v3.25.0.1
Document and Entity Information
 6 Months Ended
Dec. 31, 2024
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, 2024
Current Fiscal Year End Date --06-30
Document Fiscal Year Focus 2025
Document Fiscal Period Focus Q2
v3.25.0.1
Interim consolidated statement of profit or (loss) - unaudited - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Interim consolidated statement of profit or (loss) - unaudited        
Revenue from contracts with customers £ 198,700 £ 225,756 £ 341,765 £ 382,852
Operating expenses (196,493) (198,661) (382,078) (383,423)
Profit on disposal of intangible assets 839 399 36,391 29,880
Operating profit/(loss) 3,046 27,494 (3,922) 29,309
Finance costs [1] (42,480) (16,593) (31,471) (37,842)
Finance income [1] 4,917 16,318 2,504 2,948
Net finance costs (37,563) (275) (28,967) (34,894)
(Loss)/profit before income tax (34,517) 27,219 (32,889) (5,585)
Income tax credit/(expense) 6,772 (6,845) 6,473 202
(Loss)/profit for the period £ (27,745) £ 20,374 £ (26,416) £ (5,383)
(Loss)/earnings per share during the period:        
Basic (loss)/earnings per share £ (0.1635) £ 0.1249 £ (0.1558) £ (0.0330)
Diluted (loss)/earnings per share [2] £ (0.1635) £ 0.1244 £ (0.1558) £ (0.0330)
[1] Each element of finance costs and income is split based on its position in both the three months ended 31 December and the six months ended 31 December. In both the current year and the prior year, exchange rate fluctuations have resulted in income and costs for the three months ended 31 December that are greater than the total net position across the six months ended 31 December. Further detail of this is provided in Note 10 to these interim financial statements.
[2] For the three months ended 31 December 2024 and the six months ended 31 December 2024 and 31 December 2023, 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.
v3.25.0.1
Interim consolidated statement of comprehensive income/(loss) - unaudited - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Interim consolidated statement of comprehensive income/(loss) - unaudited        
(Loss)/profit for the period £ (27,745) £ 20,374 £ (26,416) £ (5,383)
Items that may be reclassified to profit or loss        
Movement on hedges (5,514) 3,897 (3,403) (5,369)
Income tax credit/(expense) relating to movements on hedges 1,389 (975) 861 1,342
Other comprehensive (loss)/income for the period, net of income tax (4,125) 2,922 (2,542) (4,027)
Total comprehensive (loss)/income for the period £ (31,870) £ 23,296 £ (28,958) £ (9,410)
v3.25.0.1
Interim consolidated balance sheet - unaudited - GBP (£)
£ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Non-current assets      
Property, plant and equipment £ 267,060 £ 256,118 £ 255,246
Right-of-use assets 7,650 8,195 8,199
Investment properties 19,573 19,713 19,853
Intangible assets 946,014 837,564 922,527
Deferred tax assets 25,779 17,607  
Trade receivables 46,583 27,930 24,498
Derivative financial instruments 364 380 200
Total non-current assets 1,313,023 1,167,507 1,230,523
Current assets      
Inventories 13,423 3,543 4,024
Prepayments 27,568 18,759 26,945
Contract assets - accrued revenue 59,847 39,778 61,819
Trade receivables 88,776 36,999 81,388
Other receivables 2,022 2,735 2,065
Derivative financial instruments 247 1,917 2,439
Cash and cash equivalents 95,542 73,549 62,809
Total current assets 287,425 177,280 241,489
Total assets 1,600,448 1,344,787 1,472,012
Equity      
Share capital 56 55 53
Share premium 307,345 227,361 68,822
Treasury shares (21,305) (21,305) (21,305)
Merger reserve 249,030 249,030 249,030
Hedging reserve (3,542) (1,000) (25)
Retained deficit (334,870) (309,251) (200,558)
Total equity 196,714 144,890 96,017
Non-current liabilities      
Deferred tax liabilities     924
Contract liabilities - deferred revenue 4,146 5,347 8,059
Trade and other payables 179,438 175,894 189,891
Borrowings 515,719 511,047 506,509
Lease liabilities 8,018 7,707 7,704
Derivative financial instruments 3,179 4,911 1,482
Total non-current liabilities 710,500 704,906 714,569
Current liabilities      
Contract liabilities - deferred revenue 165,724 198,628 149,643
Trade and other payables 297,598 249,030 231,701
Income tax liabilities 966 427 775
Borrowings 215,746 35,574 266,792
Lease liabilities 672 934 861
Derivative financial instruments 4,558 2,603 591
Provisions 7,970 7,795 11,063
Total current liabilities 693,234 494,991 661,426
Total equity and liabilities £ 1,600,448 £ 1,344,787 £ 1,472,012
v3.25.0.1
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, 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 credit relating to movements on hedges         1,342   1,342
Total comprehensive (loss)/income 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
Loss for the period           (107,776) (107,776)
Cash flow hedges         (1,300)   (1,300)
Tax credit relating to movements on hedges         325   325
Total comprehensive (loss)/income for the period         (975) (107,776) (108,751)
Proceeds from issue of shares 2 158,539         158,541
Equity-settled share-based payments           (602) (602)
Deferred tax expense relating to share-based payments           (315) (315)
Balance at end of the period at Jun. 30, 2024 55 227,361 (21,305) 249,030 (1,000) (309,251) 144,890
Loss for the period           (26,416) (26,416)
Cash flow hedges         (3,403)   (3,403)
Tax credit relating to movements on hedges         861   861
Total comprehensive (loss)/income for the period         (2,542) (26,416) (28,958)
Proceeds from issue of shares 1 79,984         79,985
Equity-settled share-based payments           797 797
Balance at end of the period at Dec. 31, 2024 £ 56 £ 307,345 £ (21,305) £ 249,030 £ (3,542) £ (334,870) £ 196,714
v3.25.0.1
Interim consolidated statement of cash flows - unaudited - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Cash flow from operating activities        
Cash used in operations £ (55,807) £ (38,012) £ (32,599) £ (12,141)
Interest paid (7,401) (8,182) (18,771) (18,756)
Interest received 696 223 1,756 572
Tax (paid)/refunded (718) (561) (299) 5,256
Net cash outflow from operating activities (63,230) (46,532) (49,913) (25,069)
Cash flow from investing activities        
Payments for property, plant and equipment (6,936) (2,811) (17,235) (11,840)
Payments for intangible assets [1] (49,917) (35,729) (203,657) (167,942)
Proceeds from sale of intangible assets [1] 5,770 7,913 39,338 33,582
Net cash outflow from investing activities (51,083) (30,627) (181,554) (146,200)
Cash flow from financing activities        
Proceeds from issue of shares 79,985   79,985  
Proceeds from borrowings   60,000 200,000 160,000
Repayment of borrowings (20,000)   (20,000)  
Principal elements of lease payments (63) (300) (191) (500)
Net cash inflow from financing activities 59,922 59,700 259,794 159,500
Effect of exchange rate changes on cash and cash equivalents 375 (561) (6,334) (1,441)
Net (decrease)/increase in cash and cash equivalents (54,016) (18,020) 21,993 (13,210)
Cash and cash equivalents at beginning of period 149,558 80,829 73,549 76,019
Cash and cash equivalents at end of period £ 95,542 £ 62,809 £ 95,542 £ 62,809
[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.
v3.25.0.1
General information
 6 Months Ended
Dec. 31, 2024
General information  
General information

1General 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 20 February 2025.
v3.25.0.1
Basis of preparation
 6 Months Ended
Dec. 31, 2024
Basis of preparation  
Basis of preparation

2Basis of preparation

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 2024, as filed with the Securities and Exchange Commission on 13 September 2024, 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 2024 of £95.5 million, with all funds held as cash and cash equivalents and therefore available on demand. As of 31 December 2024, the Group also has access to undrawn revolving facilities of £90 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 2024, the Group also has £210 million of outstanding loans under our revolving facilities. The Group’s secured notes, revolving facilities and term loan mature in 2027, 2027 and 2029 respectively. As of 31 December 2024, the Group was in compliance with all debt covenants.

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.
v3.25.0.1
Accounting policies
 6 Months Ended
Dec. 31, 2024
Summary of significant accounting policies  
Accounting policies

3Accounting policies

The accounting policies adopted are consistent with those of the consolidated financial statements for the year ended 30 June 2024, 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 amendments to standards have been adopted by the Group for the first time for the year ended 30 June 2025:

●Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
●Leases on Sale and Leaseback (Amendment to IFRS 16)
●Supplier Finance (Amendment to IAS 7 and IFRS 17)

3Accounting policies (continued)

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

The following amendments to IFRS that have been issued by the IASB will become effective in a subsequent accounting period:

●Presentation and Disclosure in Financial Statements (IFRS 18)
●Lack of Exchangeability (Amendments to IAS 21)
●Classification and Measurement of Financial Instruments (Amendment to IFRS 9 and IFRS 7)

These changes are not expected to have a material effect on the Group’s results however the disclosure changes will impact key statements including the Consolidated Statement of Profit or Loss and the Consolidated Statement of Cash Flows as defined in IFRS 18, and the inclusion of management’s Adjusted EBITDA measure.
v3.25.0.1
Critical estimates and judgments
 6 Months Ended
Dec. 31, 2024
Critical estimates and judgments  
Critical estimates and judgments

4Critical 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 2024.
v3.25.0.1
Seasonality of revenue
 6 Months Ended
Dec. 31, 2024
Seasonality of revenue  
Seasonality of revenue

5Seasonality of revenue

We experience seasonality in our revenue and cash flow, limiting the overall comparability of interim financial periods. In any given interim period, our total revenue can vary based on the number of games played in that period, which affects the amount of Matchday and Broadcasting revenue recognized. Similarly, certain of our costs are derived from hosting games at Old Trafford, and these costs will also vary based on the number of games played in the period. We historically recognize the most revenue in our second and third fiscal quarters due to the scheduling of matches. However, a strong performance by our first team in European competitions and domestic cups could result in significant additional Matchday and Broadcasting revenue, and consequently we may also recognize the most revenue in our fourth fiscal quarter in those years.

5Seasonality of revenue (continued)

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.

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

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).

5Seasonality of revenue (continued)

iii)Matchday

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.
v3.25.0.1
Revenue from contracts with customers
 6 Months Ended
Dec. 31, 2024
Revenue from contracts with customers  
Revenue from contracts with customers

6Revenue from contracts with customers

6.1Disaggregation 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 non-current assets, other than US deferred tax assets, are held within the United Kingdom. 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

​

​

2024

​

2023

​

2024

​

2023

​

    

£’000

    

£’000

    

£’000

    

£’000

Sponsorship

​

42,949

​

39,156

​

94,709

​

95,322

Retail, merchandising, apparel & product licensing

​

42,129

​

32,606

​

75,647

​

66,821

Commercial

 

85,078

​

71,762

 

170,356

 

162,143

Domestic competitions

​

49,700

​

59,734

​

76,780

​

89,678

European competitions

​

10,802

​

45,177

​

12,773

​

52,692

Other

​

1,160

​

1,529

​

3,369

​

3,417

Broadcasting

 

61,662

​

106,440

 

92,922

 

145,787

Matchday

 

51,960

​

47,554

 

78,487

 

74,922

​

 

198,700

​

225,756

 

341,765

 

382,852

​

6Revenue from contracts with customers (continued)

6.2Assets 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 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

Recognized in revenue during the period

 

38,994

Cash received/amounts invoiced during the period

 

(61,035)

At 30 June 2024

 

39,778

Recognized in revenue during the period

 

94,657

Cash received/amounts invoiced during the period

​

(74,588)

At 31 December 2024

 

59,847

​

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.

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 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 non-current during the period

​

1,400

​

(1,400)

​

—

At 31 December 2023

 

(149,643)

 

(8,059)

 

(157,702)

Recognized in revenue during the period

 

126,256

 

—

 

126,256

Cash received/amounts invoiced during the period

 

(172,529)

 

—

 

(172,529)

Reclassified to current during the period

 

(2,712)

 

2,712

 

—

At 30 June 2024

 

(198,628)

 

(5,347)

 

(203,975)

Recognized in revenue during the period

 

146,080

 

—

 

146,080

Cash received/amounts invoiced during the period

 

(111,975)

 

—

 

(111,975)

Reclassified to current during the period

 

(1,201)

 

1,201

 

—

At 31 December 2024

 

(165,724)

​

(4,146)

 

(169,870)

​

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.
v3.25.0.1
Operating expenses
 6 Months Ended
Dec. 31, 2024
Operating expenses  
Operating expenses

7Operating expenses

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

​

2024

​

2023

​

2024

​

2023

​

    

£’000

    

£’000

    

£’000

    

£’000

Employee benefit expenses

 

(82,491)

​

(95,090)

 

(162,732)

 

(185,382)

Depreciation - property, plant and equipment (Note 14)

 

(3,960)

​

(3,755)

 

(7,868)

 

(7,476)

Depreciation – right-of-use assets (Note 15)

​

(263)

​

(328)

​

(541)

​

(639)

Depreciation - investment property (Note 16)

 

(70)

​

(70)

 

(140)

 

(140)

Amortization (Note 17)

 

(49,423)

​

(50,495)

 

(102,693)

 

(97,340)

Sponsorship, other commercial and broadcasting costs

​

(15,937)

​

(6,186)

​

(26,452)

​

(19,138)

External Matchday costs

​

(9,494)

​

(11,282)

​

(17,416)

​

(18,843)

Property costs

​

(4,383)

​

(4,263)

​

(8,533)

​

(7,839)

Other operating expenses

 

(15,935)

​

(17,597)

 

(32,528)

 

(37,031)

Exceptional items (Note 8)

 

(14,537)

​

(9,595)

 

(23,175)

 

(9,595)

​

 

(196,493)

​

(198,661)

 

(382,078)

 

(383,423)

​
v3.25.0.1
Exceptional items
 6 Months Ended
Dec. 31, 2024
Exceptional items  
Exceptional items

8Exceptional items

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Club restructuring and redundancy costs

​

(38)

​

—

​

(8,676)

​

—

Costs associated with loss of office

 

(14,499)

 

(5,529)

 

(14,499)

 

(5,529)

Costs related to strategic review and share sale agreement with Sir Jim Ratcliffe

​

—

​

(4,066)

​

—

​

(4,066)

​

 

(14,537)

 

(9,595)

 

(23,175)

 

(9,595)

​

Exceptional items for the three and six months ended 31 December 2024 include costs related to the restructuring of the club’s operations and a redundancy scheme implemented in the first half of fiscal year 2025, as well as costs associated with the departure of former men’s first team manager Erik ten Hag and various members of football staff.

