1,187 — Total hedging reserve (25) 4,002 2,249 ​

Contingent liabilities and cont

Contingent liabilities and contingent assets	6 Months Ended
	Dec. 31, 2023
Contingent liabilities and contingent assets
Contingent liabilities and contingent assets	31 Contingent liabilities and contingent assets ​ 31.1 Contingent liabilities The Group had contingent liabilities at 31 December 2023 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 £158,040,000 (30 June 2023: £133,142,000; 31 December 2022: £141,097,000). No material adjustment was required to the amounts included in the cost of registrations during the period (2022: no material adjustments) and consequently there was no material impact on the amortization of registration charges in the statement of profit or loss (2022: no material impact). As of 31 December 2023, 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 75,700 36,668 112,368 International appearances 10,256 2,229 12,485 Awards ​ 32,085 ​ — ​ 32,085 Other ​ 928 ​ 174 ​ 1,102 ​ 118,969 39,071 158,040 ​ (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. ​ 31.2 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 2023, the amount of such receipt considered to be probable was £250,000 (30 June 2023: £nil; 31 December 2022: £nil).

Commitments

Commitments	6 Months Ended
	Dec. 31, 2023
Commitments.
Commitments	32 32.1 Capital commitments As at 31 December 2023, the Group had contracted capital expenditure relating to property, plant and equipment amounting to £2,166,000 (30 June 2023: £5,152,000; 31 December 2022: £2,090,000) and to other intangible assets amounting to £nil (30 June 2023: £nil; 31 December 2022: £192,000). These amounts are not recognized as liabilities.

Events occurring after the repo

Events occurring after the reporting period	6 Months Ended
	Dec. 31, 2023
Events occurring after the reporting period
Events occurring after the reporting period	33 33.1 Registrations Subsequent to 31 December 2023, the playing registrations of certain footballers have been disposed of. Total net proceeds were £989,000 and the associated net book value was £29,000 . Additionally, solidarity contributions, training compensation, sell-on fees and contingent consideration totalling £207,000 became receivable in respect of previous playing registration disposals. Also subsequent to 31 December 2023, the playing registrations of certain players were acquired or extended for a total consideration, including associated costs, of £350,000 . Sell-on fees and contingent consideration totalling £1,210,000 became payable in respect of previous playing registrations. 33.2 Completion of minority investment On 20 February 2024, Manchester United plc announced the successful completion of a transaction with Trawlers Limited, an entity wholly owned by Sir Jim Ratcliffe, that resulted in Sir Jim Ratcliffe owning 27.7% of Manchester United plc’s voting rights. As part of this transaction, Sir Jim has invested $200 million into the club with a further $100 million to be invested by 31 December 2024. Post transaction, Manchester United plc’s total issued share capital comprises of 56,601,130 Class A shares and 114,301,320 Class B shares. 33.3 Changes to the board of directors of Manchester United plc In conjunction with the transaction detailed in Note 33.2, on 21 February 2024, two individuals designated by Sir Jim Ratcliffe, John Reece and Rob Nevin, were appointed as members of the board of directors of Manchester United plc. Richard Arnold formally resigned from his directorship on 15 February 2024. 33.4 Repayment of revolving facilities On 28 February 2024, a repayment of the Group’s revolving facilities of £120 million was made. This comprised of a repayment of £35 million under our initial facility with Bank of America, a £52.5 million repayment under our bilateral facility with Bank of America and a £32.5 million repayment under our facility with Santander. This took the total drawdown as of 28 February 2024 to £140 million from available facilities of £300 million. ​

Related party transactions

Related party transactions	6 Months Ended
	Dec. 31, 2023
Related party transactions
Related party transactions	34 As of 31 December 2023, trusts and other entities controlled by six lineal descendants of Mr. Malcolm Glazer collectively own 4.37% of our issued and outstanding Class A ordinary shares and all of our issued and outstanding Class B ordinary shares, representing 95.62% of the voting power of our outstanding capital stock. At the date of this report and as a result of the transaction described in Note 33.2, the voting power controlled by the six lineal descendants of Mr. Malcolm Glazer is 69.1% and the voting power controlled by Sir Jim Ratcliffe is 27.7%.

Subsidiaries

Subsidiaries	6 Months Ended
	Dec. 31, 2023
Subsidiaries
Subsidiaries	35 The following companies are the subsidiary undertakings of the Company as of 31 December 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ownership Subsidiaries Principal activity interest Red Football Finance Limited* Dormant 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 Non-trading company ​ 100 MU Commercial Holdings Junior Limited Non-trading company ​ 100 MU Finance Limited Non-trading company ​ 100 MU RAML Limited Retail and licensing company ​ 100 MUTV Limited Media company ​ 100 RAML USA LLC Dormant company ​ 100 * 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, 2023
Summary of significant 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 The following amendment to standards has been adopted by the Group for the first time for the year ended 30 June 2024: ● Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction (Amendments to IAS 1) The adoption of this amendment has not had a material effect on the Group’s financial statements.
New and amended standards and interpretations issued but not yet adopted	New and amended standards and interpretations issued but not yet adopted The following amendment to IFRS that has been issued by the IASB will become effective in a subsequent accounting period: ● Classification of Liabilities as Current or Non-current (Amendments to IAS 1) This change is not expected to have a material effect on the Group’s financial statements.

Revenue from contracts with c_2

Revenue from contracts with customers (Tables)	6 Months Ended
	Dec. 31, 2023
Revenue from contracts with customers
Schedule of revenue derived from principal activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ £’000 £’000 £’000 £’000 Sponsorship ​ 39,156 ​ 50,423 ​ 95,322 ​ 108,234 Retail, merchandising, apparel & product licensing ​ 32,606 ​ 28,266 ​ 66,821 ​ 57,843 Commercial 71,762 ​ 78,689 162,143 166,077 Domestic competitions ​ 59,734 ​ 44,399 ​ 89,678 ​ 72,026 European competitions ​ 45,177 ​ 12,895 ​ 52,692 ​ 18,582 Other ​ 1,529 ​ 1,495 ​ 3,417 ​ 3,184 Broadcasting 106,440 ​ 58,789 145,787 93,792 Matchday 47,554 ​ 29,890 74,922 51,153 ​ 225,756 ​ 167,368 382,852 311,022
Schedule of assets and liabilities related to contracts with customers	​ ​ ​ ​ ​ Current ​ ​ contract assets ​ ​ – accrued ​ ​ revenue ​ ​ £’000 At 1 July 2022 ​ 36,239 Recognized in revenue during the period ​ 64,230 Cash received/amounts invoiced during the period ​ (46,964) At 31 December 2022 53,505 Recognized in revenue during the period 38,818 Cash received/amounts invoiced during the period (48,991) At 30 June 2023 43,332 Recognized in revenue during the period 105,882 Cash received/amounts invoiced during the period ​ (87,395) At 31 December 2023 61,819 ​ ​ ​ ​ ​ ​ ​ ​ ​ Current Non-current ​ ​ ​ contract ​ contract ​ Total contract ​ ​ liabilities – ​ liabilities – ​ liabilities – ​ ​ deferred ​ deferred ​ deferred ​ ​ revenue ​ revenue ​ revenue ​ ​ £’000 ​ £’000 ​ £’000 At 1 July 2022 ​ (165,847) ​ (16,697) ​ (182,544) Recognized in revenue during the period ​ 132,606 ​ — ​ 132,606 Cash received/amounts invoiced during the period ​ (117,890) ​ — ​ (117,890) Reclassified to current during the period ​ (9,423) ​ 9,423 ​ — At 31 December 2022 (160,554) (7,274) (167,828) Recognized in revenue during the period 141,292 — 141,292 Cash received/amounts invoiced during the period (149,747) — (149,747) Reclassified to current during the period (615) 615 — At 30 June 2023 (169,624) (6,659) (176,283) Recognized in revenue during the period 134,384 — 134,384 Cash received/amounts invoiced during the period (115,803) — (115,803) Reclassified to current during the period 1,400 (1,400) — At 31 December 2023 (149,643) ​ (8,059) (157,702) ​

Operating expenses (Tables)

Operating expenses (Tables)	6 Months Ended
	Dec. 31, 2023
Operating expenses
Schedule of operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ £’000 £’000 £’000 £’000 Employee benefit expenses (95,090) ​ (77,310) (185,382) (159,566) Depreciation – property, plant and equipment (Note 14) (3,755) ​ (2,953) (7,476) (5,927) Depreciation – right-of-use assets (Note 15) ​ (328) ​ (586) ​ (639) ​ (1,020) Depreciation – investment property (Note 16) (70) ​ (70) (140) (140) Amortization (Note 17) (50,495) ​ (44,971) (97,340) (85,110) Sponsorship, other commercial and broadcasting costs ​ (6,186) ​ (4,353) ​ (19,138) ​ (15,065) External Matchday costs ​ (11,282) ​ (7,703) ​ (18,843) ​ (13,659) Property costs ​ (4,263) ​ (5,090) ​ (7,839) ​ (9,518) Other operating expenses (17,597) ​ (24,604) (37,031) (41,279) Exceptional items (Note 8) (9,595) ​ — (9,595) — ​ (198,661) ​ (167,640) (383,423) (331,284) ​

