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Manchester United Plc (NYSE:MANU) posted a record fiscal 2026, with revenue of £677.6 million and adjusted EBITDA of £216.4 million, both ahead of Jefferies' £665 million and £210 million estimates, as the club returned to operating profit despite playing the year without Champions League football.

The club swung to an operating profit of £22.6 million, compared with an £18.4 million loss a year earlier.

Fourth-quarter revenue of £157.5 million and adjusted EBITDA of £28.9 million topped Jefferies' £145 million and £22 million estimates, even as both metrics fell year-over-year, down 4.0% and 22.9% respectively, on Premier League match phasing and the club lapping a post-season tour and last year's Europa League final.

Broadcasting was the only segment to grow in the quarter, rising 28.4% to £49.7 million, reflecting United's third-place Premier League finish versus 15th the prior season.

Sponsorship revenue fell 26.2% in the quarter and 14.8% for the full year, driven by the roll-off of the Tezos partnership. New sleeve and training kit deals with SumUp and Betway have since filled both slots, which Jefferies expects to turn the high-margin sponsorship line positive going forward. Commercial revenue overall fell 18.1% to £72.2 million in the quarter, with retail and merchandise down 7.0% to £34.4 million.

On costs, full-year operating expenses fell £31.8 million, or 4.3%, to £701.9 million, with employee expenses down 3.6% to £302.0 million, or 44.6% of revenue versus 47.0% a year earlier. Adjusted EBITDA margin expanded roughly 450 basis points to 31.9%. However, fourth-quarter employee expense ran at 52.3% of revenue versus 48.3% a year earlier, which Jefferies flagged as a sign that Champions League bonuses and squad costs will absorb part of next year's incremental revenue.

Management also secured land for a proposed 100,000-seat stadium, accounting for £63.5 million of the year's £85.9 million in property, plant and equipment spending. Jefferies called it a derisking milestone but noted design, construction, financing and matchday uplift remain years away, with no timeline yet disclosed.

For fiscal 2027, management guided revenue to £740-760 million, growth of 9-12% off the record base, with adjusted EBITDA of £205-225 million. Jefferies said the revenue guidance captures Champions League participation, but the EBITDA range brackets fiscal 2026's £216.4 million, implying European costs and wages will consume most of the incremental revenue. The firm views that guidance as conservative given this year's cost discipline.

Looking ahead, Jefferies said Champions League qualification alongside the new Betway and SumUp partnerships should drive an inflection in commercial revenue, and cited a leaner cost base, coaching stability and the secured stadium land as reasons it remains constructive on Manchester United's long-term value, even as the EBITDA guidance keeps near-term expectations in check.

34% of holes hit mineralization averaging 0.28% eU₃O₈ — matching the district's 0.30% historic production grade across 78 million pounds of U₃O₈1

Vancouver, British Columbia--(Newsfile Corp. - September 10, 2026) - Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTCQB: MAUUF) (FSE: J5B0) ("Manhattan" or the "Company") is pleased to provide an update on ongoing technical work at its Lisbon Valley uranium project ("Lisbon Valley") located in the San Rafael uranium district of Utah.

The North and Central Lisbon Valley Projects comprise 100 claims covering 2,066 acres along the 16-mile-long Lisbon Valley uranium trend, Utah's largest uranium-producing district, which produced 77.9 million pounds of U₃O₈ at an average grade of 0.30% U₃O₈ and 10.3 million pounds of V₂O₅ at an average grade of 0.30% V₂O₅ between 1948 and 19881. The properties are located near the historic Mi Vida Mine, one of the district's most prolific past producers, and lie within trucking distance of Energy Fuels' White Mesa Mill, the only operating conventional uranium mill in the United States.

Highlights

3.70% eU₃O₈ over 5.2 ft in hole N-1: The highest-grade historical gamma intercept in the compiled database and more than ten times the district's reported 0.30% historical production grade.

499 historical drill holes compiled into a single modern database: Concentrated on the North Lisbon property and forming the foundation for the Company's 3D targeting model, with additional legacy records still being recovered and added.

More than half the compiled database returned mineralized intercepts: 266 holes (53%) graded above 0.15% eU₃O₈, which may indicate the mineralized system extends beyond the historically mined areas and across the Company's North Lisbon block.

Mineralized intercepts average 0.28% eU₃O₈: Comparable to the reported 0.30% U₃O₈ the district mined between 1948 and 1988, meaning the historical drilling on the Company's ground returned the grades this district actually produced1.

36 high-priority historical intercepts ranked for follow-up: Filtered to exclude mined-out ground and intervals within 15 feet of known workings, providing the Company with a drill-ready target list.