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 Trawlers Limited, a company wholly owned by 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 2023 comprise costs related to this transaction and compensation for loss of office charges for changes in management as a result of this transaction.
v3.25.0.1
Profit on disposal of intangible assets
 6 Months Ended
Dec. 31, 2024
Profit on disposal of intangible assets  
Profit on disposal of intangible assets

9Profit on disposal of intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Profit on disposal of registrations

 

839

​

399

 

36,391

 

29,880

​
v3.25.0.1
Net finance costs
 6 Months Ended
Dec. 31, 2024
Net finance costs  
Net finance costs

10Net finance costs

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Interest payable on bank loans and overdrafts

 

(296)

​

(65)

 

(834)

 

(313)

Interest payable on secured term loan facility, senior secured notes and revolving facilities

 

(10,420)

​

(10,407)

 

(18,355)

 

(18,798)

Interest payable on lease liabilities (Note 15)

​

(109)

​

(72)

​

(279)

​

(348)

Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities

 

(505)

​

(570)

 

(990)

 

(753)

Foreign exchange losses on retranslation of unhedged US dollar borrowings (1)

​

(15,936)

​

—

​

—

​

(421)

Unwinding of discount relating to registrations

 

(4,132)

​

(4,471)

 

(8,777)

 

(7,951)

Interest on provisions

​

(106)

​

(62)

​

(214)

​

(149)

Hedge ineffectiveness on cash flow hedges

​

(10,976)

​

—

​

(291)

​

—

Fair value movement on derivative financial instruments:

​

​

​

​

​

​

​

​

Embedded foreign exchange derivatives

 

—

​

(946)

 

(1,731)

 

(9,109)

Total finance costs

 

(42,480)

​

(16,593)

 

(31,471)

 

(37,842)

Interest receivable on short-term bank deposits

 

696

​

223

 

1,756

 

572

Foreign exchange gains on retranslation of unhedged US dollar borrowings (2)

​

—

​

13,332

​

748

​

—

Hedge ineffectiveness on cash flow hedges

​

—

​

2,763

​

—

​

2,376

Fair value movement on derivative financial instruments:

​

​

​

​

​

​

​

​

Embedded foreign exchange derivatives

​

4,221

​

—

​

—

​

—

Total finance income (3)

​

4,917

​

16,318

​

2,504

​

2,948

Net finance costs

 

(37,563)

​

(275)

 

(28,967)

 

(34,894)

(1)Unrealized foreign exchange losses on unhedged USD borrowings due to an unfavourable swing in foreign exchange rates.
(2)Unrealized foreign exchange gains on unhedged USD borrowings due to a favourable swing in foreign exchange rates.
(3)Each element of finance income is split based on its position in both the three months ended 31 December and the six months ended 31 December. In both the current year and the prior year, exchange rate fluctuations have resulted in income for the three months ended 31 December that is greater than the total net position across the six months ended 31 December.
v3.25.0.1
Income tax credit/(expense)
 6 Months Ended
Dec. 31, 2024
Income tax credit/(expense)  
Income tax credit/(expense)

11Income tax credit/(expense)

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Current tax

 

  

​

  

 

  

 

  

Current tax on loss for the period

 

(38)

​

(89)

 

(105)

 

(160)

Foreign tax

 

(732)

​

(562)

 

(733)

 

(676)

Total current tax expense

 

(770)

​

(651)

 

(838)

 

(836)

Deferred tax

 

​

​

​

 

​

 

​

Origination and reversal of temporary differences

 

7,542

​

(6,194)

 

7,311

 

1,038

Total deferred tax credit/(expense)

 

7,542

​

(6,194)

 

7,311

 

1,038

Total income credit/(expense)

 

6,772

​

(6,845)

 

6,473

 

202

​

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 2025 is 21.91% (30 June 2024: 14.84%).

The current year estimated weighted average annual tax rate of 21.91% is driven by UK deferred tax movements, recognized at the UK Corporation tax rate of 25%.

11Income tax credit/(expense) (continued)

​

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

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Deferred tax (Note 18)

 

1,389

​

(975)

 

861

 

1,342

Total income tax credit/(expense) recognized in other comprehensive income

 

1,389

​

(975)

 

861

 

1,342

​
v3.25.0.1
(Loss)/earnings per share
 6 Months Ended
Dec. 31, 2024
(Loss)/earnings per share  
(Loss)/earnings per share

12(Loss)/ earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

(Loss)/profit for the period (£’000)

 

(27,745)

​

20,374

 

(26,416)

 

(5,383)

Basic (loss)/earnings per share (pence)

 

(16.35)

​

12.49

 

(15.58)

 

(3.30)

Diluted (loss)/earnings per share (pence) (1)

​

(16.35)

​

12.44

​

(15.58)

​

(3.30)

​

(i)Basic (loss)/earnings per share

Basic (loss)/earnings per share is calculated by dividing the (loss)/profit for the period by the weighted average number of ordinary shares in issue during the period.

(ii)Diluted (loss)/earnings per share

Diluted (loss)/earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the year to assume conversion of all dilutive potential ordinary shares. The Company has one category of dilutive potential ordinary shares: share awards pursuant to the 2012 Equity Incentive Plan (the “Equity Plan”). Share awards pursuant to the Equity Plan are assumed to have been converted into ordinary shares at the beginning of the financial year, or, if later, the date of issue of the potential ordinary shares.

(iii)Weighted average number of shares used as the denominator

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

​

2024

​

2023

​

2024

​

2023

​

​

Number

​

Number

​

Number

​

Number

​

    

‘000

    

‘000

    

‘000

    

‘000

Weighted average number of ordinary shares used as the denominator in calculating basic loss per share

​

169,746

​

163,159

​

169,532

​

163,159

Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares (1)

​

—

​

—

​

—

​

—

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (1)

​

169,746

​

163,159

​

169,532

​

163,159

(1)For the three and six months ended 31 December 2024 and six months ended 31 December 2023 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.
v3.25.0.1
Dividends
 6 Months Ended
Dec. 31, 2024
Dividends  
Dividends

13Dividends

No dividends were paid in the six months ended 31 December 2024 (six months ended 31 December 2023: nil).
v3.25.0.1
Property, plant and equipment
 6 Months Ended
Dec. 31, 2024
Property, plant and equipment  
Property, plant and equipment

14Property, plant and equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Freehold

    

Plant and

    

Fixtures

    

Assets under

    

​

​

​

property

​

machinery

​

and fittings

​

construction

​

Total 

​

​

£’000

​

£’000

​

£’000

​

£’000

​

£’000

At 1 July 2024

 

​

​

​

​

​

​

​

​

​

Cost

 

289,943

​

45,809

​

78,889

​

—

​

414,641

Accumulated depreciation

 

(69,910)

​

(34,395)

​

(54,218)

​

—

​

(158,523)

Net book amount

 

220,033

​

11,414

​

24,671

​

—

​

256,118

Six months ended 31 December 2024

 

​

​

​

​

​

​

​

​

​

Opening net book amount

 

220,033

​

11,414

​

24,671

​

—

​

256,118

Additions

 

3

 

2,397

 

6,350

​

10,060

 

18,810

Depreciation charge

 

(1,740)

 

(2,688)

 

(3,440)

​

—

 

(7,868)

Closing net book amount

 

218,296

 

11,123

 

27,581

​

10,060

 

267,060

At 31 December 2024

​

​

​

​

​

​

​

​

​

​

Cost

​

289,946

​

48,206

​

85,239

​

10,060

​

433,451

Accumulated depreciation

​

(71,650)

​

(37,083)

​

(57,658)

​

—

​

(166,391)

Net book amount

​

218,296

​

11,123

​

27,581

​

10,060

​

267,060

​

​

​

​

​

​

​

​

​

​

​

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

​
v3.25.0.1
Leases
 6 Months Ended
Dec. 31, 2024
Leases  
Leases

15Leases

​

(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

​

​

2024

​

2024

​

2023

​

​

£’000

​

£’000

​

£’000

Property

 

7,267

 

7,740

 

7,683

Plant and machinery

 

383

 

455

 

516

Total

 

7,650

 

8,195

 

8,199

​

Additions to right-of-use assets for the six months ended 31 December 2024 amounted to £81,000 (2023: £113,000) and for the year ended 30 June 2024 amounted to £749,000.

Lease liabilities:

​

​

​

​

​

​

​

​

​

    

31 December

    

30 June

    

31 December

​

​

2024

​

2024

​

2023

​

​

£’000

​

£’000

​

£’000

Current

 

672

 

934

 

861

Non-current

 

8,018

 

7,707

 

7,704

Total lease liabilities

 

8,690

 

8,641

 

8,565

​

The following table provides an analysis of the movements in lease liabilities:

​

​

​

​

​

    

£’000

At 1 July 2023

 

8,880

Cash flows

 

(806)

Additions

​

143

Accretion expense

 

348

At 31 December 2023

 

8,565

Cash flows

 

(863)

Additions

 

606

Accretion expense

 

333

At 30 June 2024

 

8,641

Cash flows

 

(311)

Additions

 

81

Accretion expense

 

279

At 31 December 2024

 

8,690

​

(ii)Amounts recognized in the consolidated statement of profit or loss:

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Depreciation charge of right-of-use assets

 

  

​

​

​

​

 

  

Property

 

(189)

​

(215)

​

(388)

 

(431)

Plant and machinery

 

(74)

​

(113)

​

(153)

 

(208)

​

 

(263)

​

(328)

​

(541)

 

(639)

Interest expense (included in finance costs)

 

(109)

​

(72)

​

(279)

 

(348)

Expense relating to short-term leases (included in operating expenses)

 

(62)

​

(62)

​

(123)

 

(134)

​

15Leases (continued)

​

(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.

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.
v3.25.0.1
Investment property
 6 Months Ended
Dec. 31, 2024
Investment property  
Investment property

16Investment property

​

​

​

​

​

​

Total

​

    

£’000

At 1 July 2024

 

​

Cost

 

32,193

Accumulated depreciation and impairment

 

(12,480)

Net book amount

 

19,713

Six months ended 31 December 2024

 

​

Opening net book amount

 

19,713

Depreciation charge

 

(140)

Closing net book amount

 

19,573

At 31 December 2024

​

​

Cost

​

32,193

Accumulated depreciation and impairment

​

(12,620)

Net book amount

​

19,573

​

​

​

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

​

Investment properties were externally valued as of 30 June 2024 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 2024 was £36,490,000. Management has considered the carrying amount of investment property as of 31 December 2024 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.
v3.25.0.1
Intangible assets
 6 Months Ended
Dec. 31, 2024
Intangible assets  
Intangible assets

17Intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

​

​

​

​

​

​

intangible

​

​

​

    

Goodwill

    

Registrations

    

assets

    

Total

​

​

£’000

​

£’000

​

£’000

​

£’000

At 1 July 2024

 

  

 

  

 

  

 

  

Cost

 

421,453

 

943,896

 

26,781

 

1,392,130

Accumulated amortization

 

—

 

(535,317)

 

(19,249)

 

(554,566)

Net book amount

 

421,453

 

408,579

 

7,532

 

837,564

Six months ended 31 December 2024

 

​

 

​

 

​

 

​

Opening net book amount

 

421,453

 

408,579

 

7,532

 

837,564

Additions

 

—

 

230,952

 

1,049

 

232,001

Disposals

 

—

 

(20,858)

 

—

 

(20,858)

Amortization charge

 

—

 

(101,051)

 

(1,642)

 

(102,693)

Closing net book amount

 

421,453

 

517,622

 

6,939

 

946,014

At 31 December 2024

​

​

​

​

​

​

​

​

Cost

​

421,453

​

1,030,967

​

27,831

​

1,480,251

Accumulated amortization

​

—

​

(513,345)

​

(20,892)

​

(534,237)

Net book amount

​

421,453

​

517,622

​

6,939

​

946,014

​

​

​

​

​

​

​

​

​

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

​

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 2024 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.

