Manchester United Ltd.

After saving with customized car insurance from Liberty Mutual, I customize everything. Like Marco's backpack.

Welcome to MTV's Stand vs. Stand, the internet game show where hardcore fans flex their knowledge on their favorite artists. This special episode is in partnership with Rockstar Energy Drink. Today, two 21 Pilots mega fans will be battling it out to prove they're the biggest stands in all the land. Let's meet our contestants. Today's matchup features purple-curled charismatic Reese. Reese's stand-up for 21 Pilots is so hardcore, she owns every album on vinyl and plays bass just like Tyler in her very own band. Reese has her hands full today as she takes on Leighton. who is such a huge 21 Pilots stand that she waited outside in the freezing cold for three whole hours just to catch a glimpse of the boys exiting a venue. This 21 Pilots stand showdown features some old games and some new ones, so get ready for a mental music marathon. It's time for round one. Trivia. Answer a question correctly, get a point. Rhys, let's start with you. Okay. What year did 21 Pilots form? That is correct. Leighton. Yes. What's Josh's zodiac sign? Gemini. That is correct. Born June 18th. Rhys, what is Tyler's zodiac sign? He's not a Capricorn. Let me repeat the question. What is Tyler's zodiac sign? I know his birthday is December 1st. Which makes him a... Virgo? Oh, you had the birthday right and the answer wrong. Sagittarius. Sagittarius. I'm a Virgo, though. You're cool.

Virgos are cool.

Rhys, you're going to have to brush up on your star signs if you think you and Tyler have any sort of romantic future together. Absolutely. He scares me, actually, just a little bit. Leighton, what year did Josh join the band? That is correct. Rhys, before the band were officially called 21 Pilots, there was a couple of other options. Give me one.

You got this. You got this. Was it something like coat?

What sort of coat? Like a snow? Was it snow coat? Snow coat is? No. Incorrect. Yeah. Chill coat. Chill coat. Leighton, what was the first single released off their album Blurryface? Stressed out? No! Fairly local was the right answer. Reese, Tyler declined an athletic scholarship to focus on music. What was the scholarship for? Basketball. Basketball is correct. Layton, stressed out, was nominated for two awards at the 59th Annual Grammy Awards. Name one category. Best alternative song? I would have taken best pop duo group performance or record of the year. Reese, according to Tyler, what is Blurryface's real name? And you get no points for that face. Is it Nicholas Borbocki? Oh, I hope it is. Oh, my God. You are correct. Yes. That is the right answer. Leighton, pressure on you. The title of their most recent album, Scaled and Icy, is an anagram of what?

Clancy is dead.

So nonchalantly correct. Reese, your last question. In a prank video they posted to their socials in 2015, what fruit did Josh announce that both he and Tyler hated? Okay, I actually know this one because I was obsessed with it. Bananas. That is correct, but how do you know that? It's stuck in my brain forever. Get Nana. Leighton, your last question. What is the name of Josh's dog?

Okay, so he is actually here with us. This is Jim Dunn, who is famous on IG, so I have to know him. Oh, come on. That is absolutely correct.

Well done. Wow, Reese and Leighton, you are both tied at four points each. On to our next round. Social media encyclopedia. First, let's go. Guess the caption. We'll show you a photo posted to their IG and you'll need to tell us which quote accompanied the post. Are you ready? As ready as I'll ever be. Let's go. Reese, this rather public bathroom selfie was posted to Tyler's IG in November 2018. What caption was used for this? A. Five flights in two days. The things we do for you. B. Forcing the eye holes to look like we didn't just wake up. C. Red eyes from the red eye. Or D. A little old lady just asked us if we're twins. It's the eye holes one. It's B. That is correct. Another point on the board. Good job. Hey, Leighton, you're up. Josh posted this romantic grand piano portrait to his IG in April 2021. What caption did he use? Was it A, me and my boo love to make sweet, sweet music together. B, it's the only way to get me to practice. C, piano lessons have been going great. Or D, four hands are better than one. Try to convince me otherwise.

I'm pretty sure it's C. A seems something that he would totally say, but I think it's C. Let's find out.

