Manchester United Plc Reports Second Quarter Fiscal 2021 Results

Rhea-AI Summary

Manchester United (NYSE: MANU) reported financial results for the second quarter of fiscal 2021, ending December 31, 2020. Total revenue reached £172.8 million, up 2.6% from the prior year, but down 7.2% for six months at £281.8 million. Commercial revenue fell 11.3% to £62.6 million, while broadcasting revenue surged 68.0% to £108.7 million. Matchday revenue plummeted by 95.5% to £1.5 million due to closed-door matches. Net debt increased to £455.5 million, a 16.4% rise year-over-year. The club has not provided revenue or EBITDA guidance for fiscal 2021 due to ongoing uncertainties related to COVID-19.

Positive

• Broadcasting revenue increased by 68.0% to £108.7 million.
• Net profit for the period rose by 82.6% to £63.9 million.
• Basic earnings per share improved by 84.2% to 39.17 pence.

Negative

• Commercial revenue decreased by 11.3% to £62.6 million.
• Matchday revenue fell dramatically by 95.5% to £1.5 million.
• Net debt rose by 16.4% to £455.5 million.

Manchester United (NYSE: MANU; the “Company” and the “Group”) – one of the most popular and successful sports teams in the world - today announced financial results for the 2021 fiscal second quarter ended 31 December 2020.

Management Commentary

Ed Woodward, Executive Vice Chairman, commented, “As we approach a full year since our last game with fans at Old Trafford, we reflect on an extraordinarily challenging 12 months for football and society as a whole. The rapid rollout of vaccines in the UK and beyond gives us confidence that we are now on a path towards normality, including the return of fans to stadia. While the disruption to our operations remains significant, we are pleased by the tremendous resilience the club has demonstrated through the pandemic, underpinned by the dedication of our people and the strength of our commercial business. We have been reminded of the importance of football as a source of community, entertainment and pride to fans around the world, even as we have sorely missed them at Old Trafford. The progress made by Ole and the players this season is clear and our thriving Academy and Women’s team are also adding to the optimism we feel about the future on and off the pitch.”

Key Financials (unaudited)

£ million (except earnings per share)	Three months ended 31 December			Six months ended 31 December
	2020	2019	Change	2020	2019	Change
Commercial revenue	62.6	70.6	(11.3%)	122.3	151.0	(19.0%)
Broadcasting revenue	108.7	64.7	68.0%	156.3	97.6	60.1%
Matchday revenue	1.5	33.1	(95.5%)	3.2	55.2	(94.2%)
Total revenue	172.8	168.4	2.6%	281.8	303.8	(7.2%)
Adjusted EBITDA(1)	70.3	72.1	(2.5%)	91.1	106.9	(14.8%)
Operating profit	48.5	36.5	32.9%	21.4	47.5	(54.9%)
Profit for the period (i.e. net income)	63.9	35.0	82.6%	33.6	36.1	(6.9%)
Basic earnings per share (pence)	39.17	21.27	84.2%	20.60	21.96	(6.2%)
Adjusted profit for the period (i.e. adjusted net income)(1)	35.3	25.8	36.8%	10.7	29.7	(64.0%)
Adjusted basic earnings per share (pence)(1)	21.69	15.67	38.4%	6.57	18.02	(63.5%)
Non-current and current borrowings	536.1	492.2	8.9%	536.1	492.2	8.9%
Cash and cash equivalents	80.6	100.9	(20.1%)	80.6	100.9	(20.1%)
Net debt(1)/(2)	455.5	391.3	16.4%	455.5	391.3	16.4%

⁽¹⁾ Adjusted EBITDA, adjusted profit for the period, adjusted basic earnings per share and net debt are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 7 and the accompanying Supplemental Notes for the definitions and reconciliations for these non-IFRS measures and the reasons we believe these measures provide useful information to investors regarding the Group’s financial condition and results of operations.
⁽²⁾ The gross USD debt principal remains unchanged. Non-current and current borrowings and cash and cash equivalents as at 31 December 2020 reflect the impact a £60.0 million drawdown on our £200 million revolving credit facilities during the quarter. The increase in net debt compared to 31 December 2019 is primarily driven by the loss of 2020/21 season Matchday cash receipts and the impact of deferred sponsorship payments, partially offset by increased broadcasting receipts.