17Intangible 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 2024 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 2024 was £2,103,000 and £2,103,000 respectively (31 December 2023: £2,103,000 and £2,103,000 respectively).
v3.25.0.1
Deferred tax
 6 Months Ended
Dec. 31, 2024
Deferred tax  
Deferred tax

18Deferred tax

Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after allowable offset) for financial reporting purposes:

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Net deferred tax asset/(liability)

 

25,779

 

17,607

 

(924)

​

The movements in the net deferred tax asset/(liability) are as follows:

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

​

2023

​

​

£’000

​

£’000

    

£’000

At the beginning of the period

 

17,607

 

(3,304)

 

(3,304)

Credited to the statement of profit or loss (Note 11)

 

7,311

 

19,559

 

1,038

Credited to other comprehensive income (Note 11)

 

861

 

1,667

 

1,342

Expense relating to share-based payments

​

—

​

(315)

​

—

At the end of the period

 

25,779

 

17,607

 

(924)

​

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.
v3.25.0.1
Inventories
 6 Months Ended
Dec. 31, 2024
Inventories  
Inventories

19Inventories

​

​

​

​

​

​

​

​

​

    

31 December

    

30 June

​

31 December

​

​

2024

​

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Finished goods

 

13,423

 

3,543

 

4,024

​

The cost of inventories recognized as an expense and included in operating expenses for the six months ended 31 December 2024 amounted to £21,277,000 (year ended 30 June 2024: £13,043,000; six months ended 31 December 2023: £8,614,000).
v3.25.0.1
Trade receivables
 6 Months Ended
Dec. 31, 2024
Trade receivables.  
Trade receivables

20Trade receivables

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Trade receivables

 

147,257

 

75,914

 

124,019

Less: provision for impairment of trade receivables

 

(11,898)

 

(10,985)

 

(18,133)

Net trade receivables

 

135,359

 

64,929

 

105,886

Less: non-current portion

 

​

 

​

 

​

Trade receivables

 

46,583

 

27,930

 

24,498

Current trade receivables

 

88,776

 

36,999

 

81,388

​

Net trade receivables include transfer fees receivable from other football clubs of £90,865,000 (30 June 2024: £59,845,000; 31 December 2023: £52,220,000) of which £46,583,000 (30 June 2024: £27,930,000; 31 December 2023: £24,498,000) is receivable after more than one year. Net trade receivables also include £21,622,000 (30 June 2024: £5,753,000; 31 December 2023: £24,591,000) 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 2024 were £75,362,000 (30 June 2024: £67,198,000; 31 December 2023: £108,900,000).
v3.25.0.1
Derivative financial instruments
 6 Months Ended
Dec. 31, 2024
Derivative financial instruments.  
Derivative financial instruments

21Derivative financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31 December 2024

​

30 June 2024

​

31 December 2023

​

​

Assets

​

Liabilities

​

Assets

​

Liabilities

​

Assets

​

Liabilities

​

    

£’000

    

£’000

    

£’000

    

£’000

    

£’000

    

£’000

Used for hedging:

​

  

​

  

​

  

​

  

​

  

​

  

Interest rate swaps

​

—

​

—

​

—

​

—

​

2,211

​

—

Forward foreign exchange contracts

 

—

 

(7,737)

 

—

 

(7,514)

 

321

 

(2,072)

At fair value through profit or loss:

​

​

​

​

​

​

​

​

​

​

​

​

Embedded foreign exchange derivatives

 

611

 

—

 

2,297

 

—

 

107

 

(1)

​

 

611

 

(7,737)

 

2,297

 

(7,514)

 

2,639

 

(2,073)

Less non-current portion:

 

​

​

​

​

​

​

​

​

​

​

​

Used for hedging:

​

​

​

​

​

​

​

​

​

​

​

​

Forward foreign exchange contracts

 

—

​

(3,179)

​

—

​

(4,911)

​

159

​

(1,482)

At fair value through profit or loss:

 

​

​

​

 

​

 

​

 

​

​

​

Embedded foreign exchange derivatives

 

364

​

—

 

380

 

—

 

41

​

—

Non-current derivative financial instruments

 

364

​

(3,179)

 

380

 

(4,911)

 

200

​

(1,482)

Current derivative financial instruments

 

247

​

(4,558)

 

1,917

 

(2,603)

 

2,439

​

(591)

​

21Derivative financial instruments (continued)

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.
v3.25.0.1
Cash and cash equivalents
 6 Months Ended
Dec. 31, 2024
Cash and cash equivalents  
Cash and cash equivalents

22Cash and cash equivalents

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Cash at bank and in hand

 

95,542

 

73,549

 

62,809

​

Cash and cash equivalents for the purposes of the interim consolidated statement of cash flows are as above.
v3.25.0.1
Share capital
 6 Months Ended
Dec. 31, 2024
Share capital.  
Share capital

23Share capital

​

​

​

​

​

​

​

    

Number of shares

    

Ordinary shares

​

​

(thousands)

​

£’000

At 1 July 2023

 

164,842

 

53

Employee share-based compensation awards – issue of shares

 

—

 

—

At 31 December 2023

 

164,842

 

53

Trawlers Limited investment – issue of shares

 

6,061

 

2

Employee share-based compensation awards – issue of shares

​

98

​

—

At 30 June 2024

​

171,001

​

55

Trawlers Limited investment – issue of shares

 

3,030

 

1

At 31 December 2024

 

174,031

 

56

​

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. The rights of the holders of Class A ordinary shares and Class B ordinary shares are identical, except with respect to voting and conversion. Each Class A ordinary share is entitled to one vote per share and is not convertible into any other shares. Each Class B ordinary share is entitled to 10 votes per share and is convertible into one Class A ordinary share at any time. In addition, Class B ordinary shares will automatically convert into Class A ordinary shares upon certain transfers and other events, including upon the date when holders of all Class B ordinary shares cease to hold Class B ordinary shares representing, in the aggregate, at least 10% of the total number of Class A and Class B ordinary shares outstanding. For special resolutions (which are required for certain important matters including mergers and changes to the Company’s governing documents), which require the vote of two-thirds of the votes cast, at any time that Class B ordinary shares remain outstanding, the voting power permitted to be exercised by the holders of the Class B ordinary shares will be weighted such that the Class B ordinary shares shall represent, in the aggregate, 67% of the voting power of all shareholders.

23Share capital (continued)

​

In connection with the Trawlers Transaction, the Company issued 983,450 Class A ordinary shares and 2,046,854 Class B ordinary shares on 18 December 2024 for an aggregate subscription price of $100 million. This is in addition to the 1,966,899 Class A ordinary shares and 4,093,707 Class B ordinary shares issued to Trawlers Limited for an aggregate subscription price of $200 million in February 2024. On 18 December 2024, Trawlers Limited transferred its entire shareholding to INEOS Limited.

As of 31 December 2024, the Company’s issued share capital comprised 55,999,898 Class A ordinary shares and 116,348,173 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.
v3.25.0.1
Treasury shares
 6 Months Ended
Dec. 31, 2024
Treasury shares.  
Treasury shares

24Treasury shares

​

​

​

​

​

​

​

​

Number of

​

​

​

​

shares

​

​

​

    

(thousands)

    

£’000

At 1 July 2023, 31 December 2023, 30 June 2024 and 31 December 2024

 

1,683

 

21,305

​
v3.25.0.1
Trade and other payables
 6 Months Ended
Dec. 31, 2024
Trade and other payables  
Trade and other payables

25Trade and other payables

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Trade payables

 

396,686

 

341,288

 

348,707

Other payables

 

11,587

 

9,734

 

10,274

Accrued expenses

 

56,279

 

52,257

 

49,139

Social security and other taxes

 

12,484

 

21,645

 

13,472

​

 

477,036

 

424,924

 

421,592

Less: non-current portion

 

​

​

​

​

​

Trade payables

 

178,853

​

175,835

​

189,693

Other payables

 

585

​

59

​

198

Non-current trade and other payables

 

179,438

​

175,894

​

189,891

Current trade and other payables

 

297,598

​

249,030

​

231,701

​

Trade payables include transfer fees and other associated costs in relation to the acquisition of players’ registrations of £390,798,000 (30 June 2024: £331,418,000; 31 December 2023: £338,978,000) of which £178,853,000 (30 June 2024: £175,835,000; 31 December 2023: £189,693,000) is due after more than one year. Of the amount due after more than one year, £117,299,000 (30 June 2024: £106,636,000; 31 December 2023: £108,752,000) is expected to be paid between 1 and 2 years and the balance of £61,554,000 (30 June 2024: £69,199,000; 31 December 2023: £80,941,000) is expected to be paid between 2 and 5 years.

Gross contractual trade payables pre discounting as at 31 December 2024 were £426,736,000 (30 June 2024: £362,230,000; 31 December 2023: £378,560,000). The gross contractual value of other payables is not materially different to their carrying amount.
v3.25.0.1
Borrowings
 6 Months Ended
Dec. 31, 2024
Borrowings  
Borrowings

26Borrowings

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Senior secured notes

 

337,614

 

334,538

 

331,572

Secured term loan facility

 

178,105

 

176,509

 

174,937

Revolving credit facilities

 

210,000

 

30,000

 

260,000

Accrued interest on senior secured notes and revolving credit facilities

 

5,746

 

5,574

 

6,792

​

 

731,465

 

546,621

 

773,301

Less: non-current portion

 

​

 

​

 

​

Senior secured notes

 

337,614

 

334,538

 

331,572

Secured term loan facility

 

178,105

 

176,509

 

174,937

Non-current borrowings

 

515,719

 

511,047

 

506,509

Current borrowings

 

215,746

 

35,574

 

266,792

​

The senior secured notes of £337,614,000 (30 June 2024: £334,538,000; 31 December 2023: £331,572,000) is stated net of unamortized issue costs amounting to £1,359,000 (30 June 2024: £1,615,000; 31 December 2023: £1,866,000). The outstanding principal amount of the senior secured notes is $425,000,000 (30 June 2024: $425,000,000; 31 December 2023: $425,000,000). The senior secured notes have a fixed coupon rate of 3.79% per annum and interest is paid semi-annually. The senior secured notes mature on 25 June 2027.

The senior secured notes were issued by our wholly owned subsidiary, Manchester United Football Club Limited, and are guaranteed by Red Football Limited, Red Football Junior Limited, Manchester United Limited, MU RAML 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 £178,105,000 (30 June 2024: £176,509,000; 31 December 2023: £174,937,000) is stated net of unamortized issue costs amounting to £1,321,000 (30 June 2024: £1,456,000; 31 December 2023: £1,589,000). The outstanding principal amount of the secured term loan facility is $225,000,000 (30 June 2024: $225,000,000; 31 December 2023: $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 £210,000,000 (30 June 2024: £30,000,000; 31 December 2023: £260,000,000) in outstanding loans and £90,000,000 (30 June 2024: £270,000,000; 31 December 2023: £40,000,000) in borrowing capacity under our revolving facilities. These facilities terminate 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 2024 and 2023 reporting period.
v3.25.0.1
Provisions
 6 Months Ended
Dec. 31, 2024
Provisions  
Provisions

27Provisions

​

​

​

​

​

​

​

​

​

    

Other(1)

    

Tax(2)

    

Total

​

    

£’000

    

£’000

    

£’000

At 1 July 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

Credited to profit or loss:

 

​

 

​

 

​

Reassessment of provisions

 

(495)

 

(2,773)

 

(3,268)

At 30 June 2024

 

460

 

7,335

 

7,795

Charged to profit or loss:

 

​

 

​

 

​

Reassessment of provisions

 

47

 

128

 

175

At 31 December 2024

 

507

 

7,463

 

7,970

Less: non-current portion

​

​

​

​

​

​

Provisions

​

—

​

—

​

—

Current provisions

 

507

 

7,463

 

7,970

(1) Other provision

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 2 and 9 years.

(2) Tax provision

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.
v3.25.0.1
Cash used in operations
 6 Months Ended
Dec. 31, 2024
Cash used in operations  
Cash used in operations

28Cash used in operations

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

(Loss)/profit before income tax

 

(34,517)

 

27,219

 

(32,889)

 

(5,585)

Adjustments for:

 

​

 

​

 

​

 

​

Depreciation

 

4,293

 

4,153

 

8,549

 

8,255

Amortization

 

49,423

 

50,495

 

102,693

 

97,340

Profit on disposal of intangible assets

 

(839)

 

(399)

 

(36,391)

 

(29,880)

Net finance costs

 

37,563

 

275

 

28,967

 

34,894

Non-cash employee benefit expense - equity-settled share-based payments

​

421

​

736

​

797

​

1,476

Foreign exchange losses/(gains) on operating activities

 

562

 

619

 

(152)

 

477

Reclassified from hedging reserve

 

184

 

250

 

2,943

 

(2)

Changes in working capital:

 

​

 

​

 

​

 

​

Inventories

 

(982)

 

1,022

 

(9,880)

 

(859)

Prepayments

​

8,685

​

9,286

​

(9,413)

​

(10,833)

Contract assets – accrued revenue

​

(14,088)

​

(14,476)

​

(20,069)

​

(18,487)

Trade receivables

​

(35,013)

​

(39,110)

​

(49,243)

​

(44,355)

Other receivables

 

140

 

9,612

 

713

 

7,863

Contract liabilities – deferred revenue

​

(62,241)

​

(64,780)

​

(34,105)

​

(18,581)

Trade and other payables

 

(9,386)

 

(23,602)

 

14,920

 

(31,839)

Provisions

​

(12)

​

688

​

(39)

​

(2,025)

Cash used in operations

 

(55,807)

 

(38,012)

 

(32,599)

 

(12,141)

​
v3.25.0.1
Pension arrangements
 6 Months Ended
Dec. 31, 2024
Pension arrangements  
Pension arrangements

29Pension arrangements

The Group participates in the Football League Pension and Life Assurance Scheme (‘the Scheme’). The Scheme is a funded multi-employer defined benefit scheme 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 2023 where the total deficit on the ongoing valuation basis was £20.6 million. The accrual of benefits ceased within the Scheme on 31 August 1999, therefore there are no contributions relating to the 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 £581,000 per annum and this amount will increase by 5% per annum from September 2025. Based on the actuarial valuation assumptions, this will be sufficient to pay off the deficit by 31 October 2026.

