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Additional information - Financial Statement Schedule I

12 Months Ended

Jun. 30, 2025

Additional information - Financial Statement Schedule I

Additional information - Financial Statement Schedule I

36	Additional information – Financial Statement Schedule I

Schedule I has been provided pursuant to the requirements of Securities and Exchange Commission (“SEC”) Regulation S-X Rule 12-04(a), which require condensed financial information as to financial position, cash flows and results of operations of a parent company as of the same dates and for the same periods for which audited consolidated financial statements have been presented, as the restricted net assets of Manchester United plc’s consolidated subsidiaries as of 30 June 2025 exceeded the 25% threshold.

As of 30 June 2025, the Group had total borrowings of £637.0 million (2024: £546.6 million). As described in Note 25 above, the Group’s revolving facilities, the secured term loan facility and the note purchase agreement governing the senior secured notes each contain certain covenants that restrict the activities of Red Football Limited and its subsidiaries, including restricted payment covenants. The restricted payment covenants allow dividends in certain circumstances, including to the extent dividends do not exceed 50% of the cumulative consolidated net income of Red Football Limited and its restricted subsidiaries, provided there is no event of default and Red Football Limited is able to meet the principal and interest payments on its debt under a fixed charge coverage test. As of 30 June 2025, the Group was in compliance with the restricted payment covenants and all other covenants under its revolving facilities, the secured term loan facility and the note purchase agreement governing the senior secured notes.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with International Financial Reporting Standards have been condensed or omitted. The footnote disclosures contain supplemental information only and, as such, these statements should be read in conjunction with the notes to the accompanying consolidated financial statements.

The condensed financial information has been prepared using the same accounting policies as set out in the consolidated financial statements, except that investments in subsidiaries are included at cost less any provision for impairment in value.

As of 30 June 2025, 2024 and 2023 there were no material contingencies, significant provisions of long-term obligations, mandatory dividend or redemption requirements of redeemable stocks or guarantees of the Company, except for those which have been separately disclosed in the consolidated financial statements, if any.

During the years ended 30 June 2025, 2024 & 2023, no cash dividends were declared or paid.

Condensed statement of profit or loss of the Company


		Year ended 30 June
		2025		2024		2023
		£’000		£’000		£’000
Operating expenses excluding exceptional items		(7,816)		(10,866)		(13,788)
Exceptional items		(55)		(43,324)		—
Finance income		6,973		2,509		113
Loss before income tax		(898)		(51,681)		(13,675)
Income tax expense		(1)		—		—
Loss for the year		(899)		(51,681)		(13,675)

There were no items of other comprehensive loss or income in the years ended 30 June 2025, 2024 or 2023 and therefore no statement of comprehensive income/(loss) has been presented.

36	Additional information – Financial Statement Schedule I (continued)

Condensed balance sheet of the Company


		As of 30 June
		2025		2024
		£’000		£’000
ASSETS
Non-current assets
Investment in subsidiaries		319,265		319,265
		319,265		319,265
Current assets
Amounts owed by subsidiaries		222,642		136,547
Other receivables		91		91
Cash and cash equivalents		74		372
		222,807		137,010
Total assets		542,072		456,275

EQUITY AND LIABILITIES
Equity
Share capital		56		55
Share premium		307,345		227,361
Treasury shares		(21,305)		(21,305)
Retained earnings		195,141		195,382
		481,237		401,493
Current liabilities
Amounts owed to subsidiaries		59,416		46,930
Other payables		1,419		7,852
		60,835		54,782
Total equity and liabilities		542,072		456,275

All amounts owed to and from subsidiaries of the Manchester United group are repayable on demand.

Condensed statement of changes in equity of the Company


		Share		Share		Treasury		Retained
		capital		premium		shares		earnings		Total equity
		£’000		£’000		£’000		£’000		£’000
Balance at 1 July 2022		53		68,822		(21,305)		258,109		305,679
Loss for the year		—		—		—		(13,675)		(13,675)
Total comprehensive loss for the year		—		—		—		(13,675)		(13,675)
Equity-settled share based payments		—		—		—		1,753		1,753
Balance at 30 June 2023		53		68,822		(21,305)		246,187		293,757
Loss for the year		—		—		—		(51,681)		(51,681)
Total comprehensive loss for the year		—		—		—		(51,681)		(51,681)
Proceeds from issue of shares		2		158,539		—		—		158,541
Equity-settled share based payments		—		—		—		876		876
Balance at 30 June 2024		55		227,361		(21,305)		195,382		401,493
Loss for the year		—		—		—		(899)		(899)
Total comprehensive loss for the year		—		—		—		(899)		(899)
Proceeds from issue of shares		1		79,984		—		—		79,985
Equity-settled share based payments		—		—		—		658		658
Balance at 30 June 2025		56		307,345		(21,305)		195,141		481,237

36	Additional information – Financial Statement Schedule I (continued)

Condensed statement of cash flows of the Company


		Year ended 30 June
		2025		2024		2023
		£’000		£’000		£’000
Cash flows from operating activities
Loss before income tax		(898)		(51,681)		(13,675)
Adjustments for:
Non-cash employee benefit expense - equity-settled share-based payments		658		875		1,753
Foreign exchange losses on operating activities		18		1		116
Changes in working capital:
Other receivables		—		(1)		957
Amounts owed by subsidiaries		(6,111)		(3,371)		—
Other payables		(6,433)		3,216		11,549
Amounts due to subsidiaries		12,486		25,253		—
Net cash (outflow)/inflow from operating activities		(280)		(25,708)		700
Cash flows from financing activities
Proceeds from issue of shares		79,985		158,541		—
Net cash inflow from financing activities		79,985		158,541		—
Cash flows from investing activities
Loans advanced to subsidiaries		(79,985)		(133,175)		—
Net cash outflow from investing activities		(79,985)		(133,175)		—
Effect of exchange rate changes on cash and cash equivalents		(18)		(1)		(116)
Net (decrease)/increase in cash and cash equivalents		(298)		(343)		584
Cash and cash equivalents at beginning of year		372		715		131
Cash and cash equivalents at end of year		74		372		715

The following reconciliations are provided as additional information to satisfy the Schedule I SEC requirements for parent-only financial information.


		2025		2024		2023
		£’000		£’000		£’000
IFRS loss reconciliation:
Parent only – IFRS loss for the year		(899)		(51,681)		(13,675)
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost		(32,124)		(61,478)		(15,003)
Consolidated IFRS loss for the year		(33,023)		(113,159)		(28,678)

IFRS equity reconciliation:
Parent only – IFRS equity		481,237		401,493		293,757
Additional loss if subsidiaries had been accounted for on the equity method of accounting as opposed to cost		(287,504)		(256,603)		(189,807)
Consolidated – IFRS equity		193,733		144,890		103,950