"Lisbon Valley alone produced nearly 80 million pounds of U₃O₈ before production ceased in the late 1980s, and much of that ground has not been evaluated with modern methods. This is not purely greenfield exploration; it is a mill-adjacent district with a substantial historical production history, and that distinction matters in the context of renewed interest in domestic uranium supply," stated William Sheriff, Chairman of Manhattan.

"This is the second major legacy dataset we've compiled and reviewed, and it reflects the broader work underway across our portfolio. We're developing a much deeper understanding of our U.S. assets, which include 15 past-producing mines. At Lisbon Valley specifically, a 53% historical gamma-intercept hit rate averaging 0.28% eU₃O₈ is comparable to the reported 0.30% in the district. We now have a modern drill-ready foundation across the Lisbon Valley," stated Galen McNamara, CEO and Director of Manhattan.

Overview

The Company has completed a historical data compilation and digitization effort focused on building a modern digital drillhole and geological database for the Lisbon Valley.

Figure 1: Lisbon Valley Historical Drill Hole Map

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/313738_761272d0b4af6a65_001full.jpg

Selected High-Priority Historical Intercepts

The table below presents 45 high-priority historical intercepts identified to date from the Company's ongoing review of the database. The table excludes holes flagged as mined out, holes flagged within 5 m of known underground workings, intervals beginning at 0 m, and exact 1 m or 2 m intervals to avoid including interpreted interval artifacts. These intercepts are historical in nature, transcribed from legacy project maps and records, and are being used for exploration targeting and 3D modelling purposes only. They have not yet been independently verified by the Company.

DHIDFromToThicknesseU₃O₈%N-1780.24785.445.23.7FW3-3815.9815.950.94FW3-2813.5813.560.93P-3755.4755.47.50.6581-124703.65713.65100.640P-2745.4745.42.60.54C-5798.1798.12.90.52P-1758.5758.52.90.47FW3-4810.7810.760.4479-53765.02768.523.50.420C-10772772.02.60.41T-5-71579.70582.201.50.410A-3721.7721.73.20.4P-4665.006650.80.4T-5-71586.7588.21.50.4_07-9663.10664.1010.390_07-7667.34668.841.50.370106671.3671.36.50.3500-1659.35659.3530.35FW3-9809.5809.53.50.34P-5751.9751.91.30.31C-6698.2698.23.10.379-22722.14723.1410.280FW3-8A788.4788.42.50.28C-2656.4656.42.80.27U-1726.5726.54.10.27_07-13600.39601.3910.220T-3-11730.8730.80.50.22C-7722.04722.043.80.21T-7-71749.6749.620.2181-113710.63720.139.50.200A-8607.4607.43.20.2N-4778.6778.640.2C-12812.2812.240.1979-29772.28783.7811.50.11079-34816.37826.37100.11079-39857.97869.4711.50.10079-42742.71750.7180.10081-106716.98728.4811.50.100* eU₃O₈ = equivalent U₃O₈ from historical downhole gamma (radiometric) logging, not chemical assays. Values assume secular equilibrium; disequilibrium, if present, may cause them to overstate or understate true uranium grades. Historical and unverified; for exploration targeting purposes only.

Geology and Project Context

The Lisbon Valley Project is located in the Lisbon Valley uranium district of Utah, a historically significant uranium-producing area in the United States. Uranium mineralization at the project is hosted within the Moss Back member of the Chinle formation and the upper section of the Cutler formation, both of which are fluvial sandstone units that served as the primary hosts for uranium production throughout the Lisbon Valley mining district during the 1950s to 1980s mining cycle. The district has a well-documented history of uranium production and is underlain by documented infrastructure including roads, power, and historical mine workings.

The Company's lithology model is being used to constrain uranium-bearing horizons and to support 3D interpretation of gamma-defined mineralized trends. Using the updated drillhole database, digitized underground workings, and interpreted lithology model, Manhattan has begun generating preliminary 3D uranium target domains designed to identify areas where historical gamma intercepts, favorable stratigraphy, and underground development suggest potential for additional uranium mineralization.