As of 31 December 2024, the present value of the Group’s outstanding contributions (i.e. its future liability) is £1,071,000 (30 June 2024: £1,362,000). This amounts to £581,000 (30 June 2024: £580,000; 31 December 2023: £579,000) due within one year and £490,000 (30 June 2024: £782,000; 31 December 2023: £198,000) due after more than one year and is included within other payables.

Contributions are also made to defined contribution pension arrangements and are charged to the statement of profit or loss in the period in which they become payable.
v3.25.0.1
Financial risk management
 6 Months Ended
Dec. 31, 2024
Financial risk management  
Financial risk management

30Financial risk management

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 2024, as filed with the Securities and Exchange Commission on 13 September 2024, 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.

​

30Financial risk management (continued)

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 2025 to June 2029. 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

​

    

2024

    

2024

    

2023

​

​

$’000

​

$’000

​

$’000

USD borrowings

 

650,000

 

650,000

 

650,000

Hedged USD cash

 

(18,100)

 

(9,500)

 

(33,200)

Net USD debt

 

631,900

 

640,500

 

616,800

Hedged future USD revenues (1)

 

(331,000)

 

(172,500)

 

(253,600)

Unhedged USD borrowings

 

300,900

 

468,000

 

363,200

Closing USD exchange rate ($: £)

 

1.2540

 

1.2643

 

1.2746

(1)A further portion of the profit and loss exposure (within net finance income/costs) on unhedged USD borrowings is naturally offset by the fair value of foreign exchange based embedded derivatives in host Commercial revenue contracts.

The Group 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 2024

​

At 30 June 2024

​

At 31 December 2023

​

    

£’000

    

£’000

    

£’000

Cash flow hedge reserve

 

(3,420)

 

(1,882)

 

1,521

Cost of hedging reserve

 

(122)

 

882

 

(1,546)

Total hedging reserve

 

(3,542)

 

(1,000)

 

(25)

​
v3.25.0.1
Contingent liabilities and contingent assets
 6 Months Ended
Dec. 31, 2024
Contingent liabilities and contingent assets  
Contingent liabilities and contingent assets

31Contingent liabilities and contingent assets

31.1  Contingent liabilities

The Group had contingent liabilities at 31 December 2024 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 £136,415,000 (30 June 2024: £115,616,000; 31 December 2023: £158,040,000). No material adjustment was required to the amounts included in the cost of registrations during the period (2023: no material adjustments) and consequently there was no material impact on the amortization of registration charges in the statement of profit or loss (2023: no material impact). As of 31 December 2024, 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

 

80,360

 

30,597

 

110,957

International appearances

 

1,126

 

1,599

 

2,725

Awards

​

21,846

​

—

​

21,846

Other

​

887

​

—

​

887

​

 

104,219

 

32,196

 

136,415

​

(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 2024, the amount of such receipt considered to be probable was £nil (30 June 2024: £nil; 31 December 2023: £250,000).
v3.25.0.1
Commitments
 6 Months Ended
Dec. 31, 2024
Commitments.  
Commitments

32Commitments

32.1  Capital commitments

As at 31 December 2024, the Group had contracted capital expenditure relating to property, plant and equipment amounting to £11,828,000 (30 June 2024: £1,992,000; 31 December 2023: £2,166,000) and to other intangible assets amounting to £nil (30 June 2024: £nil; 31 December 2023: £nil). These amounts are not recognized as liabilities.
v3.25.0.1
Events occurring after the reporting period
 6 Months Ended
Dec. 31, 2024
Events occurring after the reporting period  
Events occurring after the reporting period

33Events occurring after the reporting period

33.1  Registrations

Subsequent to 31 December 2024, the playing registrations of certain footballers have been disposed of. Total net proceeds were £211,000 and the associated net book value was £19,000. Additionally, solidarity contributions, training compensation, sell-on fees and contingent consideration totalling £937,000 became receivable in respect of previous playing registration disposals.

Also subsequent to 31 December 2024, the playing registrations of certain players were acquired or extended for a total consideration, including associated costs, of £37,698,000. Sell-on fees and contingent consideration totalling £5,808,000 became payable in respect of previous playing registrations.
v3.25.0.1
Related party transactions
 6 Months Ended
Dec. 31, 2024
Related party transactions  
Related party transactions

34Related party transactions

As of 31 December 2024, trusts and other entities controlled by six lineal descendants of Mr. Malcolm Glazer collectively own 3.05% of our issued and outstanding Class A ordinary shares and 71.04% of our issued and outstanding Class B ordinary shares, representing 67.92% of the voting power of our outstanding capital stock. On 18 December 2024, Trawlers Limited transferred it’s entire shareholding to INEOS Limited. At 31 December 2024, INEOS Limited owns 28.91% of our issued and outstanding Class A ordinary shares and 28.96% of our issued and outstanding Class B ordinary shares, representing 28.96% of the voting power of our outstanding capital stock.
v3.25.0.1
Subsidiaries
 6 Months Ended
Dec. 31, 2024
Subsidiaries  
Subsidiaries

35Subsidiaries

The following companies are the subsidiary undertakings of the Company as of 31 December 2024:

​

​

​

​

​

​

​

​

​

​

% 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

*Direct investment of Manchester United plc, others are held by subsidiary undertakings.

All of the above are incorporated and operate in England and Wales, with the exception of Red Football Finance Limited which is incorporated and operates in the Cayman Islands and RAML USA LLC which is incorporated in the United States.
v3.25.0.1
Accounting policies (Policies)
 6 Months Ended
Dec. 31, 2024
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 amendments to standards have been adopted by the Group for the first time for the year ended 30 June 2025:

●Classification of Liabilities as Current or Non-current (Amendments to IAS 1)
●Leases on Sale and Leaseback (Amendment to IFRS 16)
●Supplier Finance (Amendment to IAS 7 and IFRS 17)

3Accounting policies (continued)

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 amendments to IFRS that have been issued by the IASB will become effective in a subsequent accounting period:

●Presentation and Disclosure in Financial Statements (IFRS 18)
●Lack of Exchangeability (Amendments to IAS 21)
●Classification and Measurement of Financial Instruments (Amendment to IFRS 9 and IFRS 7)

These changes are not expected to have a material effect on the Group’s results however the disclosure changes will impact key statements including the Consolidated Statement of Profit or Loss and the Consolidated Statement of Cash Flows as defined in IFRS 18, and the inclusion of management’s Adjusted EBITDA measure.
v3.25.0.1
Revenue from contracts with customers (Tables)
 6 Months Ended
Dec. 31, 2024
Revenue from contracts with customers  
Schedule of revenue derived from principal activity

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

​

2024

​

2023

​

2024

​

2023

​

    

£’000

    

£’000

    

£’000

    

£’000

Sponsorship

​

42,949

​

39,156

​

94,709

​

95,322

Retail, merchandising, apparel & product licensing

​

42,129

​

32,606

​

75,647

​

66,821

Commercial

 

85,078

​

71,762

 

170,356

 

162,143

Domestic competitions

​

49,700

​

59,734

​

76,780

​

89,678

European competitions

​

10,802

​

45,177

​

12,773

​

52,692

Other

​

1,160

​

1,529

​

3,369

​

3,417

Broadcasting

 

61,662

​

106,440

 

92,922

 

145,787

Matchday

 

51,960

​

47,554

 

78,487

 

74,922

​

 

198,700

​

225,756

 

341,765

 

382,852
Schedule of assets and liabilities related to contracts with customers

​

​

​

​

​

    

Current

​

​

contract assets

​

​

– accrued

​

​

revenue

​

​

£’000

At 1 July 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

Recognized in revenue during the period

 

38,994

Cash received/amounts invoiced during the period

 

(61,035)

At 30 June 2024

 

39,778

Recognized in revenue during the period

 

94,657

Cash received/amounts invoiced during the period

​

(74,588)

At 31 December 2024

 

59,847

​

​

​

​

​

​

​

​

​

    

Current

    

Non-current

    

​

​

​

contract

​

contract

​

Total contract

​

​

liabilities –

​

liabilities –

​

liabilities –

​

​

deferred

​

deferred

​

deferred

​

​

revenue

​

revenue

​

revenue

​

​

£’000

​

£’000

​

£’000

At 1 July 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 non-current during the period

​

1,400

​

(1,400)

​

—

At 31 December 2023

 

(149,643)

 

(8,059)

 

(157,702)

Recognized in revenue during the period

 

126,256

 

—

 

126,256

Cash received/amounts invoiced during the period

 

(172,529)

 

—

 

(172,529)

Reclassified to current during the period

 

(2,712)

 

2,712

 

—

At 30 June 2024

 

(198,628)

 

(5,347)

 

(203,975)

Recognized in revenue during the period

 

146,080

 

—

 

146,080

Cash received/amounts invoiced during the period

 

(111,975)

 

—

 

(111,975)

Reclassified to current during the period

 

(1,201)

 

1,201

 

—

At 31 December 2024

 

(165,724)

​

(4,146)

 

(169,870)

​
v3.25.0.1
Operating expenses (Tables)
 6 Months Ended
Dec. 31, 2024
Operating expenses  
Schedule of operating expenses

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

​

2024

​

2023

​

2024

​

2023

​

    

£’000

    

£’000

    

£’000

    

£’000

Employee benefit expenses

 

(82,491)

​

(95,090)

 

(162,732)

 

(185,382)

Depreciation - property, plant and equipment (Note 14)

 

(3,960)

​

(3,755)

 

(7,868)

 

(7,476)

Depreciation – right-of-use assets (Note 15)

​

(263)

​

(328)

​

(541)

​

(639)

Depreciation - investment property (Note 16)

 

(70)

​

(70)

 

(140)

 

(140)

Amortization (Note 17)

 

(49,423)

​

(50,495)

 

(102,693)

 

(97,340)

Sponsorship, other commercial and broadcasting costs

​

(15,937)

​

(6,186)

​

(26,452)

​

(19,138)

External Matchday costs

​

(9,494)

​

(11,282)

​

(17,416)

​

(18,843)

Property costs

​

(4,383)

​

(4,263)

​

(8,533)

​

(7,839)

Other operating expenses

 

(15,935)

​

(17,597)

 

(32,528)

 

(37,031)

Exceptional items (Note 8)

 

(14,537)

​

(9,595)

 

(23,175)

 

(9,595)

​

 

(196,493)

​

(198,661)

 

(382,078)

 

(383,423)

​
v3.25.0.1
Exceptional items (Tables)
 6 Months Ended
Dec. 31, 2024
Exceptional items  
Schedule of exceptional items

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Club restructuring and redundancy costs

​

(38)

​

—

​

(8,676)

​

—

Costs associated with loss of office

 

(14,499)

 

(5,529)

 

(14,499)

 

(5,529)

Costs related to strategic review and share sale agreement with Sir Jim Ratcliffe

​

—

​

(4,066)

​

—

​

(4,066)

​

 

(14,537)

 

(9,595)

 

(23,175)

 

(9,595)
v3.25.0.1
Profit on disposal of intangible assets (Tables)
 6 Months Ended
Dec. 31, 2024
Profit on disposal of intangible assets  
Schedule of profit on disposal of intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Profit on disposal of registrations

 

839

​

399

 

36,391

 

29,880

​
v3.25.0.1
Net finance costs (Tables)
 6 Months Ended
Dec. 31, 2024
Net finance costs  
Schedule of net finance costs

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Interest payable on bank loans and overdrafts

 

(296)

​

(65)

 

(834)

 

(313)

Interest payable on secured term loan facility, senior secured notes and revolving facilities

 

(10,420)

​

(10,407)

 

(18,355)

 

(18,798)

Interest payable on lease liabilities (Note 15)

​

(109)

​

(72)

​

(279)

​

(348)

Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities

 

(505)

​

(570)

 

(990)

 

(753)

Foreign exchange losses on retranslation of unhedged US dollar borrowings (1)

​

(15,936)

​

—

​

—

​

(421)

Unwinding of discount relating to registrations

 

(4,132)

​

(4,471)

 

(8,777)

 

(7,951)

Interest on provisions

​

(106)

​

(62)

​

(214)

​

(149)

Hedge ineffectiveness on cash flow hedges

​

(10,976)

​

—

​

(291)

​

—

Fair value movement on derivative financial instruments:

​

​

​

​

​

​

​

​

Embedded foreign exchange derivatives

 

—

​

(946)

 

(1,731)

 

(9,109)

Total finance costs

 

(42,480)

​

(16,593)

 

(31,471)

 

(37,842)

Interest receivable on short-term bank deposits

 

696

​

223

 

1,756

 

572

Foreign exchange gains on retranslation of unhedged US dollar borrowings (2)

​

—

​

13,332

​

748

​

—

Hedge ineffectiveness on cash flow hedges

​

—

​

2,763

​

—

​

2,376

Fair value movement on derivative financial instruments:

​

​

​

​

​

​

​

​

Embedded foreign exchange derivatives

​

4,221

​

—

​

—

​

—

Total finance income (3)

​

4,917

​

16,318

​

2,504

​

2,948

Net finance costs

 

(37,563)

​

(275)

 

(28,967)

 

(34,894)

(1)Unrealized foreign exchange losses on unhedged USD borrowings due to an unfavourable swing in foreign exchange rates.
(2)Unrealized foreign exchange gains on unhedged USD borrowings due to a favourable swing in foreign exchange rates.
(3)Each element of finance income is split based on its position in both the three months ended 31 December and the six months ended 31 December. In both the current year and the prior year, exchange rate fluctuations have resulted in income for the three months ended 31 December that is greater than the total net position across the six months ended 31 December.
v3.25.0.1
Income tax credit/(expense) (Tables)
 6 Months Ended
Dec. 31, 2024
Income tax credit/(expense)  
Schedule of income tax credit/(expense)