That is correct. Good job. We got a couple of stalkers on our hands here, ladies and gentlemen. Rhys, on to a new challenge for you, not including retweets or replies. Which tweet is Josh's first ever on his feed? Was it A, who would ever pour milk before their cereal? B, I'm listening to 21 Pilots. C, pumped for Christmas. Or D, Tyler really did a fantastic job singing tonight. You know, I think I'm going to say pumped for Christmas. I feel like he's a Christmas guy. Let's find out. It was A, and he only joined Twitter in 2015, and that tweet was on Halloween night, which is very Josh. What do you think?

Spooky Jim would totally do that.

Oh, so spooky that someone would pour milk before their cereal. Europe, same challenge for you. Which tweet was Tyler's first ever on his feed? Was it A, another piece of my soul is now on the internet? Was it B, I am a bean? Was it C, you all are so weird? Or was it D, couldn't survive without you, friends? Will you still be here on the 19th? Need to lean on you that day, friends.

Okay, I think you may be cheating asking the Josh Stan a Tyler question, but I'll allow it. I'm going to go with A. Another piece of my soul is now on the internet. I'm just going for it.

Let's find out. No, it was D. Can't survive without you, friends. Will you still be here on the 19th? Need to lean on you that day, friends. Huh. Rhys, back to you. Now I want you to watch this exclusive super cool clip and use your 21 pilots psychic sense to finish the sentence.

You got it? I think so. Listen carefully. You learn different things. Like one of the first things that I learned as a front man is don't ever ask the audience to...

A, cheer for themselves. B, not fart if they need to. C, sing back to you at your own concerts. Or D, post your performance footage and tag you on social media. Cheer for themselves. That was very confident. I try to be.

Let's find out. A, cheer for themselves. Cheer for themselves. Give yourselves a round of applause.

Yeah, you got it right. Thank God. One on the board. Good job. All right, Leighton. You know what they say about true love? You love each other so much that you can finish each other's... Sentences. That is so cute. Let's see how much you love Josh. What did he say next?

I like talking to people on the internet because...

A. It makes me feel more connected to the fans. B. That's where the trolls live. They give me life. C. You can peace out in a conversation literally mid-sentence. Or D. I'm insecure and online. You can be whoever you want.

It's D. I'm insecure and online. You can be whoever you want.

Are you correct? I'm insecure and online. You can be whoever you want.

Oh, another point on the board, Leighton. Good job. Well done. All right, Rhys, I hope those 21 pilot shows you've been to haven't affected your hearing too much because you're going to need it for this next challenge. In this next clip, tell me who is talking. Is it Josh or is it Tyler?

I remember a couple of years ago I was watching the VMAs in my underwear on my couch.

What do you think? Okay. Josh or Tyler?

I feel like it's Josh. I have a hunch. Intuition. I think it's Josh. Let's find out. I remember a couple years ago I was watching the VMAs in my underwear on my couch.

No, the answer is Tyler. All right, Leighton. Your chance to take some points. Who is talking in this next clip?

Sweaters on your teeth? Yeah. Like, you know when you haven't brushed your teeth in a while? And you can feel like sweaters on your teeth. I don't know what else to say.

Did you catch any of that? I'm going to go with Tyler. You're going to go with Tyler.

Our survey says... Like, you know, when you haven't brushed your teeth in a while.

And you can feel, you can feel like sweaters on your teeth.

Sweaters on your teeth. You can tell he's a lyricist. Is it his ears? Is it Tyler's ears? Let's find out. I think it is. No, it is the nose. That was the nose of this random man who booked a job with a stock photo company and dressed up as a construction worker for the day. Leighton, are you ready? Yes. Study this picture of Josh's face and tell me, what did we change? Look at that beautiful face.

You changed his eyes.

Did we change his eyes? Let's have a look. Oh, Leighton knows her Josh. That is correct. We stole those eyes off this happy young man who looks like an extra from your next favorite rom-com. What a good sport. Give him a wave, ladies. Hi, handsome guy. Rhys, you have six points and Leighton, you are in the lead with eight points. Yes. You're doing so good. You too, you too. All right, now it's time to see how much of an eye you have when it comes to Tyler and Josh's style, which I must admit is something I myself find to be quite dashing. Yes, I am a human with a body, not just an ominous voice on the computer. Reese, you're up first. Who is wearing this look on the red carpet? That's Josh. That's Josh. Very confident. Let's see. Josh looking handsome as ever on the red carpet. Leighton, which member of 21 Pilots is this lucky guy on stage?