Technical Work Completed to Date

Consolidated historical drill hole collar, survey, and assay/gamma records into a modern digital database. Compiled approximately 499 drill collar locations and matching downhole survey records.Recovered additional historical gamma intercepts from legacy project maps not previously captured in the digital database. Added missing survey records where required using vertical-hole assumptions for legacy holes lacking survey data. Reviewed and corrected interval gaps, overlaps, duplicate records, and missing-value codes. Built an initial lithology model focused on the Chinle and Cutler formations. Generated preliminary 3D uranium target domains to guide follow-up drilling.Next Steps

Continued validation and reconciliation of historical gamma data with underground workings and modern exploration results.Refinement of the lithology model and 3D uranium target domains.Recovery of additional historical data and expansion of database as the review of legacy records continues.Technical Disclosure

The historical drill hole and gamma data referenced in this news release were compiled from legacy maps and historical records believed to be reliable. The Company has not yet completed sufficient work to independently verify these data and results. In addition, historical gamma values may not be directly comparable to modern chemical assay results and are being used by the Company for exploration targeting and modelling purposes only. The Company encourages readers to exercise appropriate caution when evaluating these data and results.

No current mineral resource or mineral reserve estimate has been established at the Lisbon Valley Project.

The uranium grades in this news release are expressed as equivalent U₃O₈ (eU₃O₈) and are derived from historical downhole gamma-probe (radiometric) measurements, not chemical assays. Equivalent grades are calculated from gamma response and assume secular equilibrium between uranium and its radioactive decay products. Uranium in sandstone-hosted systems such as those in Lisbon Valley is mobile and may occur in radioactive disequilibrium, in which case eU₃O₈ values may materially overstate or understate true uranium grades. The gamma-probe equipment, calibration standards, and conversion parameters used by the historical operators are not fully documented, and the Company has not independently verified the original measurements or conversions. Reported intervals represent downhole lengths, not true thicknesses. These historical values are used for exploration targeting and 3D modelling only. The Company encourages readers to exercise appropriate caution when evaluating these data and/or results.

Mineralization at nearby properties is not necessarily indicative of mineralization at Lisbon Valley, and there can be no assurance that any processing arrangement will be available.

Qualified Person

The scientific and technical information in this news release has been reviewed and approved by Galen McNamara, P.Geo., CEO and a director of Manhattan, who is a Qualified Person as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). Mr. McNamara is not independent of Manhattan under NI 43-101.

About Manhattan Uranium Discovery Corp.

Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTCQB: MAUUF) (FSE: J5B0) is a newly consolidated North American uranium company committed to the discovery, development, and advancement of high-quality uranium assets. Following the successful acquisitions of Urano Energy and Pegasus Resources, Manhattan now holds a premier portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin. Backed by an elite technical and management team with decades of uranium discovery, project advancement, and capital markets experience, Manhattan is strategically positioned to capitalize on the growing demand for domestic uranium and the American nuclear renaissance. For more information about Manhattan, please visit: www.manhattanuranium.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Follow Manhattan on social media for the latest updates

X: https://x.com/manhattanurLinkedIn: https://www.linkedin.com/company/manhattanuranium/REFERENCES
1 Chenoweth, W.L. (1990). Lisbon Valley, Utah's premier uranium area: A summary of exploration and ore production. Utah Geological and Mineral Survey Open-File Report 188.

FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). All statements in this release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "may", "will", "expect", "intend", "believe", "anticipate", "estimate", "target", "plan", "potential", "could" or similar terminology. Forward-looking statements in this release include, without limitation: the interpretation of historical drill hole, gamma and geological data; the anticipated advancement of the Company's mineral properties and project portfolios, including but not limited to the technical work referenced herein, including the timing, scope and execution thereof; exploration expenditures, costs and timing of future exploration; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; current geopolitical developments, including but not limited to U.S. government policy, environmental risks; the timing and possible outcome of pending regulatory matters; the potential for additional mineralization; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-looking statements are based on management's current beliefs, expectations and assumptions, including, without limitation: that historical information is reliable; that future exploration activities will proceed as currently anticipated; that permits, equipment, personnel and contractors will be available on commercially reasonable terms; and that current commodity prices, labour availability, cost and regulatory frameworks will remain consistent with management's expectations. Although management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the risk that historical data may prove to be inaccurate or unverifiable and that historical radiometric gamma data may not correlate with chemical assay results; that exploration results may not support further work or drilling; that exploration activities may be delayed, restricted or not carried out as planned; that permits may be delayed or revoked; the presence of adverse conditions at mineral properties; the price of uranium and other metals not remaining at levels that support continued exploration; the Company's ability to continue raising necessary capital to finance operations; and the ability to establish any mineral resource estimate; the Company's ability to complete its planned exploration programs; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the business objectives of the Company; whether mineralization can be defined; the uncertainty that any mineralization encountered on adjacent properties continues on to any of the Company's properties; the uncertainty that geological and/or geophysical and/or any trends, interpretations, or conclusions related to adjacent properties have relevance to any of the Company's properties; the uncertainty that the exploration season can be extended; changes in project parameters as plans continue to be refined; the consequences and implications of the historical mining activities on the environment and whether such activities affect potential exploration of the Company's properties; the implications of claims from First Nations, Tribes, Tribal Councils or Tribal Governments and land claims settlements on the Company's projects; accidents, labour disputes and other risks of the mining industry; future prices of metals; possible variations of mineral grade or recovery rates; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; title to properties; operational, technical and geological risks inherent in mineral exploration; changes in capital markets, economic conditions, regulatory developments and stakeholder relations; the other risks set out in the Company's public disclosure record under its profile on SEDAR+ (www.sedarplus.ca) and management's ability to anticipate and manage the foregoing risks and uncertainties.