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Current tax

 

  

​

  

 

  

 

  

Current tax on loss for the period

 

(38)

​

(89)

 

(105)

 

(160)

Foreign tax

 

(732)

​

(562)

 

(733)

 

(676)

Total current tax expense

 

(770)

​

(651)

 

(838)

 

(836)

Deferred tax

 

​

​

​

 

​

 

​

Origination and reversal of temporary differences

 

7,542

​

(6,194)

 

7,311

 

1,038

Total deferred tax credit/(expense)

 

7,542

​

(6,194)

 

7,311

 

1,038

Total income credit/(expense)

 

6,772

​

(6,845)

 

6,473

 

202
Schedule of amounts relating to tax have been recognized in other comprehensive income

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Deferred tax (Note 18)

 

1,389

​

(975)

 

861

 

1,342

Total income tax credit/(expense) recognized in other comprehensive income

 

1,389

​

(975)

 

861

 

1,342

​
v3.25.0.1
(Loss)/earnings per share (Tables)
 6 Months Ended
Dec. 31, 2024
(Loss)/earnings per share  
Schedule of (loss)/earnings per share

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

(Loss)/profit for the period (£’000)

 

(27,745)

​

20,374

 

(26,416)

 

(5,383)

Basic (loss)/earnings per share (pence)

 

(16.35)

​

12.49

 

(15.58)

 

(3.30)

Diluted (loss)/earnings per share (pence) (1)

​

(16.35)

​

12.44

​

(15.58)

​

(3.30)
Schedule of weighted average number of shares

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

​

2024

​

2023

​

2024

​

2023

​

​

Number

​

Number

​

Number

​

Number

​

    

‘000

    

‘000

    

‘000

    

‘000

Weighted average number of ordinary shares used as the denominator in calculating basic loss per share

​

169,746

​

163,159

​

169,532

​

163,159

Adjustment for calculation of diluted earnings per share assumed conversion into Class A ordinary shares (1)

​

—

​

—

​

—

​

—

Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share (1)

​

169,746

​

163,159

​

169,532

​

163,159

(1)For the three and six months ended 31 December 2024 and six months ended 31 December 2023 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.
v3.25.0.1
Property, plant and equipment (Tables)
 6 Months Ended
Dec. 31, 2024
Property, plant and equipment  
Schedule of property, plant and equipment

​

​

​

​

​

​

​

​

​

​

​

​

​

    

Freehold

    

Plant and

    

Fixtures

    

Assets under

    

​

​

​

property

​

machinery

​

and fittings

​

construction

​

Total 

​

​

£’000

​

£’000

​

£’000

​

£’000

​

£’000

At 1 July 2024

 

​

​

​

​

​

​

​

​

​

Cost

 

289,943

​

45,809

​

78,889

​

—

​

414,641

Accumulated depreciation

 

(69,910)

​

(34,395)

​

(54,218)

​

—

​

(158,523)

Net book amount

 

220,033

​

11,414

​

24,671

​

—

​

256,118

Six months ended 31 December 2024

 

​

​

​

​

​

​

​

​

​

Opening net book amount

 

220,033

​

11,414

​

24,671

​

—

​

256,118

Additions

 

3

 

2,397

 

6,350

​

10,060

 

18,810

Depreciation charge

 

(1,740)

 

(2,688)

 

(3,440)

​

—

 

(7,868)

Closing net book amount

 

218,296

 

11,123

 

27,581

​

10,060

 

267,060

At 31 December 2024

​

​

​

​

​

​

​

​

​

​

Cost

​

289,946

​

48,206

​

85,239

​

10,060

​

433,451

Accumulated depreciation

​

(71,650)

​

(37,083)

​

(57,658)

​

—

​

(166,391)

Net book amount

​

218,296

​

11,123

​

27,581

​

10,060

​

267,060

​

​

​

​

​

​

​

​

​

​

​

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

​
v3.25.0.1
Leases (Tables)
 6 Months Ended
Dec. 31, 2024
Leases  
Schedule of right-of-use assets

Right-of-use assets:

​

​

​

​

​

​

​

​

​

    

31 December

    

30 June

    

31 December

​

​

2024

​

2024

​

2023

​

​

£’000

​

£’000

​

£’000

Property

 

7,267

 

7,740

 

7,683

Plant and machinery

 

383

 

455

 

516

Total

 

7,650

 

8,195

 

8,199
Schedule of lease liabilities

Lease liabilities:

​

​

​

​

​

​

​

​

​

    

31 December

    

30 June

    

31 December

​

​

2024

​

2024

​

2023

​

​

£’000

​

£’000

​

£’000

Current

 

672

 

934

 

861

Non-current

 

8,018

 

7,707

 

7,704

Total lease liabilities

 

8,690

 

8,641

 

8,565

​

The following table provides an analysis of the movements in lease liabilities:

​

​

​

​

​

    

£’000

At 1 July 2023

 

8,880

Cash flows

 

(806)

Additions

​

143

Accretion expense

 

348

At 31 December 2023

 

8,565

Cash flows

 

(863)

Additions

 

606

Accretion expense

 

333

At 30 June 2024

 

8,641

Cash flows

 

(311)

Additions

 

81

Accretion expense

 

279

At 31 December 2024

 

8,690
Schedule of amounts recognized in the consolidated statement of profit or loss

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

Depreciation charge of right-of-use assets

 

  

​

​

​

​

 

  

Property

 

(189)

​

(215)

​

(388)

 

(431)

Plant and machinery

 

(74)

​

(113)

​

(153)

 

(208)

​

 

(263)

​

(328)

​

(541)

 

(639)

Interest expense (included in finance costs)

 

(109)

​

(72)

​

(279)

 

(348)

Expense relating to short-term leases (included in operating expenses)

 

(62)

​

(62)

​

(123)

 

(134)
v3.25.0.1
Investment property (Tables)
 6 Months Ended
Dec. 31, 2024
Investment property  
Schedule of investment property

​

​

​

​

​

​

Total

​

    

£’000

At 1 July 2024

 

​

Cost

 

32,193

Accumulated depreciation and impairment

 

(12,480)

Net book amount

 

19,713

Six months ended 31 December 2024

 

​

Opening net book amount

 

19,713

Depreciation charge

 

(140)

Closing net book amount

 

19,573

At 31 December 2024

​

​

Cost

​

32,193

Accumulated depreciation and impairment

​

(12,620)

Net book amount

​

19,573

​

​

​

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
v3.25.0.1
Intangible assets (Tables)
 6 Months Ended
Dec. 31, 2024
Intangible assets  
Schedule of intangible assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Other

​

​

​

​

​

​

​

​

intangible

​

​

​

    

Goodwill

    

Registrations

    

assets

    

Total

​

​

£’000

​

£’000

​

£’000

​

£’000

At 1 July 2024

 

  

 

  

 

  

 

  

Cost

 

421,453

 

943,896

 

26,781

 

1,392,130

Accumulated amortization

 

—

 

(535,317)

 

(19,249)

 

(554,566)

Net book amount

 

421,453

 

408,579

 

7,532

 

837,564

Six months ended 31 December 2024

 

​

 

​

 

​

 

​

Opening net book amount

 

421,453

 

408,579

 

7,532

 

837,564

Additions

 

—

 

230,952

 

1,049

 

232,001

Disposals

 

—

 

(20,858)

 

—

 

(20,858)

Amortization charge

 

—

 

(101,051)

 

(1,642)

 

(102,693)

Closing net book amount

 

421,453

 

517,622

 

6,939

 

946,014

At 31 December 2024

​

​

​

​

​

​

​

​

Cost

​

421,453

​

1,030,967

​

27,831

​

1,480,251

Accumulated amortization

​

—

​

(513,345)

​

(20,892)

​

(534,237)

Net book amount

​

421,453

​

517,622

​

6,939

​

946,014

​

​

​

​

​

​

​

​

​

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
v3.25.0.1
Deferred tax (Tables)
 6 Months Ended
Dec. 31, 2024
Deferred tax  
Schedule of deferred taxes

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Net deferred tax asset/(liability)

 

25,779

 

17,607

 

(924)
Schedule of movements in net deferred tax asset/(liability)

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

​

2023

​

​

£’000

​

£’000

    

£’000

At the beginning of the period

 

17,607

 

(3,304)

 

(3,304)

Credited to the statement of profit or loss (Note 11)

 

7,311

 

19,559

 

1,038

Credited to other comprehensive income (Note 11)

 

861

 

1,667

 

1,342

Expense relating to share-based payments

​

—

​

(315)

​

—

At the end of the period

 

25,779

 

17,607

 

(924)
v3.25.0.1
Inventories (Tables)
 6 Months Ended
Dec. 31, 2024
Inventories  
Schedule of inventories

​

​

​

​

​

​

​

​

​

    

31 December

    

30 June

​

31 December

​

​

2024

​

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Finished goods

 

13,423

 

3,543

 

4,024
v3.25.0.1
Trade receivables (Tables)
 6 Months Ended
Dec. 31, 2024
Trade receivables.  
Schedule of trade receivables

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Trade receivables

 

147,257

 

75,914

 

124,019

Less: provision for impairment of trade receivables

 

(11,898)

 

(10,985)

 

(18,133)

Net trade receivables

 

135,359

 

64,929

 

105,886

Less: non-current portion

 

​

 

​

 

​

Trade receivables

 

46,583

 

27,930

 

24,498

Current trade receivables

 

88,776

 

36,999

 

81,388
v3.25.0.1
Derivative financial instruments (Tables)
 6 Months Ended
Dec. 31, 2024
Derivative financial instruments.  
Schedule of derivative financial instruments

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

31 December 2024

​

30 June 2024

​

31 December 2023

​

​

Assets

​

Liabilities

​

Assets

​

Liabilities

​

Assets

​

Liabilities

​

    

£’000

    

£’000

    

£’000

    

£’000

    

£’000

    

£’000

Used for hedging:

​

  

​

  

​

  

​

  

​

  

​

  

Interest rate swaps

​

—

​

—

​

—

​

—

​

2,211

​

—

Forward foreign exchange contracts

 

—

 

(7,737)

 

—

 

(7,514)

 

321

 

(2,072)

At fair value through profit or loss:

​

​

​

​

​

​

​

​

​

​

​

​

Embedded foreign exchange derivatives

 

611

 

—

 

2,297

 

—

 

107

 

(1)

​

 

611

 

(7,737)

 

2,297

 

(7,514)

 

2,639

 

(2,073)

Less non-current portion:

 

​

​

​

​

​

​

​

​

​

​

​

Used for hedging:

​

​

​

​

​

​

​

​

​

​

​

​

Forward foreign exchange contracts

 

—

​

(3,179)

​

—

​

(4,911)

​

159

​

(1,482)

At fair value through profit or loss:

 

​

​

​

 

​

 

​

 

​

​

​

Embedded foreign exchange derivatives

 

364

​

—

 

380

 

—

 

41

​

—

Non-current derivative financial instruments

 

364

​

(3,179)

 

380

 

(4,911)

 

200

​

(1,482)

Current derivative financial instruments

 

247

​

(4,558)

 

1,917

 

(2,603)

 

2,439

​

(591)
v3.25.0.1
Cash and cash equivalents (Tables)
 6 Months Ended
Dec. 31, 2024
Cash and cash equivalents  
Schedule of cash and cash equivalents

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Cash at bank and in hand

 

95,542

 

73,549

 

62,809
v3.25.0.1
Share capital (Tables)
 6 Months Ended
Dec. 31, 2024
Share capital.  
Schedule of share capital

​

​

​

​

​

​

​

    

Number of shares

    

Ordinary shares

​

​

(thousands)

​

£’000

At 1 July 2023

 

164,842

 

53

Employee share-based compensation awards – issue of shares

 

—

 

—

At 31 December 2023

 

164,842

 

53

Trawlers Limited investment – issue of shares

 

6,061

 

2

Employee share-based compensation awards – issue of shares

​

98

​

—

At 30 June 2024

​

171,001

​

55

Trawlers Limited investment – issue of shares

 

3,030

 

1

At 31 December 2024

 

174,031

 

56
v3.25.0.1
Treasury Shares (Tables)
 6 Months Ended
Dec. 31, 2024
Treasury shares.  
Schedule of treasury shares

​

​

​

​

​

​

​

​

Number of

​

​

​

​

shares

​

​

​

    

(thousands)

    

£’000

At 1 July 2023, 31 December 2023, 30 June 2024 and 31 December 2024

 

1,683

 

21,305

​
v3.25.0.1
Trade and other payables (Tables)
 6 Months Ended
Dec. 31, 2024
Trade and other payables  
Schedule of trade and other payables

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Trade payables

 

396,686

 

341,288

 

348,707

Other payables

 

11,587

 

9,734

 

10,274

Accrued expenses

 

56,279

 

52,257

 

49,139

Social security and other taxes

 

12,484

 

21,645

 

13,472

​

 

477,036

 

424,924

 

421,592

Less: non-current portion

 

​

​

​

​

​

Trade payables

 

178,853

​

175,835

​

189,693

Other payables

 

585

​

59

​

198

Non-current trade and other payables

 

179,438

​

175,894

​

189,891

Current trade and other payables

 

297,598

​

249,030

​

231,701
v3.25.0.1
Borrowings (Tables)
 6 Months Ended
Dec. 31, 2024
Borrowings  
Schedule of borrowings

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

Senior secured notes

 

337,614

 

334,538

 

331,572

Secured term loan facility

 

178,105

 

176,509

 

174,937

Revolving credit facilities

 

210,000

 

30,000

 

260,000

Accrued interest on senior secured notes and revolving credit facilities

 

5,746

 

5,574

 

6,792

​

 

731,465

 

546,621

 

773,301

Less: non-current portion

 

​

 

​

 

​

Senior secured notes

 

337,614

 

334,538

 

331,572

Secured term loan facility

 

178,105

 

176,509

 

174,937

Non-current borrowings

 

515,719

 

511,047

 

506,509

Current borrowings

 

215,746

 

35,574

 

266,792
v3.25.0.1
Provisions (Tables)
 6 Months Ended
Dec. 31, 2024
Provisions  
Schedule of provisions

​

​

​

​

​

​

​

​

​

    

Other(1)

    

Tax(2)

    

Total

​

    

£’000

    

£’000

    

£’000

At 1 July 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

Credited to profit or loss:

 

​

 

​

 

​

Reassessment of provisions

 

(495)

 

(2,773)

 

(3,268)

At 30 June 2024

 

460

 

7,335

 

7,795

Charged to profit or loss:

 

​

 

​

 

​

Reassessment of provisions

 

47

 

128

 

175

At 31 December 2024

 

507

 

7,463

 

7,970

Less: non-current portion

​

​

​

​

​

​

Provisions

​

—

​

—

​

—

Current provisions

 

507

 

7,463

 

7,970

(1) Other provision

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 2 and 9 years.