That is Josh Dunn. He's got the smiley faces on his pants.

Oh, yes, it is. Two for two. Reese, which member of Twenty One Pilots is holding their Grammy on stage? Eyes on the prize, please. That's Josh. I think. Stop looking at his underpants. I'm not. Eyes up. Eyes up. Yeah, that's Josh. Let's find out. Josh's Tyler tattoo is like by his knee. Never mind. It's fine. You don't get a point on the board for that. Leighton, who is rocking these bright red high tops? That is Josh. Yes, it is. We got you good with the triple Josh in that round, I think. Especially you, Reese. Next up, complete the tweet. At least I'm not blank. Actually, that might be pretty sick. Is it A, a squirrel, B, a pro athlete, C, an everything bagel or D, a ghost hunter?

Um, an everything bagel.

Is that correct? Probably not. No! He said at least I'm not a squirrel. I had no clue. Leighton, over to you. What's missing from Josh's tweet? Gonna take a little break from tweeting to give my blank the time and attention it deserves to grow. A. Prickly cactus. B. Beard. C. Ego. Or D. Social media following.

Okay, so I know Josh likes to come across as a cool teen on the internet. So I'm going to go with D, social media following.

Is that correct? No, it was his beard. Do we like the beard, Reese? I prefer him clean shaven. Up next, we are revisiting our exclusive MTV archive footage. Here's the challenge. We're going to show you a performance with no audio. Tell us what song is being performed. Rhys, you're up. What song are 21 Pilots performing here? Oh, there's confetti. We got the drum island going on. That is trees. That is the right answer. Good job. Favorite song. All time. Leighton, are you ready? Yep. What song are 21 Pilots performing in the clip?

Okay, I watch Josh a lot. I've seen plenty of his Joe Marlin videos, and that is right. That is the correct answer. Well done.

Good job. And now for the final round, it's high risk, high reward, where gambling is permitted. Right now, our score is Reese with eight points and Leighton in the lead with 11 points. It's all to play for. I want each of you to write down your wager and reveal to me how many points you're willing to put on the line. Please reveal your wagers in three, two, one. Oh, my God. Reece put six on the line and Leighton playing it a little bit safe with four points. It is all to play for. Who will be our stan? Here is your question. How long was the level of concern video that they broke the world record with? A, 177 days, 23 hours, 6 minutes, and 5 seconds long. B, 177 days, 7 hours, 12 minutes, and 25 seconds long. C, 177 days, 16 hours, 10 minutes, 25 seconds long. Or D, 177 days, 21 hours, 9 minutes, and 23 seconds long. Rhys, do you think you know or are you guessing? Oh, I'm completely guessing. With me luck. Leighton, are you confident with your guess right now?

No, I am not.

Yeah, that's what we like to hear. Okay, can you please both hold up your answers to the camera in three, two, one. Rhys and Leighton both going with D. The answer is C. You are both incorrect. And this means, Leighton, you are our winner. Congratulations. Leighton, how do you feel?

I am feeling very great. I hope that Tyler and Josh are proud of me and all of the years I've spent maybe stalking them. Standing, we'll say. We'll say standing. Standing. That's not much different. Leighton did amazing. You did amazing too.

Thank you. Leighton may be our biggest Stan in the history of all episodes of Stan vs. Stan. I should know. I have been there. And to top this off, I'll leave you with something to remember us fondly by. Leighton, you are going to be seeing 21 Pilots' exclusive live taping of MTV's Unplugged in Los Angeles. Oh my gosh. Thank you. I need to process this. Hey Reese, you can dry those tears because you get to go too. With a Colombian person. Yes. That concludes our episode of Stan vs. Stan. Make sure you tune in to 21 Pilots MTV Unplugged in partnership with Rockstar Energy Drink when it hits YouTube on Thursday, June 9th at 9 p.m. Eastern. And keep an eye on the audience to see if you can spot Reese and Layton.