COVID-19 Impact
Operationally, the impact of the pandemic and measures to prevent further spread continues to disrupt our businesses. The Old Trafford Stadium, Museum and Stadium Tour operations remain closed to visitors. The Old Trafford based Megastore was closed to footfall on 31 December 2020 and remains closed as of the date of this report.

Commencement of playing the 2020/21 Premier league fixtures was delayed until 19 September 2020, due to the deferred completion of the 2019/20 season. 2020/21 matches will be played over a more condensed period with most of the current season shortfall being played in the third and fourth quarters, as outlined below.

During the second quarter, the first team played in thirteen Premier League home and away matches, consistent with the prior year quarter. This is in addition to playing six UEFA Champions league home and away matches, compared to five UEFA Europa League matches in the prior year quarter.

During the second quarter, a total of ten home matches were played behind closed doors across all competitions, compared with a total nine home matches with fans in attendance during the prior quarter, creating a significant shortfall in Matchday revenues relative to last year.

The Matchday revenue shortfall has however, been more than offset by Broadcasting revenues given the first teams participation in the UEFA Champions League competition. A large portion of UEFA Champions league broadcasting revenues are attributable to the Group stages of the competition, which was played in full during the second quarter.

Given ongoing uncertainty due to the COVID-19 pandemic, the Company is not providing revenue or adjusted EBITDA guidance for fiscal 2021 at this time.

Phasing of Premier League games	Quarter 1	Quarter 2	Quarter 3	Quarter 4	Total
2020/21 season*	2	13	14	9	38
2019/20 remaining season	6	-	-	-	6
Total FY 2021	8	13	14	9	44
2019/20 season	7	13	9	3	32
2018/19 season	7	13	11	7	38

*Subject to changes in broadcasting scheduling

Working Capital and Liquidity
As of 31 December 2020, the Company had £80.6 million of cash balances together with access to an additional £140.0 million available under the Company’s revolving credit facilities. This provides financial flexibility to support the Club through the disruption caused by COVID-19.

Revenue Analysis

Commercial
Commercial revenue for the quarter was £62.6 million, a decrease of £8.0 million, or 11.3%, over the prior year quarter.

• Sponsorship revenue was £37.8 million, a decrease of £7.3 million, or 16.2%, over the prior year quarter, primarily due to a one-off sponsorship credit in the prior quarter, combined with the impact of the shirt sponsorship extension.
• Retail, Merchandising, Apparel & Product Licensing revenue was £24.8 million, a decrease of £0.7 million, or 2.7%, over the prior year quarter.

Broadcasting
Broadcasting revenue for the quarter was £108.7 million, an increase of £44.0 million, or 68.0%, over the prior year quarter, due to participation in the UEFA Champions League.

Matchday
Matchday revenue for the quarter was £1.5 million, a decrease of £31.6 million, or 95.5%, over the prior year quarter, due to all matches being played behind closed doors. Nine home games were played in the prior year quarter with fans in attendance.

Other Financial Information

Operating expenses
Total operating expenses for the quarter were £138.6 million, an increase of £7.4 million, or 5.6%, over the prior year quarter.

Employee benefit expenses
Employee benefit expenses for the quarter were £81.7 million, an increase of £10.8 million, or 15.2%, over the prior year quarter. This is due to contracted increases in player salaries due to participation in the UEFA Champions League and continued investment in the first team playing squad.

Other operating expenses
Other operating expenses for the quarter were £20.8 million, a decrease of £4.6 million, or 18.1%, over the prior year quarter, primarily due to reduced business activity as a result of COVID-19. This includes the impact of all matches being played behind closed doors.

Depreciation and amortization
Depreciation for the quarter was £3.6 million, a decrease of £0.1 million or 2.7% over the prior year quarter. Amortization for the quarter was £32.5 million, an increase of £1.3 million, or 4.2%, over the prior year quarter. The unamortized balance of registrations on 31 December 2020 was £350.4 million.