Exceptional items (Tables)

Exceptional items (Tables)	6 Months Ended
	Dec. 31, 2023
Exceptional items
Schedule of exceptional items	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Costs related to strategic review and share sale agreement with Sir Jim Ratcliffe ​ (4,066) ​ — ​ (4,066) ​ — Compensation for loss of office (5,529) — (5,529) — ​ (9,595) — (9,595) —

Profit_(loss) on disposal of _2

Profit/(loss) on disposal of intangible assets (Tables)	6 Months Ended
	Dec. 31, 2023
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 ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Profit/(loss) on disposal of registrations 399 ​ (2,588) 29,880 14,020 ​ 399 ​ (2,588) 29,880 14,020 ​

Net finance (costs)_income (Tab

Net finance (costs)/income (Tables)	6 Months Ended
	Dec. 31, 2023
Net finance (costs)/income
Schedule of net finance (costs)/income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Interest payable on bank loans and overdrafts (65) ​ (393) (313) (1,206) Interest payable on secured term loan facility, senior secured notes and revolving facilities (10,407) ​ (7,552) (18,798) (13,762) Interest payable on lease liabilities (Note 15) ​ (72) ​ (41) ​ (348) ​ (64) Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities (570) ​ (188) (753) (365) Foreign exchange losses on retranslation of unhedged US dollar borrowings (1) ​ — ​ — ​ (421) ​ (2,703) Unwinding of discount relating to registrations (4,471) ​ (2,305) (7,951) (3,477) Interest on provisions ​ (62) ​ (78) ​ (149) ​ (138) Hedge ineffectiveness on cash flow hedges ​ — ​ — ​ — ​ (241) Fair value movement on derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives (946) ​ (15,720) (9,109) — Total finance costs (16,593) ​ (26,277) (37,842) (21,956) Interest receivable on short-term bank deposits 223 ​ 61 572 191 Foreign exchange gains on retranslation of unhedged US dollar borrowings (2) ​ 13,332 ​ 37,737 ​ — ​ — Reclassified from hedging reserve ​ — ​ — ​ — ​ — Hedge ineffectiveness on cash flow hedges ​ 2,763 ​ 594 ​ 2,376 ​ — Fair value movement on derivative financial instruments: ​ ​ ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives ​ — ​ — ​ — ​ 2,892 Total finance income (3) ​ 16,318 ​ 38,392 ​ 2,948 ​ 3,083 Net finance (costs)/income (275) ​ 12,115 (34,894) (18,873) (1) (2) 10 ​ (3)

Income tax (expense)_credit (Ta

Income tax (expense)/credit (Tables)	6 Months Ended
	Dec. 31, 2023
Income tax (expense)/credit
Schedule of income tax (expense)/credit	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Current tax ​ Current tax on loss/profit for the period (89) ​ (67) (160) (136) Foreign tax (562) ​ (341) (676) (367) Total current tax expense (651) ​ (408) (836) (503) Deferred tax ​ ​ ​ ​ ​ Origination and reversal of temporary differences (6,194) ​ (2,541) 1,038 5,408 Total deferred tax credit (6,194) ​ (2,541) 1,038 5,408 Total income (expense)/credit (6,845) ​ (2,949) 202 4,905
Schedule of amounts relating to tax recognized directly in other comprehensive income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Deferred tax (Note 18) (975) ​ (517) 1,342 (419) Total income tax expense recognized in other comprehensive income (975) ​ (517) 1,342 (419) ​

Earnings_(loss) per share (Tabl

Earnings/(loss) per share (Tables)	6 Months Ended
	Dec. 31, 2023
Earnings/(loss) per share
Schedule of earnings/(loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 ​ 2022 2023 2022 Profit/(loss) for the period (£’000) 20,374 ​ 6,306 (5,383) (20,210) Basic earnings/(loss) per share (pence) 12.49 ​ 3.87 (3.30) (12.39) Diluted earnings/(loss) per share (pence) (1) ​ 12.44 ​ 3.85 ​ (3.30) ​ (12.39)
Schedule of weighted average number of shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ Number ​ Number ​ Number ​ Number ​ ‘000 ‘000 ‘000 ‘000 Class A ordinary shares 52,110 ​ 52,013 52,110 52,013 Class B ordinary shares 112,732 ​ 112,732 112,732 112,732 Treasury shares (1,683) ​ (1,683) (1,683) (1,683) Weighted average number of ordinary shares used as the denominator in calculating basic loss per share ​ 163,159 ​ 163,062 ​ 163,159 ​ 163,062 Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares (1) ​ 564 ​ 543 ​ 564 ​ — Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (1) ​ 163,723 ​ 163,605 ​ 163,723 ​ 163,062 (1)

Property, plant and equipment (

Property, plant and equipment (Tables)	6 Months Ended
	Dec. 31, 2023
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 2023 ​ ​ ​ ​ ​ ​ ​ Cost 287,413 ​ 46,706 ​ 75,873 ​ 409,992 Accumulated depreciation (66,677) ​ (35,094) ​ (54,939) ​ (156,710) Net book amount 220,736 ​ 11,612 ​ 20,934 ​ 253,282 Six months ended 31 December 2023 ​ ​ ​ ​ ​ ​ ​ Opening net book amount 220,736 ​ 11,612 ​ 20,934 ​ 253,282 Additions 2,783 1,872 4,785 9,440 Depreciation charge (1,743) (2,455) (3,278) (7,476) Closing net book amount 221,776 11,029 22,441 255,246 At 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 290,196 ​ 48,578 ​ 80,658 ​ 419,432 Accumulated depreciation ​ (68,420) ​ (37,549) ​ (58,217) ​ (164,186) Net book amount ​ 221,776 ​ 11,029 ​ 22,441 ​ 255,246 ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 July 2022 ​ ​ ​ ​ Cost 281,377 39,562 75,394 396,333 Accumulated depreciation (63,261) (34,293) (56,118) (153,672) Net book amount 218,116 5,269 19,276 242,661 Six months ended 31 December 2022 ​ ​ ​ ​ Opening net book amount 218,116 5,269 19,276 242,661 Additions 1,884 1,167 3,649 6,700 Depreciation charge (1,703) (1,330) (2,894) (5,927) Closing net book amount 218,297 5,106 20,031 243,434 At 31 December 2022 ​ ​ ​ ​ Cost 283,261 40,729 79,043 403,033 Accumulated depreciation (64,964) (35,623) (59,012) (159,599) Net book amount 218,297 5,106 20,031 243,434 ​

Leases (Tables)

Leases (Tables)	6 Months Ended
	Dec. 31, 2023
Leases
Schedule of right-of-use assets	Right-of-use assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 30 June 31 December ​ ​ 2023 ​ 2023 ​ 2022 ​ ​ £’000 ​ £’000 ​ £’000 Property 7,683 8,114 2,925 Plant and machinery 516 646 428 Total 8,199 8,760 3,353
Schedule of lease liabilities	15 Leases (continued) (i) Amounts recognized in the consolidated balance sheet (continued) Lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 30 June 31 December ​ ​ 2023 ​ 2023 ​ 2022 ​ ​ £’000 ​ £’000 ​ £’000 Current 861 1,036 804 Non-current 7,704 7,844 2,475 Total lease liabilities 8,565 8,880 3,279 ​ The following table provides an analysis of the movements in lease liabilities: ​ ​ ​ ​ ​ £’000 At 1 July 2022 4,430 Cash flows (1,515) Additions ​ 300 Accretion expense 64 At 31 December 2022 3,279 Cash flows (627) Additions 6,084 Accretion expense 144 At 30 June 2023 8,880 Cash flows (806) Additions 143 Accretion expense 348 At 31 December 2023 8,565
Schedule of amounts recognized in the consolidated statement of profit or loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Depreciation charge of right-of-use assets ​ ​ ​ ​ Property (215) ​ (361) ​ (431) (730) Plant and machinery (113) ​ (225) ​ (208) (290) ​ (328) ​ (586) ​ (639) (1,020) Interest expense (included in finance costs) (72) ​ (41) ​ (348) (64) Expense relating to short-term leases (included in operating expenses) (62) ​ (99) ​ (134) (194)

Investment property (Tables)