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Manchester United fourth quarter and full year earnings conference call. At this time, all participants are in listen-only mode. Following the presentation, we will conduct a question and answer session. To queue for questions, please press star 1. If anyone has difficulty hearing the call, please press star 0 for operator assistance at any time. We would also like to remind everyone that this conference call is being recorded. Before we begin, we would like to inform everyone that this conference call will include estimates and forward-looking statements, which are subject to various risks and uncertainties that could cause actual results to differ materially from these statements. Any such statements or forward-looking statements should be considered in conjunction with the cautionary note in our earnings release regarding forward-looking statements and risk factor discussions in our filings with the SEC. Manchester United PLC assumes no obligation to update any of the estimates or forward-looking statements. I will now turn the conference over to the Executive Vice Chairman of Manchester United, Mr. Ed Woodward. Please go ahead, sir.

Thank you, and thank you to everybody for joining us today. We're looking back today on what's been one of the most extraordinary and challenging seasons in recent history, and I'm proud of the way the club continues to respond. There are still big challenges and uncertainties ahead as the COVID-19 pandemic continues to disrupt our way of life across the globe. This disruption is clear to see in the financial results that we're announcing today, and we expect the impact to remain visible for quite some time to come. However, the past year has also demonstrated the underlying strength and resilience of the club, the special role that sports plays in our societies, and the meaningful impact the club can make in our communities through this period of adversity. On the field, we will never be satisfied at Manchester United unless we're winning trophies, but our third place finish in the Premier League and strong cup runs last year showed us that while there is more hard work ahead and the path is not always smooth, we are making progress. We have a clear strategy under Oli to build a successful, committed team with a core of homegrown talent blended with high quality recruits that plays fast-flowing attacking football. To that end, we are pleased with our recent additions to the first-team squads of Donny van de Beek and Alex Telles, two players we've been tracking as part of our recruitment process for a long period of time, and Edison Cavani, a top striker who adds a proven new option to our forward line. We also welcome Facundo Palistri and Ama Diallo, who will join in January, two exciting young prospects who we've also been scouting extensively. Added to the arrival of Bruno Fernandes earlier this year, these recruits underscore our continued commitment to strengthen the squad and take our net investment in new players since summer 2019 to over 200 million euros, more than any other major European club over that timeframe. We also continue to invest strongly in our thriving academy, whose graduates make up a third of our current first team squad. The pipeline of new talent looks as exciting as ever, with Oli giving first team debuts to eight academy graduates last season, the highest number since the Busby Babes were breaking through 68 years ago. This faith in youth remains an integral part of our identity as a club. Even with the addition of some more experienced players this month, our squad remains one of the youngest in the Premier League with an average age of 25. This means the team has potential for significant further improvement as our young players develop and mature. We're also tremendously excited by the progress being made by our women's team under Casey Stoney following the arrival of several new players this summer, including Tobin Heath and Kristen Press, two both two-time World Cup winners with the US national team. While our commitment to investment remains, it must be balanced with recognition of the extraordinarily challenging environment facing us and all football clubs at this time. Let me share a few initial observations on this summer's transfer window that finished recently. Gross transfer spend across the big five European leagues was down about 40% this summer, driven by both a lower volume of transactions and lower average fees. The contraction was also felt at the top end of the market, with no transactions over 100 million euros for the first time in five years, and an almost 30% reduction in the average fee for the top 30 transfers. There was a material increase in the share of free transfers and loans, which were up 20% and 30% respectively. At a club level, many of our peers were cautious, with Real Madrid, Barcelona, Bayern Munich, Juventus and PSG having a combined net spend of 9 million euros. Of course, there were one or two outliers the other way, most notably Chelsea, who are making up for not being able to be active during their transfer ban from summer 2019. But we need to look across multiple windows to gain a clearer perspective. And as I mentioned earlier, our aggregate net investment over the last three transfer windows compares very favourably with our peers. The bottom line is we are investing and we will continue to invest to back our manager. More recently, you may have read about the discussions taking place within English football about plans to address the near-term financial predicament created by the pandemic for clubs in the lower leagues. We've been playing an active role in those discussions because we strongly believe in supporting the English football pyramid, both in the short term to address the issues created by COVID-19 and in the long term to improve financial sustainability at all levels of the game. There will always be intense debate around any changes to the structure of football just as there was before the formation of the Premier League 28 years ago. Now, at this critical juncture for the game, we must ensure that the huge success of the Premier League is reinforced while ensuring that the wider football pyramid continues to thrive in a rapidly changing media environment. Achieving this will require strategic vision and leadership. We are pleased that the Premier League is committed to work together on a plan for the future structures and financing of English football. Now it must deliver on that promise, and we are committed to playing a leading role in pushing that process towards a successful outcome. Another crucial issue for the whole of football is the reopening of stadiums to spectators as soon as the government allows. While the situation in Greater Manchester and the UK as a whole continues to evolve, our plans for the return of fans are well advanced, and we are confident of ours and the whole league's ability to welcome them back in a safe, biosecure environment. Crowds have been permitted to return to varying degrees in over 20 European countries, albeit with significant capacity restrictions to allow for social distancing. And we urge the UK government to follow these positive examples as soon as it is safe to do so. While we recognise that public health must always be a priority, what is needed is consistency of approach. People are allowed to sit on an aeroplane for hours, or in a cinema, or even watch football in a cinema, then why are they not allowed inside a stadium environment which is professionally managed and controlled? If indoor concerts are allowed, why should outdoor socially distanced football fans be treated differently? Fans are the bedrock of this game and some of the inconsistencies out there are frustrating for them and indeed for the clubs. Despite severe near-term pressures created by the pandemic, we do remain optimistic about the medium to long term. Demand for live football around the world is strong, and our sustainable commercial model means we are very well placed to harness that growth while continuing to pursue what will always be our number one priority, delivering success, entertainment, and trophies on the pitch. I'll now hand over to our Group Managing Director, Richard Arnold, who will update you on our key business activities. Thank you.