Profit/(loss) on disposal of intangible assets
Profit on disposal of intangible assets for the quarter was £14.3 million, compared to a loss of £0.7 million for the prior year quarter. This is due to the close of the summer transfer window during the current year quarter.

Net finance income
Net finance income for the quarter was £19.7 million, compared to net finance income of £15.3 million in the prior year quarter. In both the current and prior year quarter, the movement was driven by foreign exchange gains on unhedged USD borrowings. Underlying net finance costs are consistent with the prior year quarter.

Income tax
The income tax expense for the quarter was £4.3 million, compared to £16.8 million in the prior year quarter.

Cash flows
Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £21.7 million in the quarter to 31 December 2020, compared to a decrease of £39.4 million in the prior year quarter.

Net cash outflow from operating activities for the quarter was £1.0 million, a decrease of £14.2 million over the prior year quarter. This is primarily due to lower working capital movements related to Matchday revenue due to matches being played behind closed doors.

Net capital expenditure on property, plant and equipment for the quarter was £1.4 million, a decrease of £8.5 million over the prior year quarter.

Net capital expenditure on intangible assets for the quarter was £35.0 million, an increase of £27.9 million over the prior year quarter.

Net capital expenditure on derivative financial assets for the quarter was £0.9m, compared to £nil in the prior year quarter.

Net cash inflow from financing activities for the quarter was £59.6 million, compared to a net cash outflow from financing activities in the prior year quarter of £0.4 million. This is due to a £60.0 million drawdown on the revolving credit facilities in the current year quarter.

Net debt
Net Debt as of 31 December 2020 was £455.5 million, an increase of £64.2 million over the year. The increase in net debt compared to 31 December 2019 reflects the loss of 2020/21 season Matchday advance cash receipts, and the impact of deferred sponsorship payments, partially offset by increased broadcasting receipts.

Conference Call Details
The Company’s conference call to review fiscal 2021 second quarter results will be broadcast live over the internet today, 4 March 2021 at 4:30 p.m. Eastern Time and will be available on Manchester United’s investor relations website at http://ir.manutd.com. Thereafter, a replay of the webcast will be available for thirty days.

About Manchester United

Manchester United is one of the most popular and successful sports teams in the world, playing one of the most popular spectator sports on Earth. Through our 143-year football heritage we have won 66 trophies, enabling us to develop what we believe is one of the world’s leading sports and entertainment brands with a global community of 1.1 billion fans and followers. Our large, passionate and highly engaged fan base provides Manchester United with a worldwide platform to generate significant revenue from multiple sources, including sponsorship, merchandising, product licensing, broadcasting and matchday initiatives which in turn, directly fund our ability to continuously reinvest in the club.

Cautionary Statements

This press release contains forward-looking statements. You should not place undue reliance on such statements because they are subject to numerous risks and uncertainties relating to the Company’s operations and business environment, all of which are difficult to predict and many are beyond the Company’s control. Forward-looking statements include information concerning certain expectations and uncertainties related to the COVID-19 pandemic and the Company’s possible or assumed future results of operations, including descriptions of its business strategy. These statements often include words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible” or similar expressions. The forward-looking statements contained in this press release are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although the Company believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect its actual financial results or results of operations and could cause actual results to differ materially from those in these forward-looking statements. These factors are more fully discussed in the “Risk Factors” section and elsewhere in the Company’s Registration Statement on Form F-1, as amended (File No. 333-182535) and the Company’s Annual Report on Form 20-F (File No. 001-35627).

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA
Adjusted EBITDA is defined as profit for the period before depreciation, amortization, profit/loss on disposal of intangible assets, net finance income, and tax.

Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our asset base (primarily depreciation and amortization), material volatile items (primarily profit/loss on disposal of intangible assets and exceptional items), capital structure (primarily finance income/costs), and items outside the control of our management (primarily taxes). Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for an analysis of our results as reported under IFRS as issued by the IASB. A reconciliation of profit for the period to adjusted EBITDA is presented in supplemental note 2.