(2) Tax provision

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.
v3.25.0.1
Cash used in operations (Tables)
 6 Months Ended
Dec. 31, 2024
Cash used in operations  
Schedule of cash used in operations

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Six months ended

​

​

31 December

​

31 December

​

    

2024

    

2023

    

2024

    

2023

​

​

£’000

​

£’000

​

£’000

​

£’000

(Loss)/profit before income tax

 

(34,517)

 

27,219

 

(32,889)

 

(5,585)

Adjustments for:

 

​

 

​

 

​

 

​

Depreciation

 

4,293

 

4,153

 

8,549

 

8,255

Amortization

 

49,423

 

50,495

 

102,693

 

97,340

Profit on disposal of intangible assets

 

(839)

 

(399)

 

(36,391)

 

(29,880)

Net finance costs

 

37,563

 

275

 

28,967

 

34,894

Non-cash employee benefit expense - equity-settled share-based payments

​

421

​

736

​

797

​

1,476

Foreign exchange losses/(gains) on operating activities

 

562

 

619

 

(152)

 

477

Reclassified from hedging reserve

 

184

 

250

 

2,943

 

(2)

Changes in working capital:

 

​

 

​

 

​

 

​

Inventories

 

(982)

 

1,022

 

(9,880)

 

(859)

Prepayments

​

8,685

​

9,286

​

(9,413)

​

(10,833)

Contract assets – accrued revenue

​

(14,088)

​

(14,476)

​

(20,069)

​

(18,487)

Trade receivables

​

(35,013)

​

(39,110)

​

(49,243)

​

(44,355)

Other receivables

 

140

 

9,612

 

713

 

7,863

Contract liabilities – deferred revenue

​

(62,241)

​

(64,780)

​

(34,105)

​

(18,581)

Trade and other payables

 

(9,386)

 

(23,602)

 

14,920

 

(31,839)

Provisions

​

(12)

​

688

​

(39)

​

(2,025)

Cash used in operations

 

(55,807)

 

(38,012)

 

(32,599)

 

(12,141)

​
v3.25.0.1
Financial risk management (Tables)
 6 Months Ended
Dec. 31, 2024
Financial risk management  
Schedule of net borrowings being hedged at balance sheet date

​

​

​

​

​

​

​

​

​

​

31 December

​

30 June

​

31 December

​

    

2024

    

2024

    

2023

​

​

$’000

​

$’000

​

$’000

USD borrowings

 

650,000

 

650,000

 

650,000

Hedged USD cash

 

(18,100)

 

(9,500)

 

(33,200)

Net USD debt

 

631,900

 

640,500

 

616,800

Hedged future USD revenues (1)

 

(331,000)

 

(172,500)

 

(253,600)

Unhedged USD borrowings

 

300,900

 

468,000

 

363,200

Closing USD exchange rate ($: £)

 

1.2540

 

1.2643

 

1.2746

(1)A further portion of the profit and loss exposure (within net finance income/costs) on unhedged USD borrowings is naturally offset by the fair value of foreign exchange based embedded derivatives in host Commercial revenue contracts.
Schedule of hedging reserve

​

​

​

​

​

​

​

​

​

​

At 31 December 2024

​

At 30 June 2024

​

At 31 December 2023

​

    

£’000

    

£’000

    

£’000

Cash flow hedge reserve

 

(3,420)

 

(1,882)

 

1,521

Cost of hedging reserve

 

(122)

 

882

 

(1,546)

Total hedging reserve

 

(3,542)

 

(1,000)

 

(25)

​
v3.25.0.1
Contingent liabilities and contingent assets (Tables)
 6 Months Ended
Dec. 31, 2024
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

 

80,360

 

30,597

 

110,957

International appearances

 

1,126

 

1,599

 

2,725

Awards

​

21,846

​

—

​

21,846

Other

​

887

​

—

​

887

​

 

104,219

 

32,196

 

136,415
v3.25.0.1
Subsidiaries (Tables)
 6 Months Ended
Dec. 31, 2024
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