Thank you, Ed, and thank you to everyone for joining us today. Resilience is a trait closely associated with Manchester United. And since we last spoke in May, that trait has been needed and demonstrated once again. Cliff will walk you through the impact that COVID-19 has had on our revenue streams and the continued impact we expect into fiscal 2021. But I'd like to share a few insights into how we face this challenge. First, throughout the fourth quarter, we continue to use our global platform to raise awareness and provide assistance to those in need in our surrounding communities, across the UK and internationally. We stepped up our efforts via our Manchester United Foundation by supporting local food banks, providing meals for the NHS, making cash donations to partner schools, teaming up with supporters clubs and launching a fundraising campaign. Contributions to date for that are already over a million pounds and climbing. And as we highlighted in May, we're appreciative of the generosity of our players and our colleagues who've donated their time and energy. And it is our intent that these efforts will inspire more sustainable long-term support for our community. We're also incredibly proud of the individual effort of Marcus Rashford, who served in an exemplary red, both on and off the pitch. this year by using his platform to bring incredible awareness to a cause that is very dear to his heart, child hunger. Marcus was successful at not only championing this very important cause and bringing considerable awareness to the plight of many UK schoolchildren who are suffering during this pandemic, but he also campaigned for and successfully achieved change that affected children across the whole country. We also wanted to take a moment this morning to discuss the diversity and inclusion initiatives at Club. Whilst this is a topic that is rightly moving to the forefront of conversations in boardrooms across every industry, we're proud that we've been leading and executing in this area within our organisation over many years. Whilst we acknowledge that there is clearly no room for complacency, our All Red, All Equal initiative, which commenced in 2016, is the most visible example and is both a guiding principle and remains a vital annual campaign for the club. We are committed to striving for real change within the industry, on and off the pitch, both through our own campaigns and through the support of other organisations. Returning to our business, we have needed and been able to continue to strengthen our digital and media capabilities during the pandemic. This meant we achieved higher engagement levels relative to last year across all platforms during the fourth quarter. To highlight a few stats, despite the pandemic, our total reach from April through the end of the season in July improved by high single digits against the prior season. On our owned and operated platforms, June and July represented record months for engagement on our mobile app, whilst it was also a record year on our social channels as we achieved over 1.1 billion social interactions, higher than any season previously and 24% higher than last season. This engagement in turn contributed directly to stronger e-commerce conversion levels. Whilst our megastore reopened on June 15th, foot traffic has remained depressed relative to last year Obviously given the absence of fans at Old Trafford home matches and to a lesser extent, the continued closure of our museum and tour operations. However, our e-commerce business with Fanatics has performed ahead of expectations and we plan to accelerate our e-commerce initiatives throughout fiscal 2021. Turning now to our sponsorship business, Fiscal year 2020 was a solid year, and despite the pandemic, it was one of the busiest in the club's history for our sponsorship team. For the year, we signed eight new sponsorship deals with partners including Lego, Mondelez, and Visit Malta. Manchester United's commercial strength derives not least from its strong and effective commercial partnerships. The pandemic proved an opportunity to demonstrate resilience in delivering to our partners. In particular, migrating to delivering digital campaigns in the absence of games. As a result of this, we've also renewed eight partnerships. Whilst we remain in the midst of this pandemic, we're mindful of the current tenuous macro backdrop affecting our partners. We've been working very closely with them to support their activities through these challenging times. To that end, due to the disruption caused by the pandemic, we entered into a variation agreement with General Motors to extend our current shirt sponsorship agreement for six months.