Investment property (Tables)	6 Months Ended
	Dec. 31, 2023
Investment property
Schedule of investment property	​ ​ ​ ​ ​ ​ Total ​ £’000 At 1 July 2023 ​ Cost 32,193 Accumulated depreciation and impairment (12,200) Net book amount 19,993 Six months ended 31 December 2023 ​ Opening net book amount 19,993 Depreciation charge (140) Closing net book amount 19,853 At 31 December 2023 ​ ​ Cost ​ 32,193 Accumulated depreciation and impairment ​ (12,340) Net book amount ​ 19,853 ​ ​ ​ At 1 July 2022 ​ Cost 32,193 Accumulated depreciation and impairment (11,920) Net book amount 20,273 Six months ended 31 December 2022 ​ Opening net book amount 20,273 Depreciation charge (140) Closing net book amount 20,133 At 31 December 2022 ​ Cost 32,193 Accumulated depreciation and impairment (12,060) Net book amount 20,133

Intangible assets (Tables)

Intangible assets (Tables)	6 Months Ended
	Dec. 31, 2023
Intangible assets.
Schedule of intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other ​ ​ ​ ​ ​ ​ ​ ​ intangible ​ ​ ​ Goodwill Registrations assets Total ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 At 1 July 2023 Cost 421,453 924,829 22,164 1,368,446 Accumulated amortization — (539,944) (16,120) (556,064) Net book amount 421,453 384,885 6,044 812,382 Six months ended 31 December 2023 ​ ​ ​ ​ Opening net book amount 421,453 384,885 6,044 812,382 Additions — 215,086 2,350 217,436 Disposals — (9,951) — (9,951) Amortization charge — (95,863) (1,477) (97,340) Closing net book amount 421,453 494,157 6,917 922,527 At 31 December 2023 ​ ​ ​ ​ ​ ​ ​ ​ Cost ​ 421,453 ​ 1,026,551 ​ 24,514 ​ 1,472,518 Accumulated amortization ​ — ​ (532,394) ​ (17,597) ​ (549,991) Net book amount ​ 421,453 ​ 494,157 ​ 6,917 ​ 922,527 ​ ​ ​ ​ ​ ​ ​ ​ ​ At 1 July 2022 ​ ​ ​ ​ Cost 421,453 779,196 18,817 1,219,466 Accumulated amortization — (462,985) (13,203) (476,188) Net book amount 421,453 316,211 5,614 743,278 Six months ended 31 December 2022 ​ ​ ​ ​ Opening net book amount 421,453 316,211 5,614 743,278 Additions — 221,472 699 222,171 Disposals — (8,810) — (8,810) Amortization charge — (83,736) (1,374) (85,110) Closing net book amount 421,453 445,137 4,939 871,529 At 31 December 2022 ​ ​ ​ ​ Cost 421,453 968,617 19,516 1,409,586 Accumulated amortization — (523,480) (14,577) (538,057) Net book amount 421,453 445,137 4,939 871,529

Deferred tax (Tables)

Deferred tax (Tables)	6 Months Ended
	Dec. 31, 2023
Deferred tax
Schedule of deferred taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Net deferred tax liability (924) (3,304) (2,413)
Schedule of movements in net deferred tax (liability)/asset	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 ​ 2022 ​ ​ £’000 ​ £’000 £’000 At the beginning of the period (3,304) (7,402) (7,402) Credited to the statement of profit or loss (Note 11) 1,038 4,801 5,408 Credited/(expensed) to other comprehensive income (Note 11) 1,342 (1,018) (419) Credit relating to share-based payments ​ — ​ 315 ​ — At the end of the period (924) (3,304) (2,413)

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Dec. 31, 2023
Inventories
Schedule of inventories	​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 30 June ​ 31 December ​ ​ 2023 ​ 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Finished goods 4,024 3,165 3,272

Trade receivables (Tables)

Trade receivables (Tables)	6 Months Ended
	Dec. 31, 2023
Trade receivables.
Schedule of trade receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Trade receivables 124,019 69,729 150,863 Less: provision for impairment of trade receivables (18,133) (16,259) (13,230) Net trade receivables 105,886 53,470 137,633 Less: non-current portion ​ ​ ​ Trade receivables 24,498 22,303 21,224 Current trade receivables 81,388 31,167 116,409

Derivative financial instrume_2

Derivative financial instruments (Tables)	6 Months Ended
	Dec. 31, 2023
Derivative financial instruments.
Schedule of derivative financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December 2023 ​ 30 June 2023 ​ 31 December 2022 ​ ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ Assets ​ Liabilities ​ £’000 £’000 £’000 £’000 £’000 £’000 Used for hedging: ​ ​ ​ ​ ​ ​ Interest rate swaps 2,211 — 4,173 — 4,901 — Forward foreign exchange contracts ​ 321 ​ (2,072) ​ 378 ​ (1,615) ​ — ​ — At fair value through profit or loss: ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives 107 (1) 11,258 (64) 22,561 — Forward foreign exchange contracts — — — — 2,603 (519) ​ 2,639 (2,073) 15,809 (1,679) 30,065 (519) Less non-current portion: ​ ​ ​ ​ ​ ​ Used for hedging: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate swaps — ​ — — — 4,901 — Forward foreign exchange contracts ​ 159 ​ (1,482) ​ 378 ​ (748) ​ — ​ — At fair value through profit or loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Embedded foreign exchange derivatives 41 ​ — 7,114 — 15,938 — Forward foreign exchange contracts — ​ — — — 1,350 (519) Non-current derivative financial instruments 200 ​ (1,482) 7,492 (748) 22,189 (519) Current derivative financial instruments 2,439 ​ (591) 8,317 (931) 7,876 —

Cash and cash equivalents (Tabl

Cash and cash equivalents (Tables)	6 Months Ended
	Dec. 31, 2023
Cash and cash equivalents
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Cash at bank and in hand 62,809 76,019 31,045

Share capital (Tables)

Share capital (Tables)	6 Months Ended
	Dec. 31, 2023
Share capital.
Schedule of share capital	​ ​ ​ ​ ​ ​ ​ Number of shares Ordinary shares ​ ​ (thousands) ​ £’000 At 1 July 2022 164,745 53 Employee share-based compensation awards – issue of shares — — At 31 December 2022 164,745 53 Employee share-based compensation awards – issue of shares 97 — At 30 June 2023 164,842 53 Employee share-based compensation awards – issue of shares — — At 31 December 2023 164,842 53

Treasury Shares (Tables)

Treasury Shares (Tables)	6 Months Ended
	Dec. 31, 2023
Treasury shares.
Schedule of treasury shares	​ ​ ​ ​ ​ ​ ​ ​ Number of ​ ​ ​ ​ shares ​ ​ ​ (thousands) £’000 At 1 July 2022, 31 December 2022, 30 June 2023 and 31 December 2023 1,683 21,305 ​

Trade and other payables (Table

Trade and other payables (Tables)	6 Months Ended
	Dec. 31, 2023
Trade and other payables
Schedule of trade and other payables	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Trade payables 348,707 302,708 290,239 Other payables 10,274 12,039 13,420 Accrued expenses 49,139 62,271 66,079 Social security and other taxes 13,472 20,595 18,529 ​ 421,592 397,613 388,267 Less: non-current portion ​ ​ ​ ​ ​ Trade payables 189,693 ​ 160,649 ​ 159,719 Other payables 198 ​ 492 ​ 776 Non-current trade and other payables 189,891 ​ 161,141 ​ 160,495 Current trade and other payables 231,701 ​ 236,472 ​ 227,772

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Dec. 31, 2023
Borrowings
Schedule of borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 Senior secured notes 331,572 332,112 350,626 Secured term loan facility 174,937 175,223 185,028 Revolving credit facilities 260,000 100,000 200,000 Accrued interest on senior secured notes and revolving credit facilities 6,792 5,961 6,246 ​ 773,301 613,296 741,900 Less: non-current portion ​ ​ ​ Senior secured notes 331,572 332,112 350,626 Secured term loan facility 174,937 175,223 185,028 Non-current borrowings 506,509 507,335 535,654 Current borrowings 266,792 105,961 206,246

Provisions (Tables)

Provisions (Tables)	6 Months Ended
	Dec. 31, 2023
Provisions
Schedule of provisions	​ ​ ​ ​ ​ ​ ​ ​ ​ Other (1) Tax (2) Total ​ £’000 £’000 £’000 At 1 July 2022 1,143 11,501 12,644 Charged/(credited) to profit or loss: ​ ​ ​ Reassessment of provisions ​ 97 ​ (29) ​ 68 Additional provisions recognized — 291 291 At 31 December 2022 1,240 11,763 13,003 (Credited)/charged to profit or loss: ​ ​ ​ Reassessment of provisions (364) 293 (71) Additional provisions recognized — 7 7 At 30 June 2023 876 12,063 12,939 Charged/(credited) to profit or loss: ​ ​ ​ Reassessment of provisions 79 (1,955) (1,876) At 31 December 2023 955 10,108 11,063 Less: non-current portion ​ ​ ​ ​ ​ ​ Provisions ​ — ​ — ​ — Current provisions 955 10,108 11,063 (1) Other provision includes, amongst other items, make good provisions as the Group is required to restore the leased premises of its office spaces to their original condition at the end of the respective lease terms. A provision has been recognized based upon the estimated expenditure required to remove any leasehold improvements. The remaining term on such leased properties is between 3 months and 9 years. 27 (2) Provision in respect of player related tax matters. The timing of cash outflows is by its nature uncertain but it is management’s best estimate that these will be made within the next 12 months.