2. Adjusted profit for the period (i.e. adjusted net income)
Adjusted profit for the period is calculated, where appropriate, by adjusting for charges/credits related to exceptional items, foreign exchange gains/losses on unhedged US dollar denominated borrowings (including foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues), and fair value movements on embedded foreign exchange derivatives and foreign currency options, adding/subtracting the actual tax expense/credit for the period, and subtracting/adding the adjusted tax expense/credit for the period (based on a normalized tax rate of 21%; 2019: 21%). The normalized tax rate of 21% is the current US federal corporate income tax rate.

In assessing the comparative performance of the business, in order to get a clearer view of the underlying financial performance of the business, it is useful to strip out the distorting effects of the items referred to above and then to apply a ‘normalized’ tax rate (for both the current and prior periods) of the weighted average US federal corporate income tax rate of 21% (2019: 21%) applicable during the financial year. A reconciliation of profit for the period to adjusted profit for the period is presented in supplemental note 3.

3. Adjusted basic and diluted earnings per share
Adjusted basic and diluted earnings per share are calculated by dividing the adjusted profit for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted loss/earnings per share is calculated by adjusting the weighted average number of ordinary shares in issue during the period to assume conversion of all dilutive potential ordinary shares. There is 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. Adjusted basic and diluted earnings per share are presented in supplemental note 3.

4. Net debt
Net debt is calculated as non-current and current borrowings minus cash and cash equivalents.

Key Performance Indicators

	Three months ended		Six months ended
	31 December		31 December
	2020	2019	2020		2019
Revenue
Commercial % of total revenue	36.2%	41.9%	43.4%		49.7%
Broadcasting % of total revenue	62.9%	38.4%	55.5%		32.1%
Matchday % of total revenue	0.9%	19.7%	1.1%		18.2%
	2020/21 Season	2019/20 Season	2020/21 Season	2019/20 Season	2019/20 Season
Home Matches Played
PL	7	6	8	3	10
UEFA competitions	3	2	3	1	3
Domestic Cups	-	1	-	-	2
Away Matches Played
PL	6	7	7	3	10
UEFA competitions	3	3	3	2	3
Domestic Cups	1	1	3	1	1
Other
Employees at period end	991	979	991		979
Employee benefit expenses % of revenue	47.3%	42.1%	54.5%		46.5%

 

CONSOLIDATED STATEMENT OF PROFIT OR LOSS (unaudited; in £ thousands, except per share and shares outstanding data)
	Three months ended 31 December				Six months ended 31 December
	2020		2019		2020		2019
Revenue from contracts with customers	172,850		168,455		281,822		303,826
Operating expenses	(138,659	)	(131,253	)	(262,132	)	(267,674	)
Profit/(loss) on disposal of intangible assets	14,278		(715	)	1,683		11,302
Operating profit	48,469		36,487		21,373		47,454
Finance costs	(5,722	)	(5,386	)	(25,296	)	(11,912	)
Finance income	25,424		20,644		45,019		18,732
Net finance income	19,702		15,258		19,723		6,820
Profit before income tax	68,171		51,745		41,096		54,274
Income tax expense	(4,343	)	(16,738	)	(7,538	)	(18,139	)
Profit for the period	63,828		35,007		33,558		36,135
Basic earnings per share:
Basic earnings per share (pence)	39.17		21.27		20.60		21.96
Weighted average number of ordinary shares used as the denominator in calculating basic earnings per share (thousands)	162,939		164,573		162,939		164,573
Diluted earnings per share:
Diluted earnings per share (pence)	39.07		21.25		20.54		21.94
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating diluted earnings per share (thousands) (1)	163,385		164,746		163,385		164,737

CONSOLIDATED BALANCE SHEET (unaudited; in £ thousands)
	As of
	31 December 2020		30 June 2020		31 December 2019
ASSETS
Non-current assets
Property, plant and equipment	251,183		254,439		253,523
Right-of-use assets	3,930		4,559		5,168
Investment properties	20,692		20,827		24,792
Intangible assets	777,473		775,170		758,476
Deferred tax asset	61,786		58,362		53,862
Trade receivables	34,333		43,694		40,586
Derivative financial instruments	536		1,609		-
	1,149,933		1,158,660		1,136,407
Current assets
Inventories	2,792		2,186		2,535
Prepayments	16,183		6,503		13,211
Contract assets – accrued revenue	65,795		45,966		78,098
Trade receivables	62,907		115,985		26,313
Other receivables	371		239		614
Income tax receivable	1,223		1,214		618
Derivative financial instruments	1,776		1,174		-
Cash and cash equivalents	80,620		51,539		100,856
	231,667		224,806		222,245
Total assets	1,381,600		1,383,466		1,358,652