Only two things are forever, love and Liberty Mutual customizing your car insurance so you only pay for what you need.

Though we can't provide any certainty at this time, regarding the precise timing of the return of our supporters to Old Trafford. Due to the very fluid nature of recent coronavirus developments in the UK, we do remain optimistic. In the meantime, we continue to prepare to welcome back our supporters with hygiene and social distancing protocols, as health and safety obviously remains a top priority. Further, we have used the downtime to explore and implement upgrades that we believe will serve to enhance our supporters in stadium experience, such as contactless entry with mobile ticketing. I also want to take a moment to highlight the club's commitment to our supporters in China. Since our first friendly match on the mainland in 1975, Manchester United has established a significant fan and follower base in the region. Earlier in the fiscal year, we announced a strategic partnership with Alibaba, which includes the Youku platform, and we are now producing more localized Chinese content than ever before. We are also the first and only club to reach 10 million Weibo followers, and we are also the most engaged club on both the Weibo and WeChat platforms. We remain committed to providing our passionate supporters in the country with highly engaged club content. As you're aware, in August, the Premier League terminated its deal with its China broadcast partner, Suning's PPTV. The league entered into a one-year contract with Tencent while the league searches for a new long-term partner. This means that the club has its games and content shown on both of the two largest digital platforms, as well as the expectation of linear broadcasting. Together with the exciting progress on the HAAS Experience Centers, this puts us in a strong position for future engagement with our fans in China. Finally, as Ed highlighted, the near-term economic environment remains challenging, but there remains much to be optimistic about regarding our long-term prospects. we'll be relentlessly pursuing the growth opportunities that remain for our brand. The strong commercial engine of this club, driven by our commitment to delivering the engagement that our fans crave and demand, is what ultimately fuels our ability to continuously and sustainably reinvest in the team. With that, I'll now turn the call over to our CFO, Cliff Beatty, to review our results and discuss our financial outlook in more detail. Cliff.