Cash used in operations (Tables

Cash used in operations (Tables)	6 Months Ended
	Dec. 31, 2023
Cash used in operations
Schedule of cash used in operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ 31 December ​ 31 December ​ 2023 2022 2023 2022 ​ ​ £’000 ​ £’000 ​ £’000 ​ £’000 Profit/(loss) before income tax 27,219 9,255 (5,585) (25,115) Adjustments for: ​ ​ ​ ​ Depreciation 4,153 3,609 8,255 7,087 Amortization 50,495 44,971 97,340 85,110 (Profit)/loss on disposal of intangible assets (399) 2,588 (29,880) (14,020) Net finance costs/(income) 275 (12,115) 34,894 18,873 Non-cash employee benefit expense - equity-settled share-based payments ​ 736 ​ 626 ​ 1,476 ​ 1,155 Foreign exchange losses on operating activities 619 5,140 477 3,967 Reclassified from hedging reserve 250 (367) (2) (530) Changes in working capital: ​ ​ ​ ​ Inventories 1,022 480 (859) (1,072) Prepayments ​ 9,286 ​ 4,638 ​ (10,833) ​ (10,928) Contract assets – accrued revenue ​ (14,476) ​ (7,366) ​ (18,487) ​ (17,266) Trade receivables ​ (39,110) ​ (64,070) ​ (44,355) ​ (48,087) Other receivables 9,612 (497) 7,863 (857) Contract liabilities – deferred revenue ​ (64,780) ​ (23,898) ​ (18,581) ​ (14,716) Trade and other payables (23,602) (19,821) (31,839) (36,974) Provisions ​ 688 ​ 194 ​ (2,025) ​ 359 Cash used in operations (38,012) (56,633) (12,141) (53,014) ​

Financial risk management (Tabl

Financial risk management (Tables)	6 Months Ended
	Dec. 31, 2023
Financial risk management
Schedule of net borrowings being hedged at balance sheet date	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ 2023 2023 2022 ​ ​ $’000 ​ $’000 ​ $’000 USD borrowings 650,000 650,000 650,000 Hedged USD cash (33,200) (57,500) (8,900) Net USD debt 616,800 592,500 641,100 Hedged future USD revenues (1) (253,600) (52,000) (50,780) Unhedged USD borrowings 363,200 540,500 590,320 Closing USD exchange rate ($: £) 1.2746 1.2716 1.2040 (1)
Schedule of interest rate swaps at reporting date that are used to hedge borrowings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 31 December ​ 30 June ​ 31 December ​ ​ 2023 2023 2022 ​ Principal value of loan outstanding ($’000) 150,000 150,000 150,000 ​ Rate received 1 month $ SOFR 1 month $ SOFR 1 month $ LIBOR ​ Rate paid Fixed 1.9215 % Fixed 1.9215 % Fixed 2.032 % Expiry date 30 June 2024 30 June 2024 30 June 2024 ​
Schedule of hedging reserve	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At 31 December 2023 ​ At 30 June 2023 ​ At 31 December 2022 ​ £’000 £’000 £’000 Cash flow hedge reserve 1,521 2,815 2,249 Cost of hedging reserve (1,546) 1,187 — Total hedging reserve (25) 4,002 2,249 ​

Contingent liabilities and co_2

Contingent liabilities and contingent assets (Tables)	6 Months Ended
	Dec. 31, 2023
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 75,700 36,668 112,368 International appearances 10,256 2,229 12,485 Awards ​ 32,085 ​ — ​ 32,085 Other ​ 928 ​ 174 ​ 1,102 ​ 118,969 39,071 158,040

Subsidiaries (Tables)

Subsidiaries (Tables)	6 Months Ended
	Dec. 31, 2023
Subsidiaries
Schedule of subsidiary undertakings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ % of ownership Subsidiaries Principal activity interest Red Football Finance Limited* Dormant 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 Non-trading company ​ 100 MU Commercial Holdings Junior Limited Non-trading company ​ 100 MU Finance Limited Non-trading company ​ 100 MU RAML Limited Retail and licensing company ​ 100 MUTV Limited Media company ​ 100 RAML USA LLC Dormant company ​ 100 *

Basis of preparation (Details)

Basis of preparation (Details)	Feb. 20, 2024 USD ($)	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 USD ($)
Going concern
Cash resources		£ 62,809,000		£ 76,019,000		£ 31,045,000
Borrowings		773,301,000		613,296,000		741,900,000
Completion of minority investment | Sir Jim Ratcliffe, through Trawlers Limited
Going concern
Investment made into club | $	$ 200,000,000
Within 1 year | Completion of minority investment | Sir Jim Ratcliffe, through Trawlers Limited
Going concern
Investment to be made into club | $	$ 100,000,000
Senior secured notes
Going concern
Principal amount / Notional amount | $			$ 425,000,000		$ 425,000,000		$ 425,000,000
Borrowings		331,572,000		332,112,000		350,626,000
Secured term loan facility
Going concern
Principal amount / Notional amount | $			$ 225,000,000		$ 225,000,000		$ 225,000,000
Borrowings		174,937,000		175,223,000		185,028,000
Revolving facilities
Going concern
Undrawn borrowing facilities		40,000,000		200,000,000		100,000,000
Principal amount / Notional amount		300,000,000
Borrowings		260,000,000		£ 100,000,000		£ 200,000,000
Revolving facilities | 4 April 2025
Going concern
Principal amount / Notional amount		150,000,000
Revolving facilities | 25 June 2027
Going concern
Principal amount / Notional amount		£ 150,000,000

Seasonality of revenue (Details

Seasonality of revenue (Details) - adidas £ in Millions	Dec. 31, 2023 GBP (£)	Jul. 21, 2023 GBP (£)	Aug. 01, 2015 GBP (£) item
Estimates and judgments
Term of extension of agreement (in years)		10 years
Minimum guarantee payable		£ 1,650	£ 750
Additional minimum guarantee payable		900
Maximum increase in guarantee payable per year		4.4
Number of consecutive seasons of non-participation in Champions League that would impact guarantee payable by adidas | item			2
Maximum possible percentage of reduction in guarantee in second or other consecutive year of non-participation			30%
Amount of deduction for each year of non-participation in UEFA Champions League		£ 10
Impact of changing estimated deduction by one year on revenue recognized in any one financial year	£ 0.8

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, 2023 GBP (£)	Dec. 31, 2022 GBP (£)	Dec. 31, 2023 GBP (£) component segment	Dec. 31, 2022 GBP (£)
Revenue from contracts with customers
Number of material segments | segment			1
Number of main components of revenue | component			3
Revenue from contracts with customers	£ 225,756	£ 167,368	£ 382,852	£ 311,022
Commercial
Revenue from contracts with customers
Revenue from contracts with customers	71,762	78,689	162,143	166,077
Sponsorship
Revenue from contracts with customers
Revenue from contracts with customers	39,156	50,423	95,322	108,234
Retail, merchandising, apparel & product licensing
Revenue from contracts with customers
Revenue from contracts with customers	32,606	28,266	66,821	57,843
Broadcasting
Revenue from contracts with customers
Revenue from contracts with customers	106,440	58,789	145,787	93,792
Domestic competitions
Revenue from contracts with customers
Revenue from contracts with customers	59,734	44,399	89,678	72,026
European competitions
Revenue from contracts with customers
Revenue from contracts with customers	45,177	12,895	52,692	18,582
Other
Revenue from contracts with customers
Revenue from contracts with customers	1,529	1,495	3,417	3,184
Matchday
Revenue from contracts with customers
Revenue from contracts with customers	£ 47,554	£ 29,890	£ 74,922	£ 51,153

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, 2023	Jun. 30, 2023	Dec. 31, 2022
Revenue from contracts with customers
Contract liabilities - deferred revenue at beginning of period	£ (176,283)	£ (167,828)	£ (182,544)
Recognized in revenue during the period	134,384	141,292	132,606
Cash received/amounts invoiced during the period	(115,803)	(149,747)	(117,890)
Contract liabilities - deferred revenue at end of period	(157,702)	(176,283)	(167,828)
Current contract assets and contract liabilities
Revenue from contracts with customers
Contract assets - accrued revenue at beginning of period	43,332	53,505	36,239
Recognized in revenue during the period	105,882	38,818	64,230
Cash received/amounts invoiced during the period	(87,395)	(48,991)	(46,964)
Contract assets - accrued revenue at end of period	61,819	43,332	53,505
Contract liabilities - deferred revenue at beginning of period	(169,624)	(160,554)	(165,847)
Recognized in revenue during the period	134,384	141,292	132,606
Cash received/amounts invoiced during the period	(115,803)	(149,747)	(117,890)
Reclassified during the period	1,400	(615)	(9,423)
Contract liabilities - deferred revenue at end of period	(149,643)	(169,624)	(160,554)
Non-current contract assets and contract liabilities
Revenue from contracts with customers
Contract liabilities - deferred revenue at beginning of period	(6,659)	(7,274)	(16,697)
Reclassified during the period	(1,400)	615	9,423
Contract liabilities - deferred revenue at end of period	£ (8,059)	£ (6,659)	£ (7,274)