CONSOLIDATED BALANCE SHEET (continued) (unaudited; in £ thousands)
	As of
	31 December 2020			30 June 2020		31 December 2019
EQUITY AND LIABILITIES
Equity
Share capital	53			53		53
Share premium	68,822			68,822		68,822
Treasury shares	(21,305	)		(21,305	)	-
Merger reserve	249,030			249,030		249,030
Hedging reserve	(13,529	)		(32,565	)	(26,247	)
Retained earnings	122,508			87,197		169,341
	405,579			351,232		460,999
Non-current liabilities
Deferred tax liabilities	30,851			31,337		37,766
Contract liabilities - deferred revenue	13,772			18,759		23,605
Trade and other payables	60,809			51,322		31,241
Borrowings	471,026			520,010		486,852
Lease liabilities	3,255			3,326		3,626
Derivative financial instruments	7,390			9,136		2,323
	587,103			633,890		585,413
Current liabilities
Contract liabilities - deferred revenue	137,447			171,574		143,577
Trade and other payables	173,008			216,093		152,093
Income tax liabilities	12,607			4,005		9,429
Borrowings	65,114			5,605		5,288
Lease liabilities	568			1,067		1,622
Derivative financial instruments	174			-		231
	388,918			398,344		312,240
Total equity and liabilities	1,381,600			1,383,466		1,358,652

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited; in £ thousands)
	Three months ended 31 December				Six months ended 31 December
	2020		2019		2020		2019
Cash flows from operating activities
Cash generated from/(used in) operations (see supplemental note 4)	2,100		(13,833	)	74,510		(18,439	)
Interest paid	(2,498	)	(1,585	)	(10,184	)	(10,506	)
Interest received	-		406		1		1,050
Tax paid	(641	)	(208	)	(3,056	)	(1,697	)
Net cash (outflow)/inflow from operating activities	(1,039	)	(15,220	)	61,271		(29,592	)
Cash flows from investing activities
Payments for property, plant and equipment	(1,339	)	(9,879	)	(3,158	)	(13,030	)
Payments for intangible assets	(37,968	)	(11,598	)	(108,775	)	(187,311	)
Proceeds from sale of intangible assets	2,991		4,530		22,182		22,009
Payments for derivative financial assets	(939	)	-		(939	)	-
Net cash outflow from investing activities	(37,255	)	(16,947	)	(90,690	)	(178,332	)
Cash flows from financing activities
Proceeds from borrowings	60,000		-		60,000		-
Principal elements of lease payments	(412	)	(382	)	(820	)	(761	)
Net cash inflow/(outflow) from financing activities	59,588		(382	)	59,180		(761	)
Net increase/(decrease) in cash and cash equivalents	21,294		(32,549	)	29,761		(208,685	)
Cash and cash equivalents at beginning of period	58,940		140,307		51,539		307,637
Effects of exchange rate changes on cash and cash equivalents	386		(6,902	)	(680	)	1,904
Cash and cash equivalents at end of period	80,620		100,856		80,620		100,856

SUPPLEMENTAL NOTES

1 General information
Manchester United plc (the “Company”) and its subsidiaries (together the “Group”) is a men’s and women’s professional football club together with related and ancillary activities. The Company incorporated under the Companies Law (as amended) of the Cayman Islands.