Thank you, Richard. Firstly, I'll talk through our fiscal year results, which have been impacted by COVID-19 pandemic, and then I'll provide some details of the upcoming fiscal year. However, we will not be providing EBITDA guidance today. As a reminder, year-on-year comparisons relative to fiscal 2019 have been impacted by non-participation in the Champions League, as well as the number of games played in the year. In terms of headline figures, total revenues for the period were $509 million, down 118.1 million versus last year due to the impact of COVID-19, particularly on broadcasting and matchday revenues. Adjusted EBITDA was 132.1 million, down 53.7 million from prior year. Overall, we estimate the impact of COVID-19 on total FY20 revenues was 70 million, of which 40 million were lost from matchday closures, Premier League rebates, and impact on our megastore and other operations. The remaining $30 million relates to broadcasting revenues from the 19-20 season's matches, which were played in July and August. Those revenues will be recognized in the current year. We estimate that the adjusted EBITDA outcome for FY20, had COVID-19 not occurred, would have been an additional $60 million, delivering a total adjusted EBITDA of slightly over $190 million, comfortably ahead of our previous guidance range. Turning to the key items in the results, Total commercial revenues were $279 million, with sponsorship revenues of $182.7 million, 5.6% higher than the prior year. This reflects the underlying growth we saw throughout fiscal 2020. Merchandising and licensing revenues were $5.8 million below prior year at $96.3 million, reflecting the closure of the megastore from mid-March through mid-June. Broadcasting revenues decreased by 101 million to 140.2 million. This reflects both the lower Europa League revenues in FY20 compared to Champions League in the prior year, as well as the impact of 10 matches from the 19-20 season, including six Premier League matches that were played after the period end. Revenues are also further impacted by rebates to broadcasters, which we estimate total 14 million for the full 19-20 season, with around 11 million recognized in FY20. Match day revenues for the year decreased by $21 million to $89.8 million, impacted by the suspension of matches in March. This meant revenue associated with four home Premier League games and the Europa League Round of 16 match was lost. Moving down the income statement, operating expenses, excluding depreciation, amortization, and exceptional items, decreased by 14.6% versus the prior year. This includes wages, which were down 14.5%, primarily due to the contractual reduction related to non-participation in the Champions League. Other operating expenses for the fiscal year decreased by $16.1 million, reflecting the suspension of matches, together with the reduced activity and cost-saving actions taken in response to COVID-19. Amortization costs were $126.7 million for the fiscal year, a decrease of $2.5 million versus the prior year. Net finance costs for the year were $26 million, an increase of $3.5 million due to foreign exchange movements on the unhedged portion of our U.S. dollar debt. As mentioned in previous quarters, our cash interest costs in U.S. dollars remain broadly consistent year on year. Turning now to our balance sheet, at the end of June, cash balances were $51.5 million, down $256.1 million against the prior year. This decrease is comprised of three main items. Firstly, as we've mentioned throughout the year, Player capex was elevated in FY20 by £56 million due to player investments made during the year and the associated accelerated payment profiles. Secondly, the impact of COVID-19 and the uncertainty around return to fans to the stadium has meant that the bulk of season ticket monies, which is typically received by 30 June, have not been received this year and we estimate this impact to be over £50 million. Some sponsorship monies normally due prior to 30 June, relating to the 2021 season, have been agreed to be deferred for some commercial partners that have been impacted by COVID-19. This reduced our cash flows by amounts in excess of $80 million. However, a large portion of this has now been received, with the remainder due in instalments during FY21. Net debt at the period end was $474.1 million, an increase of $270.5 million compared to the prior year. due to the lower cash balances described, together with the impact of unfavorable foreign exchange movements on a US dollar denominated debt. In terms of cash liquidity, we now have $200 million of undrawn committed facilities, having increased our available lines by another $50 million. This provides additional flexibility in the current environment. Now, turning to our outlook for the fiscal year 21, in line with many other companies, we are not providing any revenue or EBITDA guidance. The main impact on revenue in EBITDA for FY21 will be the loss of match day and ancillary revenues should the entire season be behind closed doors, together with the loss of our pre-season summer tour. As mentioned, this will be partially offset by £30 million of deferred broadcasting revenues relating to season 19-20 fixtures and our return to the Champions League. Finally, we expect our Committed Player CapEx net cash outflows for this year to be approximately £120 million, with amortisation of £127 million. Before we hand the call back to the operator to take your questions, I wanted to make you all aware that we will not be hosting a first quarter conference call when our results are released in mid-November, just a few short weeks from now. Due to the unusual timing this year related to the pandemic, we will only be issuing a press release with our first quarter financial results. However, we will return to normal conference call cadence for our second quarter report in February. With that, we're ready to take your questions. Operator?

Thank you. We will now begin the question and answer session. To ask a question, you may press star then one on your touchtone phone. If you're using a speakerphone, we ask that you please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Today's first question comes from Randy Connick with Jefferies. Please go ahead.

Good morning. Can you hear me?

Yes, we can.

All right, great. Thanks, guys. Good morning, and congrats on the nice win yesterday to start the Champions League. I guess the first question is, you know, Richard, you talked a little bit about some of the changes or adaptations you made in the commercial and sponsorship segment. You know, let's talk about, I guess, for example, Chevy. You extended the sponsorship by, I think, six months. Have you done that with any other partners? And then the other thing I picked up on in the remarks, you talked about shifting some activations to more digital means to kind of give your partners good return on their partnership investments, etc. So give us some perspective on what you've kind of specifically done more there on the digital side to kind of help the partners kind of get the great value for their sponsorship. Just curious then.

Thanks, Randy. I think, you know, in some part, the second part of your question answered the first. In the overwhelming majority of individual sponsor cases, what we've done is work with partners to build commercial strategies that leverage what is available to us. Obviously, as you indicated, the work that we've done in establishing leadership in our field in terms of our digital engagement techniques with fans mean that we were able to offer them something that's pretty cutting edge in the market and very, very effective. And I think that's testament to the work of the team in this area that we were able to do that and also the support that we had from players and others in terms of deriving that content.