Operating expenses (Details)

Operating expenses (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Operating expenses
Employee benefit expenses	£ (95,090)	£ (77,310)	£ (185,382)	£ (159,566)
Depreciation - property, plant and equipment (Note 14)	(3,755)	(2,953)	(7,476)	(5,927)
Depreciation - right-of-use assets (Note 15)	(328)	(586)	(639)	(1,020)
Depreciation - investment property (Note 16)	(70)	(70)	(140)	(140)
Amortization (Note 17)	(50,495)	(44,971)	(97,340)	(85,110)
Sponsorship, other commercial and broadcasting costs	(6,186)	(4,353)	(19,138)	(15,065)
External Matchday costs	(11,282)	(7,703)	(18,843)	(13,659)
Property costs	(4,263)	(5,090)	(7,839)	(9,518)
Other operating expenses	(17,597)	(24,604)	(37,031)	(41,279)
Exceptional items (Note 8)	(9,595)		(9,595)
Total operating expenses	£ (198,661)	£ (167,640)	£ (383,423)	£ (331,284)

Exceptional items (Details)

Exceptional items (Details) - GBP (£) £ in Thousands	3 Months Ended	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2023
Exceptional items
Costs related to strategic review and share sale agreement with Sir Jim Ratcliffe	£ (4,066)	£ (4,066)
Compensation for loss of office	(5,529)	(5,529)
Total exceptional items	£ (9,595)	£ (9,595)

Exceptional items - Additional

Exceptional items - Additional Information (Details) - GBP (£) £ in Thousands		3 Months Ended	6 Months Ended
	Dec. 24, 2023	Dec. 31, 2023	Dec. 31, 2023
Exceptional items
Exceptional items		£ 9,595	£ 9,595
Sir Jim Ratcliffe | Class B ordinary shares
Exceptional items
Percentage of shares for which sales agreement was reached	25%
Sir Jim Ratcliffe | Class A ordinary shares | Maximum
Exceptional items
Percentage of shares for which sales agreement was reached	25%

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, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Profit/(loss) on disposal of intangible assets
Profit/(loss) on disposal of registrations	£ 399	£ (2,588)	£ 29,880	£ 14,020
Total profit/(loss) on disposal of intangible assets	£ 399	£ (2,588)	£ 29,880	£ 14,020

Net finance (costs)_income (Det

Net finance (costs)/income (Details) - GBP (£) £ in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Net finance (costs)/income
Interest payable on bank loans and overdrafts		£ (65)	£ (393)	£ (313)	£ (1,206)
Interest payable on secured term loan facility, senior secured notes and revolving facilities		(10,407)	(7,552)	(18,798)	(13,762)
Interest payable on lease liabilities (Note 15)		(72)	(41)	(348)	(64)
Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities		(570)	(188)	(753)	(365)
Foreign exchange losses on retranslation of unhedged US dollar borrowings				(421)	(2,703)
Unwinding of discount relating to registrations		(4,471)	(2,305)	(7,951)	(3,477)
Interest on provisions		(62)	(78)	(149)	(138)
Hedge ineffectiveness on cash flow hedges					(241)
Fair value movement on derivative financial instruments:
Embedded foreign exchange derivatives		(946)	(15,720)	(9,109)
Total finance costs		(16,593)	(26,277)	(37,842)	(21,956)
Interest receivable on short-term bank deposits		223	61	572	191
Foreign exchange gains on retranslation of unhedged US dollar borrowings		13,332	37,737
Hedge ineffectiveness on cash flow hedges		2,763	594	2,376
Fair value movement on derivative financial instruments:
Embedded foreign exchange derivatives					2,892
Total finance income	[1]	16,318	38,392	2,948	3,083
Net finance (costs)/income		£ (275)	£ 12,115	£ (34,894)	£ (18,873)
[1]Each element of finance income is split based on its position in both the three months ended 31 December 2023 and the six months ended 31 December 2023. In the current year, exchange rate fluctuations have resulted in income for the three months ended 31 December 2023 that is greater than the total net position across the six months ended 31 December 2023.

Income tax (expense)_credit - C

Income tax (expense)/credit - Current tax and Deferred tax (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Current tax
Total current tax expense	£ (651)	£ (408)	£ (836)	£ (503)
Deferred tax
Origination and reversal of temporary differences	(6,194)	(2,541)	1,038	5,408
Total deferred tax credit	(6,194)	(2,541)	1,038	5,408		£ 4,801
Total tax expense
Total income (expense)/credit	(6,845)	(2,949)	202	4,905
Weighted average annual tax rate						20.99%
Forecast
Total tax expense
Weighted average annual tax rate					15.72%
UK and US
Current tax
Current tax on loss/profit for the period	(89)	(67)	£ (160)	(136)
UK
Total tax expense
Applicable tax rate			25%		25%
Other than UK and US
Current tax
Current tax on loss/profit for the period	£ (562)	£ (341)	£ (676)	£ (367)

Income tax (expense)_credit - A

Income tax (expense)/credit - Additional information related to tax (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Income tax (expense)/credit
Deferred tax (Note 18)	£ (975)	£ (517)	£ 1,342	£ (419)	£ (1,018)
Total income tax expense recognized in other comprehensive income	£ (975)	£ (517)	£ 1,342	£ (419)

Earnings_(loss) per share (Deta

Earnings/(loss) per share (Details) £ / shares in Units, £ in Thousands, shares in Thousands		3 Months Ended		6 Months Ended
		Dec. 31, 2023 GBP (£) £ / shares item shares	Dec. 31, 2022 GBP (£) £ / shares shares	Dec. 31, 2023 GBP (£) £ / shares item shares	Jun. 30, 2023 GBP (£)	Dec. 31, 2022 GBP (£) £ / shares shares
Earnings/(loss) per share
Profit/(loss) for the period | £		£ 20,374	£ 6,306	£ (5,383)	£ (8,468)	£ (20,210)
Basic earnings/(loss) per share | £ / shares		£ 0.1249	£ 0.0387	£ (0.0330)		£ (0.1239)
Diluted earnings/(loss) per share | £ / shares	[1]	£ 0.1244	£ 0.0385	£ (0.0330)		£ (0.1239)
Number of categories of dilutive potential ordinary shares | item		1		1
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share		163,159	163,062	163,159		163,062
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share		163,723	163,605	163,723		163,062
Class A ordinary shares
Earnings/(loss) per share
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share		52,110	52,013	52,110		52,013
Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares		564	543	564
Class B ordinary shares
Earnings/(loss) per share
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share		112,732	112,732	112,732		112,732
Treasury shares
Earnings/(loss) per share
Weighted average number of ordinary shares used as the denominator in calculating basic loss per share		1,683	1,683	1,683		1,683
[1]For the six months ended 31 December 2023 and 31 December 2022, potential ordinary shares are anti-dilutive, as their inclusion in the diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

Dividends (Details)

Dividends (Details) - GBP (£)	6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Dividends
Dividends paid	£ 0	£ 0

Property, plant and equipment_2

Property, plant and equipment (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of changes in property, plant and equipment
Opening amount			£ 253,282	£ 242,661
Additions			9,440	6,700
Depreciation charge	£ (3,755)	£ (2,953)	(7,476)	(5,927)
Closing amount	255,246	243,434	255,246	243,434
Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			409,992	396,333
Closing amount	419,432	403,033	419,432	403,033
Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(156,710)	(153,672)
Closing amount	(164,186)	(159,599)	(164,186)	(159,599)
Property
Reconciliation of changes in property, plant and equipment
Opening amount			220,736	218,116
Additions			2,783	1,884
Depreciation charge			(1,743)	(1,703)
Closing amount	221,776	218,297	221,776	218,297
Property | Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			287,413	281,377
Closing amount	290,196	283,261	290,196	283,261
Property | Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(66,677)	(63,261)
Closing amount	(68,420)	(64,964)	(68,420)	(64,964)
Plant and machinery
Reconciliation of changes in property, plant and equipment
Opening amount			11,612	5,269
Additions			1,872	1,167
Depreciation charge			(2,455)	(1,330)
Closing amount	11,029	5,106	11,029	5,106
Plant and machinery | Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			46,706	39,562
Closing amount	48,578	40,729	48,578	40,729
Plant and machinery | Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(35,094)	(34,293)
Closing amount	(37,549)	(35,623)	(37,549)	(35,623)
Fixtures and fittings
Reconciliation of changes in property, plant and equipment
Opening amount			20,934	19,276
Additions			4,785	3,649
Depreciation charge			(3,278)	(2,894)
Closing amount	22,441	20,031	22,441	20,031
Fixtures and fittings | Cost / gross value
Reconciliation of changes in property, plant and equipment
Opening amount			75,873	75,394
Closing amount	80,658	79,043	80,658	79,043
Fixtures and fittings | Accumulated depreciation, amortization and impairment
Reconciliation of changes in property, plant and equipment
Opening amount			(54,939)	(56,118)
Closing amount	£ (58,217)	£ (59,012)	£ (58,217)	£ (59,012)