*Direct investment of Manchester United plc, others are held by subsidiary undertakings.
v3.25.0.1
Basis of preparation (Details)
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
GBP (£)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
USD ($)
Going concern            
Cash resources £ 95,542,000   £ 73,549,000   £ 62,809,000  
Borrowings 731,465,000   546,621,000   773,301,000  
Revolving facilities            
Going concern            
Undrawn borrowing facilities 90,000,000   270,000,000   40,000,000  
Borrowings 210,000,000   30,000,000   260,000,000  
Senior secured notes            
Going concern            
Principal amount / Notional amount | $   $ 425,000,000   $ 425,000,000   $ 425,000,000
Borrowings 337,614,000   334,538,000   331,572,000  
Secured term loan facility            
Going concern            
Principal amount / Notional amount | $   $ 225,000,000   $ 225,000,000   $ 225,000,000
Borrowings £ 178,105,000   £ 176,509,000   £ 174,937,000  
v3.25.0.1
Seasonality of revenue (Details) - Adidas
£ in Millions
Dec. 31, 2024
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   £ 1,650.0 £ 750.0
Additional minimum guarantee payable   900.0  
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     30.00%
Amount of deduction for each year of non-participation in UEFA Champions League   £ 10.0  
Impact of changing estimated deduction by one year on revenue recognized in any one financial year £ 0.8    
v3.25.0.1
Revenue from contracts with customers - Disaggregation of revenue from contract with customers (Details)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
GBP (£)
Dec. 31, 2023
GBP (£)
Dec. 31, 2024
GBP (£)
component
segment
Dec. 31, 2023
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 £ 198,700 £ 225,756 £ 341,765 £ 382,852
Commercial        
Revenue from contracts with customers        
Revenue from contracts with customers 85,078 71,762 170,356 162,143
Sponsorship        
Revenue from contracts with customers        
Revenue from contracts with customers 42,949 39,156 94,709 95,322
Retail, merchandising, apparel & product licensing        
Revenue from contracts with customers        
Revenue from contracts with customers 42,129 32,606 75,647 66,821
Broadcasting        
Revenue from contracts with customers        
Revenue from contracts with customers 61,662 106,440 92,922 145,787
Domestic competitions        
Revenue from contracts with customers        
Revenue from contracts with customers 49,700 59,734 76,780 89,678
European competitions        
Revenue from contracts with customers        
Revenue from contracts with customers 10,802 45,177 12,773 52,692
Other        
Revenue from contracts with customers        
Revenue from contracts with customers 1,160 1,529 3,369 3,417
Matchday        
Revenue from contracts with customers        
Revenue from contracts with customers £ 51,960 £ 47,554 £ 78,487 £ 74,922
v3.25.0.1
Revenue from contracts with customers - Assets and liabilities related to contracts with customers (Details) - GBP (£)
£ in Thousands
 6 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Revenue from contracts with customers      
Contract liabilities - deferred revenue at beginning of the period £ (203,975) £ (157,702) £ (176,283)
Recognized in revenue during the period 146,080 126,256 134,384
Cash received/amounts invoiced during the period (111,975) (172,529) (115,803)
Contract liabilities - deferred revenue at end of the period (169,870) (203,975) (157,702)
Current contract assets and contract liabilities      
Revenue from contracts with customers      
Contract assets - accrued revenue at beginning of the period 39,778 61,819 43,332
Recognized in revenue during the period 94,657 38,994 105,882
Cash received/amounts invoiced during the period (74,588) (61,035) (87,395)
Contract assets - accrued revenue at end of the period 59,847 39,778 61,819
Contract liabilities - deferred revenue at beginning of the period (198,628) (149,643) (169,624)
Recognized in revenue during the period 146,080 126,256 134,384
Cash received/amounts invoiced during the period (111,975) (172,529) (115,803)
Reclassified between current and non-current during the period (1,201) (2,712) 1,400
Contract liabilities - deferred revenue at end of the period (165,724) (198,628) (149,643)
Non-current contract assets and contract liabilities      
Revenue from contracts with customers      
Contract liabilities - deferred revenue at beginning of the period (5,347) (8,059) (6,659)
Reclassified between current and non-current during the period 1,201 2,712 (1,400)
Contract liabilities - deferred revenue at end of the period £ (4,146) £ (5,347) £ (8,059)
v3.25.0.1
Operating expenses (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Operating expenses        
Employee benefit expenses £ (82,491) £ (95,090) £ (162,732) £ (185,382)
Depreciation - property, plant and equipment (Note 14) (3,960) (3,755) (7,868) (7,476)
Depreciation - right-of-use assets (Note 15) (263) (328) (541) (639)
Depreciation - investment properties (Note 16) (70) (70) (140) (140)
Amortization (Note 17) (49,423) (50,495) (102,693) (97,340)
Sponsorship, other commercial and broadcasting costs (15,937) (6,186) (26,452) (19,138)
External Matchday costs (9,494) (11,282) (17,416) (18,843)
Property costs (4,383) (4,263) (8,533) (7,839)
Other operating expenses (15,935) (17,597) (32,528) (37,031)
Exceptional items (Note 8) (14,537) (9,595) (23,175) (9,595)
Total operating expenses £ (196,493) £ (198,661) £ (382,078) £ (383,423)
v3.25.0.1
Exceptional items (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Exceptional items        
Club restructuring and redundancy costs £ (38)   £ (8,676)  
Costs associated with loss of office (14,499) £ (5,529) (14,499) £ (5,529)
Costs related to strategic review and share sale agreement with Sir Jim Ratcliffe   (4,066)   (4,066)
Total exceptional items £ (14,537) £ (9,595) £ (23,175) £ (9,595)
v3.25.0.1
Exceptional items - Additional Information (Details) - Trawlers Limited
Dec. 24, 2023
Class B ordinary shares  
Exceptional items  
Percentage of shares to be purchased 25.00%
Class A ordinary shares | Maximum  
Exceptional items  
Percentage of shares to be purchased 25.00%
v3.25.0.1
Profit on disposal of intangible assets (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Profit on disposal of intangible assets        
Profit on disposal of registrations £ 839 £ 399 £ 36,391 £ 29,880
v3.25.0.1
Net finance costs (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Net finance costs        
Interest payable on bank loans and overdrafts £ (296) £ (65) £ (834) £ (313)
Interest payable on secured term loan facility, senior secured notes and revolving facilities (10,420) (10,407) (18,355) (18,798)
Interest payable on lease liabilities (Note 15) (109) (72) (279) (348)
Amortization of issue costs on secured term loan facility, senior secured notes and revolving facilities (505) (570) (990) (753)
Foreign exchange losses on retranslation of unhedged US dollar borrowings (15,936)     (421)
Unwinding of discount relating to registrations (4,132) (4,471) (8,777) (7,951)
Interest on provisions (106) (62) (214) (149)
Hedge ineffectiveness on cash flow hedges (10,976)   (291)  
Fair value movement on derivative financial instruments:        
Embedded foreign exchange derivatives   (946) (1,731) (9,109)
Total finance costs [1] (42,480) (16,593) (31,471) (37,842)
Interest receivable on short-term bank deposits 696 223 1,756 572
Foreign exchange gains on retranslation of unhedged US dollar borrowings   13,332 748  
Hedge ineffectiveness on cash flow hedges   2,763   2,376
Fair value movement on derivative financial instruments:        
Embedded foreign exchange derivatives 4,221      
Total finance income [1] 4,917 16,318 2,504 2,948
Net finance costs £ (37,563) £ (275) £ (28,967) £ (34,894)
[1] Each element of finance costs and income is split based on its position in both the three months ended 31 December and the six months ended 31 December. In both the current year and the prior year, exchange rate fluctuations have resulted in income and costs for the three months ended 31 December that are greater than the total net position across the six months ended 31 December. Further detail of this is provided in Note 10 to these interim financial statements.
v3.25.0.1
Income tax credit/(expense) - Current tax and Deferred tax (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2025
Jun. 30, 2024
Current tax            
Total current tax expense £ (770) £ (651) £ (838) £ (836)    
Deferred tax            
Origination and reversal of temporary differences 7,542 (6,194) 7,311 1,038    
Total deferred tax credit/(expense) 7,542 (6,194) 7,311 1,038   £ 19,559
Total tax expense            
Total income credit/(expense) 6,772 (6,845) 6,473 202    
Weighted average annual tax rate           14.84%
Forecast            
Total tax expense            
Weighted average annual tax rate         21.91%  
UK and US            
Current tax            
Current tax on loss for the period (38) (89) £ (105) (160)    
UK            
Total tax expense            
Corporate tax rate     25.00%      
Other than UK and US            
Current tax            
Current tax on loss for the period £ (732) £ (562) £ (733) £ (676)    
v3.25.0.1
Income tax credit/(expense) - Additional information related to tax (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Income tax credit/(expense)          
Deferred tax (Note 18) £ 1,389 £ (975) £ 861 £ 1,342 £ 1,667
Total income tax credit/(expense) recognized in other comprehensive income £ 1,389 £ (975) £ 861 £ 1,342  
v3.25.0.1
(Loss)/earnings per share (Details)
£ / shares in Units, £ in Thousands, shares in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
GBP (£)
£ / shares
item
shares
Dec. 31, 2023
GBP (£)
£ / shares
shares
Dec. 31, 2024
GBP (£)
£ / shares
item
shares
Jun. 30, 2024
GBP (£)
Dec. 31, 2023
GBP (£)
£ / shares
shares
(Loss)/earnings per share          
(Loss)/profit for the period | £ £ (27,745) £ 20,374 £ (26,416) £ (107,776) £ (5,383)
Basic (loss)/earnings per share | £ / shares £ (0.1635) £ 0.1249 £ (0.1558)   £ (0.0330)
Diluted (loss)/earnings per share | £ / shares [1] £ (0.1635) £ 0.1244 £ (0.1558)   £ (0.0330)
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 | shares 169,746 163,159 169,532   163,159
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted loss per share | shares 169,746 163,159 169,532   163,159
[1] For the three months ended 31 December 2024 and the six months ended 31 December 2024 and 31 December 2023, 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.
v3.25.0.1
Dividends (Details) - GBP (£)
 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dividends    
Dividends paid £ 0 £ 0
v3.25.0.1
Property, plant and equipment (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of changes in property, plant and equipment        
Opening amount     £ 256,118 £ 253,282
Additions     18,810 9,440
Depreciation charge £ (3,960) £ (3,755) (7,868) (7,476)
Closing amount 267,060 255,246 267,060 255,246
Cost / gross value        
Reconciliation of changes in property, plant and equipment        
Opening amount     414,641 409,992
Closing amount 433,451 419,432 433,451 419,432
Accumulated depreciation, amortization and impairment        
Reconciliation of changes in property, plant and equipment        
Opening amount     (158,523) (156,710)
Closing amount (166,391) (164,186) (166,391) (164,186)
Property        
Reconciliation of changes in property, plant and equipment        
Opening amount     220,033 220,736
Additions     3 2,783
Depreciation charge     (1,740) (1,743)
Closing amount 218,296 221,776 218,296 221,776
Property | Cost / gross value        
Reconciliation of changes in property, plant and equipment        
Opening amount     289,943 287,413
Closing amount 289,946 290,196 289,946 290,196
Property | Accumulated depreciation, amortization and impairment        
Reconciliation of changes in property, plant and equipment        
Opening amount     (69,910) (66,677)
Closing amount (71,650) (68,420) (71,650) (68,420)
Plant and machinery        
Reconciliation of changes in property, plant and equipment        
Opening amount     11,414 11,612
Additions     2,397 1,872
Depreciation charge     (2,688) (2,455)
Closing amount 11,123 11,029 11,123 11,029
Plant and machinery | Cost / gross value        
Reconciliation of changes in property, plant and equipment        
Opening amount     45,809 46,706
Closing amount 48,206 48,578 48,206 48,578
Plant and machinery | Accumulated depreciation, amortization and impairment        
Reconciliation of changes in property, plant and equipment        
Opening amount     (34,395) (35,094)
Closing amount (37,083) (37,549) (37,083) (37,549)
Fixtures and fittings        
Reconciliation of changes in property, plant and equipment        
Opening amount     24,671 20,934
Additions     6,350 4,785
Depreciation charge     (3,440) (3,278)
Closing amount 27,581 22,441 27,581 22,441
Fixtures and fittings | Cost / gross value        
Reconciliation of changes in property, plant and equipment        
Opening amount     78,889 75,873
Closing amount 85,239 80,658 85,239 80,658
Fixtures and fittings | Accumulated depreciation, amortization and impairment        
Reconciliation of changes in property, plant and equipment        
Opening amount     (54,218) (54,939)
Closing amount (57,658) £ (58,217) (57,658) £ (58,217)
Assets under construction        
Reconciliation of changes in property, plant and equipment        
Additions     10,060  
Closing amount 10,060   10,060  
Assets under construction | Cost / gross value        
Reconciliation of changes in property, plant and equipment        
Closing amount £ 10,060   £ 10,060  
v3.25.0.1
Leases - Amounts recognized in the consolidated balance sheet (Details) - GBP (£)
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Leases        
Right-of-use assets £ 7,650,000 £ 8,199,000 £ 8,195,000  
Additions to right-of-use assets 81,000 113,000 749,000  
Lease liabilities:        
Current 672,000 861,000 934,000  
Non-current 8,018,000 7,704,000 7,707,000  
Total lease liabilities 8,690,000 8,565,000 8,641,000 £ 8,880,000
Property        
Leases        
Right-of-use assets 7,267,000 7,683,000 7,740,000  
Plant and machinery        
Leases        
Right-of-use assets £ 383,000 £ 516,000 £ 455,000  
v3.25.0.1
Leases - Movement in lease liabilities (Details) - GBP (£)
£ in Thousands
 6 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Leases      
Beginning balance £ 8,641 £ 8,565 £ 8,880
Cash flows (311) (863) (806)
Additions 81 606 143
Accretion expense 279 333 348
Ending balance £ 8,690 £ 8,641 £ 8,565
v3.25.0.1
Leases - Amounts recognized in the consolidated statement of profit or loss (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Leases        
Depreciation charge of right-of-use assets £ (263) £ (328) £ (541) £ (639)
Interest expense (included in finance cost) (109) (72) (279) (348)
Expense relating to short-term leases (included in operating expenses) (62) (62) (123) (134)
Property        
Leases        
Depreciation charge of right-of-use assets (189) (215) (388) (431)
Plant and machinery        
Leases        
Depreciation charge of right-of-use assets £ (74) £ (113) £ (153) £ (208)
v3.25.0.1
Investment property (Details) - GBP (£)
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Investment property        
Opening amount     £ 19,713,000 £ 19,993,000
Depreciation charge £ (70,000) £ (70,000) (140,000) (140,000)
Closing amount 19,573,000 19,853,000 19,573,000 19,853,000
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     (12,480,000) (12,200,000)
Closing amount £ (12,620,000) £ (12,340,000) (12,620,000) £ (12,340,000)
Not measured at fair value in statement of financial position but for which fair value is disclosed        
Investment property        
Opening amount     £ 36,490,000  
v3.25.0.1
Intangible assets - Reconciliation of intangible assets (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Reconciliation of intangible assets        
Opening amount     £ 837,564 £ 812,382
Additions     232,001 217,436
Disposals     (20,858) (9,951)
Amortization charge £ (49,423) £ (50,495) (102,693) (97,340)
Closing amount 946,014 922,527 946,014 922,527
Cost / gross value        
Reconciliation of intangible assets        
Opening amount     1,392,130 1,368,446
Closing amount 1,480,251 1,472,518 1,480,251 1,472,518
Accumulated depreciation, amortization and impairment        
Reconciliation of intangible assets        
Opening amount     (554,566) (556,064)
Closing amount (534,237) (549,991) (534,237) (549,991)
Goodwill        
Reconciliation of intangible assets        
Opening amount     421,453 421,453
Closing amount 421,453 421,453 421,453 421,453
Goodwill | Cost / gross value        
Reconciliation of intangible assets        
Opening amount     421,453 421,453
Closing amount 421,453 421,453 421,453 421,453
Registrations        
Reconciliation of intangible assets        
Opening amount     408,579 384,885
Additions     230,952 215,086
Disposals     (20,858) (9,951)
Amortization charge     (101,051) (95,863)
Closing amount 517,622 494,157 517,622 494,157
Registrations | Cost / gross value        
Reconciliation of intangible assets        
Opening amount     943,896 924,829
Closing amount 1,030,967 1,026,551 1,030,967 1,026,551
Registrations | Accumulated depreciation, amortization and impairment        
Reconciliation of intangible assets        
Opening amount     (535,317) (539,944)
Closing amount (513,345) (532,394) (513,345) (532,394)
Other intangible assets        
Reconciliation of intangible assets        
Opening amount     7,532 6,044
Additions     1,049 2,350
Amortization charge     (1,642) (1,477)
Closing amount 6,939 6,917 6,939 6,917
Other intangible assets | Cost / gross value        
Reconciliation of intangible assets        
Opening amount     26,781 22,164
Closing amount 27,831 24,514 27,831 24,514
Other intangible assets | Accumulated depreciation, amortization and impairment        
Reconciliation of intangible assets        
Opening amount     (19,249) (16,120)
Closing amount £ (20,892) £ (17,597) £ (20,892) £ (17,597)
v3.25.0.1
Intangible assets - Other intangible assets (Details) - GBP (£)
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Intangible assets        
Intangible assets and goodwill £ 946,014,000 £ 837,564,000 £ 922,527,000 £ 812,382,000
Cost / gross value        
Intangible assets        
Intangible assets and goodwill 1,480,251,000 1,392,130,000 1,472,518,000 1,368,446,000
Accumulated depreciation, amortization and impairment        
Intangible assets        
Intangible assets and goodwill (534,237,000) (554,566,000) (549,991,000) (556,064,000)
Other intangible assets        
Intangible assets        
Intangible assets and goodwill 6,939,000 7,532,000 6,917,000 6,044,000
Other intangible assets | Cost / gross value        
Intangible assets        
Intangible assets and goodwill 27,831,000 26,781,000 24,514,000 22,164,000