Got it. And then anything changes with explorations of deals in terms of the extension of the Chevy deal? I know it's probably just more of a one-off, but anything there that we should be thinking about with other partners or not?

By and large not. Our partners are no more immune to the macro effects than any other businesses in the world, so you've seen in these results the work that we've done supporting them, particularly on the cash flow basis. That having been said, equally

I think what really led him to Greenberg and Betterman was the locale and the fact that it was probably a free consultation.

We're hugely fortunate that we have some of the best companies in the world as partners. By and large, the majority of those have rebounded very strongly, have traded relatively well through the period. I think that the renewals we've seen even during this pandemic and literally during this pandemic in the last three months have been strong. And I think that that's an indication of the high caliber companies we have as partners and the work that we've been able to do with those partners to drive results in even the most difficult of circumstances.

Great. Very helpful. Thanks, guys.

And, ladies and gentlemen, as a reminder, if you'd like to ask a question, please press stars and one. Today's next question comes from Connor Murphy with Deutsche Bank. Please go ahead.

Hey, everyone. Just a few from me. Can we first just dig into, you know, a little more when your anticipating fans might be able to come back at any sense of capacity? I know it's a very fluid situation, but just trying to get a sense of, you know, how discussions are going and, you know, how that might evolve throughout the season. And then I have a couple of others.

Yeah, so as you're aware, we're subject to government regulation, the regulatory environment in this regard. The initial expectation had been that there would be a return to partially filled stadiums starting on the 1st of October, following on from test events that were successfully conducted in August and September. That advice was changed not because of the effect of what was happening as a result of the partially filled stadia, and in fact there's significant track record across Europe for that being executed successfully, but because of what was happening in other sectors, particularly around the return to school and university in the background infection rate. The government guidance had been at that point in time that absent what they refer to as the moonshot, was not to expect full stadia prior to March next year. Where they refer to moonshot, that is the ability for us to have either variously vaccine programs or quick response testing at a mass scale, so what's often referred to as pregnancy-type test, where people can achieve certified infection-free attendance. At this point in time, it's unclear as to the probability and timing of those two moonshot items. So we remain subject to the more general situation in terms of the return of fans. The guidance in respect of the fill rate was a function of distancing, both in the access points to the stadium and in the stadium in Excel. And that trended out approximately 30% under the prior regulations. Although, again, going back to what I said earlier, the evidence was that the sort of professionally run stadia that had very well-developed protocols in this area meant that there was no evidence at this point that that was an infection risk.

That was very helpful. And can we dig a little more into this FIFA-backed European Premier League and, you know, what the impetus is? It sounds like, you know, supporting... lesser teams, but just sort of flush that out a bit and, you know, what the advantages of a larger league would be.

Are you referring to what was in the press yesterday? Yes. Okay. I mean, I saw the reports on that and, candidly, don't know where that story came from, but there isn't really anything for us to say. We are engaged on a very regular basis through my role within ECA, and also on the UCCSA with UEFA, with those two entities, ECA and UEFA, talking about potential changes to the Champions League from 24 onwards. You might have read, I think, two or three days ago in the press, there was a story about whether the Champions League may go to 36 teams. They're the conversations that we're actively involved in, so I can't comment on your question.

Fair enough. And then the last one was, can you talk a little bit about the Premier League contract in China and, you know, what the expectations are in terms of a new deal? I mean, it sounds like you guys have a, you know, it's very popular over there. So I guess your expectation would be for a longer-term contract, higher pricing?

Yeah. If you heard the call earlier, you'd have heard Richard talk about what happened there. So assuming you're up to speed with regard to that, Absolutely. The plan on the back of getting a fantastic partner in, which is Tencent in China, for a, you know, you could view it as a stopgap period of one year. It's pretty incredible actually that they've managed to lock that in so quickly. The plan now is to go back to market in due course in a much more measured way and try to do a four-year deal to get us back lockstep with the cadence of the cycles. So that will happen in the coming months.

Great, thank you. And ladies and gentlemen, this concludes today's question and answer session and today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.