Leases - Amounts recognized in

Leases - Amounts recognized in the consolidated balance sheet (Details) - GBP (£)	6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Right-of-use assets	£ 8,199,000	£ 3,353,000	£ 8,760,000
Additions to right-of-use assets	113,000	301,000	6,384,000
Lease liabilities:
Current	861,000	804,000	1,036,000
Non-current	7,704,000	2,475,000	7,844,000
Total lease liabilities	8,565,000	3,279,000	8,880,000	£ 4,430,000
Property
Leases
Right-of-use assets	7,683,000	2,925,000	8,114,000
Plant and machinery
Leases
Right-of-use assets	£ 516,000	£ 428,000	£ 646,000

Leases - Movement in lease liab

Leases - Movement in lease liabilities (Details) - GBP (£) £ in Thousands	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Leases
Beginning balance	£ 8,880	£ 3,279	£ 4,430
Cash flows	(806)	(627)	(1,515)
Additions	143	6,084	300
Accretion expense	348	144	64
Ending balance	£ 8,565	£ 8,880	£ 3,279

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, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Leases
Depreciation - right-of-use assets	£ (328)	£ (586)	£ (639)	£ (1,020)
Interest expense (included in finance cost)	(72)	(41)	(348)	(64)
Expense relating to short-term leases (included in operating expenses)	(62)	(99)	(134)	(194)
Property
Leases
Depreciation - right-of-use assets	(215)	(361)	(431)	(730)
Plant and machinery
Leases
Depreciation - right-of-use assets	£ (113)	£ (225)	£ (208)	£ (290)

Investment property (Details)

Investment property (Details) - GBP (£)	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Investment property
Opening amount			£ 19,993,000	£ 20,273,000
Depreciation charge	£ (70,000)	£ (70,000)	(140,000)	(140,000)
Closing amount	19,853,000	20,133,000	19,853,000	20,133,000
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			(12,200,000)	(11,920,000)
Closing amount	£ (12,340,000)	£ (12,060,000)	(12,340,000)	£ (12,060,000)
Not measured at fair value in statement of financial position but for which fair value is disclosed
Investment property
Opening amount			£ 32,970,000

Intangible assets - Reconciliat

Intangible assets - Reconciliation of intangible assets (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of intangible assets
Opening net book amount			£ 812,382	£ 743,278
Additions			217,436	222,171
Disposals			(9,951)	(8,810)
Amortization charge	£ (50,495)	£ (44,971)	(97,340)	(85,110)
Closing net book amount	922,527	871,529	922,527	871,529
Cost / gross value
Reconciliation of intangible assets
Opening net book amount			1,368,446	1,219,466
Closing net book amount	1,472,518	1,409,586	1,472,518	1,409,586
Accumulated depreciation, amortization and impairment
Reconciliation of intangible assets
Opening net book amount			(556,064)	(476,188)
Closing net book amount	(549,991)	(538,057)	(549,991)	(538,057)
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			384,885	316,211
Additions			215,086	221,472
Disposals			(9,951)	(8,810)
Amortization charge			(95,863)	(83,736)
Closing net book amount	494,157	445,137	494,157	445,137
Registrations | Cost / gross value
Reconciliation of intangible assets
Opening net book amount			924,829	779,196
Closing net book amount	1,026,551	968,617	1,026,551	968,617
Registrations | Accumulated depreciation, amortization and impairment
Reconciliation of intangible assets
Opening net book amount			(539,944)	(462,985)
Closing net book amount	(532,394)	(523,480)	(532,394)	(523,480)
Other intangible assets
Reconciliation of intangible assets
Opening net book amount			6,044	5,614
Additions			2,350	699
Amortization charge			(1,477)	(1,374)
Closing net book amount	6,917	4,939	6,917	4,939
Other intangible assets | Cost / gross value
Reconciliation of intangible assets
Opening net book amount			22,164	18,817
Closing net book amount	24,514	19,516	24,514	19,516
Other intangible assets | Accumulated depreciation, amortization and impairment
Reconciliation of intangible assets
Opening net book amount			(16,120)	(13,203)
Closing net book amount	£ (17,597)	£ (14,577)	£ (17,597)	£ (14,577)

Intangible assets - Other intan

Intangible assets - Other intangible assets (Details) - GBP (£)	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Intangible assets
Intangible assets and goodwill	£ 922,527,000	£ 812,382,000	£ 871,529,000	£ 743,278,000
Cost / gross value
Intangible assets
Intangible assets and goodwill	1,472,518,000	1,368,446,000	1,409,586,000	1,219,466,000
Accumulated depreciation, amortization and impairment
Intangible assets
Intangible assets and goodwill	(549,991,000)	(556,064,000)	(538,057,000)	(476,188,000)
Other intangible assets
Intangible assets
Intangible assets and goodwill	6,917,000	6,044,000	4,939,000	5,614,000
Other intangible assets | Cost / gross value
Intangible assets
Intangible assets and goodwill	24,514,000	22,164,000	19,516,000	18,817,000
Other intangible assets | Cost / gross value | Internally generated
Intangible assets
Intangible assets and goodwill	2,103,000		2,103,000
Other intangible assets | Accumulated depreciation, amortization and impairment
Intangible assets
Intangible assets and goodwill	(17,597,000)	£ (16,120,000)	(14,577,000)	£ (13,203,000)
Other intangible assets | Accumulated depreciation, amortization and impairment | Internally generated
Intangible assets
Intangible assets and goodwill	£ (2,103,000)		£ (2,101,000)

Deferred tax - Analysis of the

Deferred tax - Analysis of the deferred tax (Details) - GBP (£) £ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Deferred tax
Net deferred tax liability	£ (924)	£ (3,304)	£ (2,413)	£ (7,402)

Deferred tax - Movements in net

Deferred tax - Movements in net deferred tax asset (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2024	Jun. 30, 2023
Movements in net deferred tax asset
Net deferred tax liability at beginning of period			£ (3,304)	£ (7,402)	£ (3,304)	£ (7,402)
Credited to the statement of profit or loss (Note 11)	£ (6,194)	£ (2,541)	1,038	5,408		4,801
Credited/(expensed) to other comprehensive income (Note 11)	(975)	(517)	1,342	(419)		(1,018)
Credit relating to share-based payments						315
Net deferred tax liability at end of period	£ (924)	£ (2,413)	£ (924)	£ (2,413)		£ (3,304)
US
Movements in net deferred tax asset
Tax rate			21%
UK
Movements in net deferred tax asset
Tax rate			25%		25%

Inventories (Details)

Inventories (Details) - GBP (£)	6 Months Ended		12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2023
Inventories
Finished goods	£ 4,024,000	£ 3,272,000	£ 3,165,000
Cost of inventory recognized during the period	£ 8,614,000	£ 7,042,000	£ 12,307,000

Trade receivables (Details)

Trade receivables (Details) - GBP (£)	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Trade receivables
Trade receivables	£ 105,886,000	£ 53,470,000	£ 137,633,000
Less: non-current portion
Trade receivables	24,498,000	22,303,000	21,224,000
Current trade receivables	81,388,000	31,167,000	116,409,000
Transfer fees receivable	52,220,000	42,309,000	55,311,000
Deferred revenue contractually payable to Group	24,591,000	13,207,000	35,087,000
Gross contractual trade receivables pre discounting	108,900,000	54,393,000	139,199,000
Due after 1 year
Less: non-current portion
Transfer fees receivable	24,498,000	22,303,000	21,224,000
Cost / gross value
Trade receivables
Trade receivables	124,019,000	69,729,000	150,863,000
Accumulated impairment
Trade receivables
Trade receivables	£ (18,133,000)	£ (16,259,000)	£ (13,230,000)