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 (20,892,000) £ (19,249,000) (17,597,000) £ (16,120,000)
Other intangible assets | Accumulated depreciation, amortization and impairment | Internally generated        
Intangible assets        
Intangible assets and goodwill £ (2,103,000)   £ (2,103,000)  
v3.25.0.1
Deferred tax - Analysis of the deferred tax (Details) - GBP (£)
£ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Deferred tax        
Net deferred tax assets/(liabilities) £ 25,779 £ 17,607 £ (924) £ (3,304)
v3.25.0.1
Deferred tax - Movements in net deferred tax asset/(liability) (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Movements in net deferred tax asset          
Net deferred tax assets/(liabilities) at beginning of year     £ 17,607 £ (3,304) £ (3,304)
Credited to the statement of profit or loss (Note 11) £ 7,542 £ (6,194) 7,311 1,038 19,559
Credited to other comprehensive income (Note 11) 1,389 (975) 861 1,342 1,667
Expense relating to share-based payments         (315)
Net deferred tax assets/(liabilities) at end of year £ 25,779 £ (924) £ 25,779 £ (924) £ 17,607
US          
Movements in net deferred tax asset          
Corporate tax rate     21.00%    
UK          
Movements in net deferred tax asset          
Corporate tax rate     25.00%    
v3.25.0.1
Inventories (Details) - GBP (£)
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Jun. 30, 2024
Inventories      
Finished goods £ 13,423,000 £ 4,024,000 £ 3,543,000
Cost of inventory recognized during the period £ 21,277,000 £ 8,614,000 £ 13,043,000
v3.25.0.1
Trade receivables (Details) - GBP (£)
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Trade receivables      
Trade receivables £ 135,359,000 £ 64,929,000 £ 105,886,000
Less: non-current portion      
Trade receivables 46,583,000 27,930,000 24,498,000
Current trade receivables 88,776,000 36,999,000 81,388,000
Transfer fees receivable 90,865,000 59,845,000 52,220,000
Deferred revenue contractually payable to Group 21,622,000 5,753,000 24,591,000
Gross contractual trade receivables pre discounting 75,362,000 67,198,000 108,900,000
Due after 1 year      
Less: non-current portion      
Transfer fees receivable 46,583,000 27,930,000 24,498,000
Cost / gross value      
Trade receivables      
Trade receivables 147,257,000 75,914,000 124,019,000
Accumulated impairment      
Trade receivables      
Trade receivables £ (11,898,000) £ (10,985,000) £ (18,133,000)
v3.25.0.1
Derivative financial instruments (Details) - GBP (£)
£ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Disclosure of detailed information about financial instruments      
Derivative financial instruments, assets £ 611 £ 2,297 £ 2,639
Derivative financial instruments, liabilities (7,737) (7,514) (2,073)
Derivative financial instruments, non-current assets 364 380 200
Derivative financial instruments, non-current liabilities (3,179) (4,911) (1,482)
Derivative financial instruments, current assets 247 1,917 2,439
Derivative financial instruments, current liabilities (4,558) (2,603) (591)
Interest rate swap | Derivatives used for hedging:      
Disclosure of detailed information about financial instruments      
Derivative financial instruments, assets     2,211
Forward foreign exchange contracts | Derivatives used for hedging:      
Disclosure of detailed information about financial instruments      
Derivative financial instruments, assets     321
Derivative financial instruments, non-current assets     159
Embedded foreign exchange derivatives | At fair value through profit and loss      
Disclosure of detailed information about financial instruments      
Derivative financial instruments, assets 611 2,297 107
Derivative financial instruments, non-current assets 364 380 41
Forward foreign exchange contracts | Derivatives used for hedging:      
Disclosure of detailed information about financial instruments      
Derivative financial instruments, liabilities (7,737) (7,514) (2,072)
Derivative financial instruments, non-current liabilities £ (3,179) £ (4,911) (1,482)
Embedded foreign exchange derivatives | At fair value through profit and loss:      
Disclosure of detailed information about financial instruments      
Derivative financial instruments, liabilities     £ (1)
v3.25.0.1
Cash and cash equivalents (Details) - GBP (£)
£ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Cash and cash equivalents      
Cash at bank and in hand £ 95,542 £ 73,549 £ 62,809
v3.25.0.1
Share capital (Details)
$ / shares in Units, $ in Millions
 1 Months Ended 6 Months Ended
Dec. 18, 2024
USD ($)
shares
Feb. 29, 2024
USD ($)
shares
Dec. 31, 2024
GBP (£)
Vote
item
shares
Jun. 30, 2024
GBP (£)
shares
Dec. 31, 2023
GBP (£)
shares
Dec. 31, 2024
$ / shares
Dec. 31, 2024
GBP (£)
shares
Ordinary shares              
Balance at the beginning | £     £ 55,000 £ 53,000      
Issue of shares | £     79,985,000 158,541,000      
Balance at the end | £     £ 56,000 55,000 £ 53,000    
Number of class of ordinary shares | item     2        
Number of class A shares to which one B share is convertible     1        
Proportion of affirmative votes required for special resolutions     66.67%        
Treasury shares | £       £ 21,305,000 £ 21,305,000   £ 21,305,000
Trawlers Limited investment              
Ordinary shares              
Issue of shares | $ $ 100 $ 200          
Ordinary shares              
Number of shares              
Balance at the beginning (in shares)     171,001,000 164,842,000 164,842,000    
Balance at the end (in shares)     174,031,000 171,001,000 164,842,000    
Ordinary shares              
Balance at the beginning | £     £ 55,000 £ 53,000 £ 53,000    
Balance at the end | £     £ 56,000 £ 55,000 £ 53,000    
Ordinary shares | Employee share-based compensation awards              
Number of shares              
Issue of shares (in shares)       98,000 0    
Ordinary shares              
Issue of shares | £       £ 0 £ 0    
Ordinary shares | Trawlers Limited investment              
Number of shares              
Issue of shares (in shares)     3,030,000 6,061,000      
Ordinary shares              
Issue of shares | £     £ 1,000 £ 2,000      
Class A ordinary shares              
Number of shares              
Balance at the end (in shares)     55,999,898        
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             1,682,896
Treasury shares | £             £ 21,305,000
Class A ordinary shares | Trawlers Limited investment              
Number of shares              
Issue of shares (in shares) 983,450 1,966,899          
Class B ordinary shares              
Number of shares              
Balance at the end (in shares)     116,348,173        
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     10.00%        
Percentage of voting power of shareholders     67.00%        
Class B ordinary shares | Trawlers Limited investment              
Number of shares              
Issue of shares (in shares) 2,046,854 4,093,707          
v3.25.0.1
Treasury shares (Details) - GBP (£)
£ in Thousands, shares in Thousands
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Treasury shares, Value        
Value of shares £ (196,714) £ (144,890) £ (96,017) £ (103,950)
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
v3.25.0.1
Trade and other payables (Details) - GBP (£)
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Trade and other payables      
Trade payables £ 396,686,000 £ 341,288,000 £ 348,707,000
Other payables 11,587,000 9,734,000 10,274,000
Accrued expenses 56,279,000 52,257,000 49,139,000
Social security and other taxes 12,484,000 21,645,000 13,472,000
Total trade and other payables 477,036,000 424,924,000 421,592,000
Less: non-current portion      
Trade payables 178,853,000 175,835,000 189,693,000
Other payables 585,000 59,000 198,000
Non-current trade and other payables 179,438,000 175,894,000 189,891,000
Current trade and other payables 297,598,000 249,030,000 231,701,000
Transfer fees and other associated costs 390,798,000 331,418,000 338,978,000
Gross contractual trade payables pre discounting 426,736,000 362,230,000 378,560,000
Due after 1 year      
Less: non-current portion      
Transfer fees and other associated costs 178,853,000 175,835,000 189,693,000
Between 1 and 2 years      
Less: non-current portion      
Transfer fees and other associated costs 117,299,000 106,636,000 108,752,000
Between 2 and 5 years      
Less: non-current portion      
Transfer fees and other associated costs £ 61,554,000 £ 69,199,000 £ 80,941,000
v3.25.0.1
Borrowings (Details)
 6 Months Ended
Dec. 31, 2024
GBP (£)
Dec. 31, 2024
USD ($)
Jun. 30, 2024
GBP (£)
Jun. 30, 2024
USD ($)
Dec. 31, 2023
GBP (£)
Dec. 31, 2023
USD ($)
Disclosure of detailed information about borrowings            
Total borrowings £ 731,465,000   £ 546,621,000   £ 773,301,000  
Non-current borrowings 515,719,000   511,047,000   506,509,000  
Current borrowings 215,746,000   35,574,000   266,792,000  
Senior secured notes            
Disclosure of detailed information about borrowings            
Total borrowings 337,614,000   334,538,000   331,572,000  
Non-current borrowings 337,614,000   334,538,000   331,572,000  
Unamortized issue costs on borrowings 1,359,000   1,615,000   1,866,000  
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 178,105,000   176,509,000   174,937,000  
Non-current borrowings 178,105,000   176,509,000   174,937,000  
Unamortized issue costs on borrowings 1,321,000   1,456,000   1,589,000  
Principal amount / Notional amount | $   $ 225,000,000   $ 225,000,000   $ 225,000,000
Revolving facilities            
Disclosure of detailed information about borrowings            
Total borrowings 210,000,000   30,000,000   260,000,000  
Undrawn borrowing facilities 90,000,000   270,000,000   40,000,000  
Accrued interest on senior secured notes and revolving credit facilities            
Disclosure of detailed information about borrowings            
Total borrowings £ 5,746,000   £ 5,574,000   £ 6,792,000  
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 LIBOR          
Minimum | Floating interest rate | Secured term loan facility            
Disclosure of detailed information about borrowings            
Adjustment to interest rate basis 1.25% 1.25%        
Maximum | Floating interest rate | Secured term loan facility            
Disclosure of detailed information about borrowings            
Adjustment to interest rate basis 1.75% 1.75%        
v3.25.0.1
Provisions - Movement (Details) - GBP (£)
£ in Thousands
 6 Months Ended
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Movements in provisions      
Opening balance £ 7,795 £ 11,063 £ 12,939
Reassessment of provisions 175 (3,268) (1,876)
Closing balance 7,970 7,795 11,063
Current provisions 7,970 7,795 11,063
Other provision      
Movements in provisions      
Opening balance 460 955 876
Reassessment of provisions 47 (495) 79
Closing balance 507 460 955
Current provisions £ 507    
Other provision | Minimum      
Movements in provisions      
Remaining term on leased properties 2 years    
Other provision | Maximum      
Movements in provisions      
Remaining term on leased properties 9 years    
Tax      
Movements in provisions      
Opening balance £ 7,335 10,108 12,063
Reassessment of provisions 128 (2,773) (1,955)
Closing balance 7,463 £ 7,335 £ 10,108
Current provisions £ 7,463    
v3.25.0.1
Cash used in operations (Details) - GBP (£)
£ in Thousands
 3 Months Ended 6 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2024
Dec. 31, 2023
Cash used in operations        
(Loss)/profit before income tax £ (34,517) £ 27,219 £ (32,889) £ (5,585)
Depreciation 4,293 4,153 8,549 8,255
Amortization 49,423 50,495 102,693 97,340
Profit on disposal of intangible assets (839) (399) (36,391) (29,880)
Net finance costs 37,563 275 28,967 34,894
Non-cash employee benefit expense - equity-settled share-based payments 421 736 797 1,476
Foreign exchange losses/(gains) on operating activities 562 619 (152) 477
Reclassified from hedging reserve 184 250 2,943 (2)
Changes in working capital:        
Inventories (982) 1,022 (9,880) (859)
Prepayments 8,685 9,286 (9,413) (10,833)
Contract assets - accrued revenue (14,088) (14,476) (20,069) (18,487)
Trade receivables (35,013) (39,110) (49,243) (44,355)
Other receivables 140 9,612 713 7,863
Contract liabilities - deferred revenue (62,241) (64,780) (34,105) (18,581)
Trade and other payables (9,386) (23,602) 14,920 (31,839)
Provisions (12) 688 (39) (2,025)
Cash used in operations £ (55,807) £ (38,012) £ (32,599) £ (12,141)
v3.25.0.1
Pension arrangements (Details) - Football League Pension and Life Assurance Scheme - GBP (£)
 1 Months Ended 6 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Aug. 31, 2023
Pension arrangements          
Total deficit on actuarial valuation         £ 20,600,000
Contribution to current accrual of benefits   £ 0      
Total contributions paid by Group based on actuarial valuation   581,000      
Percentage of increase in contributions 5.00%        
Present value of outstanding contributions to pension arrangements   1,071,000 £ 1,362,000    
Within 1 year          
Pension arrangements          
Present value of outstanding contributions to pension arrangements   581,000 580,000 £ 579,000  
Due after 1 year          
Pension arrangements          
Present value of outstanding contributions to pension arrangements   £ 490,000 £ 782,000 £ 198,000  
v3.25.0.1
Financial risk management - Hedging activities (Details)
$ in Thousands
Dec. 31, 2024
USD ($)
$ / £
Jun. 30, 2024
USD ($)
$ / £
Dec. 31, 2023
USD ($)
$ / £
Financial risk management activities      
Closing exchange rate | $ / £ 1.2540 1.2643 1.2746
US dollar      
Financial risk management activities      
Net debt $ 631,900 $ 640,500 $ 616,800
Hedged future USD revenues (331,000) (172,500) (253,600)
Unhedged USD borrowings 300,900 468,000 363,200
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 $ (18,100) $ (9,500) $ (33,200)
v3.25.0.1
Financial risk management - Summary of hedging reserve (Details) - GBP (£)
£ in Thousands
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Financial risk management      
Cash flow hedge reserve £ (3,420) £ (1,882) £ 1,521
Cost of hedging reserve (122) 882 (1,546)
Total hedging reserve £ (3,542) £ (1,000) £ (25)
v3.25.0.1
Contingent liabilities and contingent assets (Details) - GBP (£)
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Transfer fees      
Additional fees payable, first team squad £ 104,219,000    
Additional fees payable, other 32,196,000    
Additional fees payable 136,415,000 £ 115,616,000 £ 158,040,000
Probable effect of contingent assets 0 £ 0 £ 250,000
MUFC appearances/team success/new contract      
Transfer fees      
Additional fees payable, first team squad 80,360,000    
Additional fees payable, other 30,597,000    
Additional fees payable 110,957,000    
International appearances      
Transfer fees      
Additional fees payable, first team squad 1,126,000    
Additional fees payable, other 1,599,000    
Additional fees payable 2,725,000    
Awards      
Transfer fees      
Additional fees payable, first team squad 21,846,000    
Additional fees payable 21,846,000    
Other      
Transfer fees      
Additional fees payable, first team squad 887,000    
Additional fees payable £ 887,000    
v3.25.0.1
Commitments - Capital commitments (Details) - GBP (£)
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Property, plant and equipment      
Capital commitments      
Capital commitments £ 11,828,000 £ 1,992,000 £ 2,166,000
Other intangible assets      
Capital commitments      
Capital commitments £ 0 £ 0 £ 0
v3.25.0.1
Events occurring after the reporting period (Details) - GBP (£)
 2 Months Ended 6 Months Ended
Feb. 20, 2025
Dec. 31, 2024
Dec. 31, 2023
Events occurring after the reporting period      
Net book value of disposals of intangible assets   £ 20,858,000 £ 9,951,000
Additions or extensions of intangible assets   232,001,000 217,436,000
Registrations      
Events occurring after the reporting period      
Net book value of disposals of intangible assets   20,858,000 9,951,000
Additions or extensions of intangible assets   £ 230,952,000 £ 215,086,000
Disposal of playing registrations | Registrations      
Events occurring after the reporting period      
Proceeds from disposal of registrations, net of associated costs £ 211,000    
Net book value of disposals of intangible assets 19,000    
Solidarity contributions, training compensation, sell-on fees and contingent consideration receivable 937,000    
Acquisition or extension of registrations | Registrations      
Events occurring after the reporting period      
Additions or extensions of intangible assets 37,698,000    
Sell-on fees and contingent consideration payable £ 5,808,000    
v3.25.0.1
Related party transactions (Details)
Dec. 31, 2024
item
Trusts and other entities controlled by descendants of Malcolm Glazer  
Related party transactions  
Number of lineal descendants of Mr. Malcolm Glazer 6
Voting power on outstanding capital stock (as a percent) 67.92%
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) 3.05%
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) 71.04%
INEOS Limited  
Related party transactions  
Voting power on outstanding capital stock (as a percent) 28.96%
INEOS Limited | Class A ordinary shares  
Related party transactions  
Ownership interest on issued and outstanding ordinary shares (as a percent) 28.91%
INEOS Limited | Class B ordinary shares  
Related party transactions  
Ownership interest on issued and outstanding ordinary shares (as a percent) 28.96%
v3.25.0.1
Subsidiaries (Details)
 6 Months Ended
Dec. 31, 2024
Red Football Finance Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Red Football Holdings Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Red Football Shareholder Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Red Football Joint Venture Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Red Football Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Red Football Junior Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Manchester United Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Alderley Urban Investments Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Manchester United Football Club Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Manchester United Women's Football Club Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
Manchester United Interactive Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
MU 099 Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
MU Commercial Holdings Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
MU Commercial Holdings Junior Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
MU Finance Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
MU RAML Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
MUTV Limited  
Subsidiaries  
Percentage of ownership interest 100.00%
RAML USA LLC  
Subsidiaries  
Percentage of ownership interest 100.00%