2 Reconciliation of profit for the period to adjusted EBITDA

	Three months ended 31 December				Six months ended 31 December
	2020 £’000		2019 £’000		2020 £’000		2019 £’000
Profit for the period	63,828		35,007		33,558		36,135
Adjustments:
Income tax expense	4,343		16,738		7,538		18,139
Net finance income	(19,702	)	(15,258	)	(19,723	)	(6,820	)
(Profit)/loss on disposal of intangible assets	(14,278	)	715		(1,683	)	(11,302	)
Amortization	32,459		31,257		64,002		63,444
Depreciation	3,663		3,626		7,449		7,268
Adjusted EBITDA	70,313		72,085		91,141		106,864

3 Reconciliation of profit for the period to adjusted profit for the period and adjusted basic and diluted earnings per share

	Three months ended 31 December				Six months ended 31 December
	2020 £’000		2019 £’000		2020 £’000		2019 £’000
Profit for the period	63,828		35,007		33,558		36,135
Foreign exchange gains on unhedged US dollar denominated borrowings	(23,752	)	(19,522	)	(42,835	)	(17,074	)
Foreign exchange losses immediately reclassified from the hedging reserve following change in contract currency denomination of future revenues	-		-		14,837		-
Fair value movement on embedded foreign exchange derivatives/foreign currency options	316		425		446		346
Income tax expense	4,343		16,738		7,538		18,139
Adjusted profit before income tax	44,735		32,648		13,544		37,546
Adjusted income tax expense (using a normalized tax rate of 21% (2019: 21%))	(9,394	)	(6,856	)	(2,844	)	(7,885	)
Adjusted profit for the period (i.e. adjusted net income)	35,341		25,792		10,700		29,661
Adjusted basic earnings per share:
Adjusted basic earnings per share (pence)	21.69		15.67		6.57		18.02
Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings per share (thousands)	162,939		164,573		162,939		164,573
Adjusted diluted earnings per share:
Adjusted diluted earnings per share (pence)	21.63		15.66		6.55		18.01
Weighted average number of ordinary shares and potential ordinary shares used as the denominator in calculating adjusted diluted earnings per share (thousands)	163,385		164,746		163,385		164,737

4 Cash generated from/(used in) operations

	Three months ended 31 December					Six months ended 31 December
	2020 £’000		2019 £’000			2020 £’000			2019 £’000
Profit for the period	63,828		35,007			33,558			36,135
Income tax expense	4,343		16,738			7,538			18,139
Profit before income tax	68,171		51,745			41,096			54,274
Adjustments for:
Depreciation	3,663		3,626			7,449			7,268
Amortization	32,459		31,257			64,002			63,444
(Profit)/loss on disposal of intangible assets	(14,278	)	715			(1,683	)		(11,302	)
Net finance income	(19,702	)	(15,258	)		(19,723	)		(6,820	)
Non-cash employee benefit expense – equity-settled share-based payments	488		227			1,753			365
Foreign exchange losses/(gains) on operating activities	50		87			1,174			(286	)
Reclassified from hedging reserve	114		2,957			(412	)		5,811
Changes in working capital:
Inventories	750		129			(606	)		(405	)
Prepayments	3,519		2,171			(9,908	)		(181	)
Contract assets – accrued revenue	(38,920	)	(38,165	)		(19,829	)		(38,566	)
Trade receivables	9,950		6,160			63,256			8,504
Other receivables	67		14,655			(132	)		574
Contract liabilities – deferred revenue	(41,234	)	(66,449	)		(39,114	)		(56,318	)
Trade and other payables	(2,997	)	(7,690	)		(12,813	)		(44,801	)
Cash generated from/(used in) operations	2,100		(13,833	)		74,510			(18,439	)

 

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FAQ

What were Manchester United's fiscal Q2 2021 revenue figures?

Total revenue was £172.8 million, up 2.6% year-over-year.

How did COVID-19 impact Manchester United's Matchday revenue?

Matchday revenue dropped by 95.5% to £1.5 million due to closed-door matches.

What is the current net debt for Manchester United?

As of December 31, 2020, net debt increased to £455.5 million.

What is the outlook for Manchester United's revenue guidance?

The company is not providing revenue or adjusted EBITDA guidance for fiscal 2021 due to uncertainties from COVID-19.

How much did broadcasting revenue increase for Manchester United?

Broadcasting revenue surged by 68.0% to £108.7 million.