Derivative financial instrume_3

Derivative financial instruments (Details) - GBP (£) £ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	£ 2,639	£ 15,809	£ 30,065
Derivative financial instruments, liabilities	(2,073)	(1,679)	(519)
Derivative financial instruments, non-current assets	200	7,492	22,189
Derivative financial instruments, non-current liabilities	(1,482)	(748)	(519)
Derivative financial instruments, current assets	2,439	8,317	7,876
Derivative financial instruments, current liabilities	(591)	(931)
Interest rate swap | Derivatives used for hedging:
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	2,211	4,173	4,901
Derivative financial instruments, non-current assets			4,901
Embedded foreign exchange derivatives | At fair value through profit and loss
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	107	11,258	22,561
Derivative financial instruments, non-current assets	41	7,114	15,938
Forward foreign exchange contracts | Derivatives used for hedging:
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets	321	378
Derivative financial instruments, non-current assets	159	378
Forward foreign exchange contracts | At fair value through profit and loss
Disclosure of detailed information about financial instruments
Derivative financial instruments, assets			2,603
Derivative financial instruments, non-current assets			1,350
Embedded foreign exchange derivatives | At fair value through profit and loss:
Disclosure of detailed information about financial instruments
Derivative financial instruments, liabilities	(1)	(64)
Forward foreign exchange contracts | Derivatives used for hedging:
Disclosure of detailed information about financial instruments
Derivative financial instruments, liabilities	(2,072)	(1,615)
Derivative financial instruments, non-current liabilities	£ (1,482)	£ (748)
Forward foreign exchange contracts | At fair value through profit and loss:
Disclosure of detailed information about financial instruments
Derivative financial instruments, liabilities			(519)
Derivative financial instruments, non-current liabilities			£ (519)

Cash and cash equivalents (Deta

Cash and cash equivalents (Details) - GBP (£) £ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Cash and cash equivalents
Cash at bank and in hand	£ 62,809	£ 76,019	£ 31,045

Share capital (Details)

Share capital (Details)	6 Months Ended
	Dec. 31, 2023 GBP (£) Vote item shares	Jun. 30, 2023 GBP (£) shares	Dec. 31, 2022 GBP (£) shares	Dec. 31, 2023 $ / shares	Dec. 31, 2023 GBP (£) 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		£ 21,305,000
Ordinary shares
Number of shares
Balance at the beginning (in shares) | shares	164,842,000	164,745,000	164,745,000
Employee share-based compensation awards - issue of shares (in shares) | shares	0	97,000	0
Balance at the end (in shares) | shares	164,842,000	164,842,000	164,745,000
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
Number of shares
Balance at the end (in shares) | shares	54,537,360
Ordinary shares
Par value per ordinary share (in dollars per share) | $ / shares				$ 0.0005
Number of voting right per share | Vote	1
Number of shares held in treasury | shares					1,682,896
Treasury shares | £					£ 21,305,000
Class B ordinary shares
Number of shares
Balance at the end (in shares) | shares	110,207,613
Ordinary shares
Par value per ordinary share (in dollars per share) | $ / shares				$ 0.0005
Number of voting right per share | Vote	10
Percentage of ordinary shares outstanding below which Class B shares will convert to Class A	10%
Percentage of voting power of shareholders	67%

Treasury shares (Details)

Treasury shares (Details) - GBP (£) £ in Thousands, shares in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Treasury shares, Value
Value of shares	£ (96,017)	£ (103,950)	£ (109,752)	£ (127,508)
Treasury shares
Treasury shares, Number of shares
Number of shares	1,683	1,683	1,683	1,683
Treasury shares, Value
Value of shares	£ 21,305	£ 21,305	£ 21,305	£ 21,305

Trade and other payables (Detai

Trade and other payables (Details) - GBP (£)	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Trade and other payables
Trade payables	£ 348,707,000	£ 302,708,000	£ 290,239,000
Other payables	10,274,000	12,039,000	13,420,000
Accrued expenses	49,139,000	62,271,000	66,079,000
Social security and other taxes	13,472,000	20,595,000	18,529,000
Total trade and other payables	421,592,000	397,613,000	388,267,000
Less: non-current portion
Trade payables	189,693,000	160,649,000	159,719,000
Other payables	198,000	492,000	776,000
Non-current trade and other payables	189,891,000	161,141,000	160,495,000
Current trade and other payables	231,701,000	236,472,000	227,772,000
Transfer fees and other associated costs	338,978,000	276,626,000	280,730,000
Gross contractual trade payables pre discounting	378,560,000	317,809,000	307,913,000
Due after 1 year
Less: non-current portion
Transfer fees and other associated costs	189,693,000	160,649,000	159,719,000
Between 1 and 2 years
Less: non-current portion
Transfer fees and other associated costs	108,752,000	80,256,000	79,385,000
Between 2 and 5 years
Less: non-current portion
Transfer fees and other associated costs	80,941,000	80,393,000	79,855,000
Later than 5 years
Less: non-current portion
Transfer fees and other associated costs	£ 0	£ 0	£ 479,000

Borrowings (Details)

Borrowings (Details)	6 Months Ended
	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 GBP (£)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 GBP (£)	Dec. 31, 2022 USD ($)
Disclosure of detailed information about borrowings
Total borrowings	£ 773,301,000		£ 613,296,000		£ 741,900,000
Non-current borrowings	506,509,000		507,335,000		535,654,000
Current borrowings	266,792,000		105,961,000		206,246,000
Senior secured notes
Disclosure of detailed information about borrowings
Total borrowings	331,572,000		332,112,000		350,626,000
Non-current borrowings	331,572,000		332,112,000		350,626,000
Unamortized issue costs on borrowings	1,866,000		2,113,000		2,354,000
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	174,937,000		175,223,000		185,028,000
Non-current borrowings	174,937,000		175,223,000		185,028,000
Unamortized issue costs on borrowings	1,589,000		1,720,000		1,850,000
Principal amount / Notional amount | $		$ 225,000,000		$ 225,000,000		$ 225,000,000
Revolving facilities
Disclosure of detailed information about borrowings
Total borrowings	260,000,000		100,000,000		200,000,000
Principal amount / Notional amount	300,000,000
Undrawn borrowing facilities	40,000,000		200,000,000		100,000,000
Accrued interest on senior secured notes and revolving credit facilities
Disclosure of detailed information about borrowings
Total borrowings	£ 6,792,000		£ 5,961,000		£ 6,246,000
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
4 April 2025 | Revolving facilities
Disclosure of detailed information about borrowings
Principal amount / Notional amount	£ 150,000,000
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%

Provisions - Movement (Details)

Provisions - Movement (Details) - GBP (£) £ in Thousands	6 Months Ended
	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Movements in provisions
Opening balance	£ 12,939	£ 13,003	£ 12,644
Reassessment of provisions	(1,876)	(71)	68
Additional provisions recognized		7	291
Closing balance	11,063	12,939	13,003
Non-current provisions		(93)	(89)
Current provisions	11,063	12,846	12,914
Other provision
Movements in provisions
Opening balance	876	1,240	1,143
Reassessment of provisions	79	(364)	97
Closing balance	955	876	1,240
Current provisions	£ 955
Other provision | Minimum
Movements in provisions
Remaining term on leased properties	3 months
Other provision | Maximum
Movements in provisions
Remaining term on leased properties	9 years
Tax
Movements in provisions
Opening balance	£ 12,063	11,763	11,501
Reassessment of provisions	(1,955)	293	(29)
Additional provisions recognized		7	291
Closing balance	10,108	£ 12,063	£ 11,763
Current provisions	£ 10,108

Cash used in operations (Detail

Cash used in operations (Details) - GBP (£) £ in Thousands	3 Months Ended		6 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Cash used in operations
Profit/(loss) before income tax	£ 27,219	£ 9,255	£ (5,585)	£ (25,115)
Depreciation	4,153	3,609	8,255	7,087
Amortization	50,495	44,971	97,340	85,110
(Profit)/loss on disposal of intangible assets	(399)	2,588	(29,880)	(14,020)
Net finance costs/(income)	275	(12,115)	34,894	18,873
Non-cash employee benefit expense - equity-settled share-based payments	736	626	1,476	1,155
Foreign exchange losses on operating activities	619	5,140	477	3,967
Reclassified from hedging reserve	250	(367)	(2)	(530)
Changes in working capital:
Inventories	1,022	480	(859)	(1,072)
Prepayments	9,286	4,638	(10,833)	(10,928)
Contract assets - accrued revenue	(14,476)	(7,366)	(18,487)	(17,266)
Trade receivables	(39,110)	(64,070)	(44,355)	(48,087)
Other receivables	9,612	(497)	7,863	(857)
Contract liabilities - deferred revenue	(64,780)	(23,898)	(18,581)	(14,716)
Trade and other payables	(23,602)	(19,821)	(31,839)	(36,974)
Provisions	688	194	(2,025)	359
Cash used in operations	£ (38,012)	£ (56,633)	£ (12,141)	£ (53,014)

Pension arrangements (Details)

Pension arrangements (Details) - Football League Pension and Life Assurance Scheme - GBP (£)	1 Months Ended	6 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Aug. 31, 2020
Pension arrangements
Total deficit on actuarial valuation					£ 27,500,000
Contribution to current accrual of benefits		£ 0
Total contributions paid by Group based on actuarial valuation		573,000
Percentage of increase in contributions	5%
Present value of outstanding contributions to pension arrangements		777,000
Within 1 year
Pension arrangements
Present value of outstanding contributions to pension arrangements		579,000	£ 567,000	£ 555,000
Due after 1 year
Pension arrangements
Present value of outstanding contributions to pension arrangements		£ 198,000	£ 491,000	£ 777,000

Financial risk management - Hed

Financial risk management - Hedging activities (Details) $ in Thousands	Dec. 31, 2023 USD ($) $ / £	Jun. 30, 2023 USD ($) $ / £	Dec. 31, 2022 USD ($) $ / £
Financial risk management activities
Closing exchange rate | $ / £	1.2746	1.2716	1.2040
US dollar
Financial risk management activities
Net debt	$ 616,800	$ 592,500	$ 641,100
Hedged future USD revenues	(253,600)	(52,000)	(50,780)
Unhedged USD borrowings	363,200	540,500	590,320
Borrowings | US dollar
Financial risk management activities
Net debt	650,000	650,000	650,000
Cash and cash equivalents | US dollar
Financial risk management activities
Net debt	$ (33,200)	$ (57,500)	$ (8,900)

Financial risk management - Swa

Financial risk management - Swaps (Details) - Interest rate swap $ in Thousands	6 Months Ended
	Dec. 31, 2023 GBP (£) USD ($)	Jun. 30, 2023 GBP (£) USD ($)	Dec. 31, 2022 GBP (£) USD ($)
Financial risk management activities
Fair value of interest rate swaps, asset | £	£ 2,211,000	£ 4,173,000	£ 4,901,000
Long position
Financial risk management activities
Principal value of loan outstanding | $	150,000	150,000	150,000
Rate received	1 month $ SOFR	1 month $ SOFR	1 month $ LIBOR
Rate paid	1.9215%	1.9215%	2.032%

Financial risk management - Sum

Financial risk management - Summary of hedging reserve (Details) - GBP (£) £ in Thousands	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Financial risk management
Cash flow hedge reserve	£ 1,521	£ 2,815	£ 2,249
Cost of hedging reserve	(1,546)	1,187
Total hedging reserve	£ (25)	£ 4,002	£ 2,249

Contingent liabilities and co_3

Contingent liabilities and contingent assets (Details) - GBP (£)	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Transfer fees
Additional fees payable, first team squad	£ 118,969,000
Additional fees payable, other	39,071,000
Additional fees payable	158,040,000	£ 133,142,000	£ 141,097,000
Probable effect of contingent assets	250,000	£ 0	£ 0
MUFC appearances/team success/new contract
Transfer fees
Additional fees payable, first team squad	75,700,000
Additional fees payable, other	36,668,000
Additional fees payable	112,368,000
International appearances
Transfer fees
Additional fees payable, first team squad	10,256,000
Additional fees payable, other	2,229,000
Additional fees payable	12,485,000
Awards
Transfer fees
Additional fees payable, first team squad	32,085,000
Additional fees payable	32,085,000
Other
Transfer fees
Additional fees payable, first team squad	928,000
Additional fees payable, other	174,000
Additional fees payable	£ 1,102,000

Commitments - Capital commitmen

Commitments - Capital commitments (Details) - GBP (£)	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment
Capital commitments
Capital commitments	£ 2,166,000	£ 5,152,000	£ 2,090,000
Other intangible assets
Capital commitments
Capital commitments	£ 0	£ 0	£ 192,000

Events occurring after the re_2

Events occurring after the reporting period (Details) $ in Millions			2 Months Ended	6 Months Ended
	Feb. 28, 2024 GBP (£)	Feb. 20, 2024 USD ($) shares	Mar. 13, 2024 GBP (£)	Dec. 31, 2023 GBP (£) shares	Dec. 31, 2022 GBP (£) shares	Jun. 30, 2023 GBP (£) shares	Jun. 30, 2022 shares
Events occurring after the reporting date
Net book value of disposals of intangible assets				£ 9,951,000	£ 8,810,000
Additions or extensions of intangible assets				217,436,000	222,171,000
Borrowings				773,301,000	741,900,000	£ 613,296,000
Revolving facilities
Events occurring after the reporting date
Borrowings				260,000,000	£ 200,000,000	£ 100,000,000
Available facility				£ 300,000,000
Ordinary shares
Events occurring after the reporting date
Number of shares issued | shares				164,842,000	164,745,000	164,842,000	164,745,000
Class A ordinary shares
Events occurring after the reporting date
Number of shares issued | shares				54,537,360
Class B ordinary shares
Events occurring after the reporting date
Number of shares issued | shares				110,207,613
Registrations
Events occurring after the reporting date
Net book value of disposals of intangible assets				£ 9,951,000	£ 8,810,000
Additions or extensions of intangible assets				£ 215,086,000	£ 221,472,000
Disposal of playing registrations | Registrations
Events occurring after the reporting date
Proceeds from disposal of registrations, net of associated costs			£ 989,000
Net book value of disposals of intangible assets			29,000
Solidarity contributions, training compensation, sell-on fees and contingent consideration receivable			207,000
Acquisition or extension of playing registrations | Registrations
Events occurring after the reporting date
Additions or extensions of intangible assets			350,000
Sell-on fees and contingent consideration payable			£ 1,210,000
Completion of minority investment | Class A ordinary shares
Events occurring after the reporting date
Number of shares issued | shares		56,601,130
Completion of minority investment | Class B ordinary shares
Events occurring after the reporting date
Number of shares issued | shares		114,301,320
Completion of minority investment | Sir Jim Ratcliffe, through Trawlers Limited
Events occurring after the reporting date
Voting rights		27.70%
Investment made into club | $		$ 200
Completion of minority investment | Sir Jim Ratcliffe, through Trawlers Limited | Within 1 year
Events occurring after the reporting date
Investment to be made into club | $		$ 100
Revolving facilities repayment | Revolving facilities
Events occurring after the reporting date
Repayment	£ 120,000,000
Borrowings	140,000,000
Available facility	300,000,000
Revolving facilities repayment | Initial revolving facility with Bank of America
Events occurring after the reporting date
Repayment	35,000,000
Revolving facilities repayment | Bilateral facility with Bank of America
Events occurring after the reporting date
Repayment	52,500,000
Revolving facilities repayment | Revolving facility with Santander
Events occurring after the reporting date
Repayment	£ 32,500,000

Related party transactions (Det

Related party transactions (Details) - item	Mar. 08, 2024	Dec. 31, 2023
Trusts and other entities controlled by descendants of Malcolm Glazer
Related party transactions
Number of lineal descendants of Mr. Malcolm Glazer	6	6
Voting power on outstanding capital stock (as a percent)	69.10%	95.62%
Trusts and other entities controlled by descendants of Malcolm Glazer | Class A ordinary shares
Related party transactions
Ownership interest on issued and outstanding ordinary shares (as a percent)		4.37%
Trusts and other entities controlled by descendants of Malcolm Glazer | Class B ordinary shares
Related party transactions
Ownership interest on issued and outstanding ordinary shares (as a percent)		100%
Sir Jim Ratcliffe
Related party transactions
Voting power on outstanding capital stock (as a percent)	27.70%

Subsidiaries (Details)

Subsidiaries (Details)	6 Months Ended
	Dec. 31, 2023
Red Football Finance Limited
Subsidiaries
Percentage of ownership interest	100%
Red Football Holdings Limited
Subsidiaries
Percentage of ownership interest	100%
Red Football Shareholder Limited
Subsidiaries
Percentage of ownership interest	100%
Red Football Joint Venture Limited
Subsidiaries
Percentage of ownership interest	100%
Red Football Limited
Subsidiaries
Percentage of ownership interest	100%
Red Football Junior Limited
Subsidiaries
Percentage of ownership interest	100%
Manchester United Limited
Subsidiaries
Percentage of ownership interest	100%
Alderley Urban Investments Limited
Subsidiaries
Percentage of ownership interest	100%
Manchester United Football Club Limited
Subsidiaries
Percentage of ownership interest	100%
Manchester United Women's Football Club Limited
Subsidiaries
Percentage of ownership interest	100%
Manchester United Interactive Limited
Subsidiaries
Percentage of ownership interest	100%
MU 099 Limited
Subsidiaries
Percentage of ownership interest	100%
MU Commercial Holdings Limited
Subsidiaries
Percentage of ownership interest	100%
MU Commercial Holdings Junior Limited
Subsidiaries
Percentage of ownership interest	100%
MU Finance Limited
Subsidiaries
Percentage of ownership interest	100%
MU RAML Limited
Subsidiaries
Percentage of ownership interest	100%
MUTV Limited
Subsidiaries
Percentage of ownership interest	100%
RAML USA LLC
Subsidiaries
Percentage of ownership interest	100%