The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/313738

Source: Manhattan Uranium Discovery Corp.

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Manchester United (NYSE:MANU – Get Free Report) is expected to release its Q4 2026 results before the market opens on Wednesday, September 16th. Analysts expect Manchester United to post earnings of ($0.4062) per share and revenue of $196.3540 million for the quarter. Interested persons can find conference call details on the company’s upcoming Q4 2026 earning overview page for the latest details on the call scheduled for Friday, September 18, 2026 at 2:00 AM ET.

Manchester United Trading Down 0.7% Shares of Manchester United stock opened at $20.75 on Wednesday. Manchester United has a 1-year low of $14.59 and a 1-year high of $24.45. The company’s fifty day simple moving average is $22.52 and its 200-day simple moving average is $20.21. The company has a debt-to-equity ratio of 2.73, a current ratio of 0.37 and a quick ratio of 0.35. The stock has a market capitalization of $3.58 billion, a PE ratio of -148.20 and a beta of 0.58.

Wall Street Analysts Forecast Growth Several research firms recently issued reports on MANU. Weiss Ratings upgraded Manchester United from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, June 15th. Wall Street Zen raised Manchester United from a “sell” rating to a “hold” rating in a report on Sunday, May 31st. One analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Manchester United has an average rating of “Sell”.

Read Our Latest Report on MANU Institutional Investors Weigh In On Manchester United Hedge funds have recently made changes to their positions in the stock. Invesco Ltd. purchased a new stake in shares of Manchester United during the 4th quarter valued at $6,665,000. Bank of America Corp DE increased its position in Manchester United by 83.8% during the 3rd quarter. Bank of America Corp DE now owns 243,444 shares of the company’s stock valued at $3,686,000 after buying an additional 111,011 shares in the last quarter. Marshall Wace LLP increased its position in Manchester United by 48.9% during the 2nd quarter. Marshall Wace LLP now owns 283,574 shares of the company’s stock valued at $5,050,000 after buying an additional 93,111 shares in the last quarter. Rathbones Group PLC purchased a new stake in Manchester United in the fourth quarter valued at about $1,316,000. Finally, Two Sigma Investments LP purchased a new stake in Manchester United in the third quarter valued at about $1,227,000. 23.34% of the stock is currently owned by hedge funds and other institutional investors.

Manchester United Company Profile (Get Free Report)

Manchester United plc is a global sports and entertainment company best known for its ownership and operation of Manchester United Football Club, one of the most prominent professional football clubs in the world. The company’s core activities include the organization and promotion of competitive football matches, management of club facilities such as Old Trafford stadium, and the development of youth and academy programs. As a publicly traded entity on the New York Stock Exchange (NYSE: MANU), Manchester United plc leverages its status to expand commercial partnerships and broaden its international footprint.

The company’s revenue streams are diversified across matchday operations, broadcast rights, commercial partnerships, and licensing and merchandising.

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Manchester United plc is rated a Hold, as its operational recovery and Champions League qualification are already reflected in the current share price. Fiscal 2026 guidance implies improved profitability from cost reductions, but structural revenue growth remains limited and cash conversion is weak. Champions League participation should lift fiscal 2027 revenue and EBITDA, but rising transfer and bonus costs limit margin expansion.

Manchester United Today

MANU

Manchester United

$22.94 -0.17 (-0.74%)

As of 12:09 PM Eastern

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52-Week Range$14.59▼

$24.22World Cup fever is spreading throughout North America as the knockout round begins, and the best players from around the globe are putting their club organizations on hold to compete for their countries. But soccer—or football, for readers outside the United States—in Europe is big business, and the English Premier League (EPL) doesn’t stop just because the matches are on hold for six weeks.

One of the EPL’s most storied franchises is also publicly traded on the New York Stock Exchange, and it recently made headlines by inking a new stadium deal. Manchester United plc NYSE: MANU is up more than 40% over the last three months, driven by prospects of replacing its historic Old Trafford arena, a potential ownership turnover, and strong earnings in the most recent quarter. But as the traditionally weakest quarter approaches, is it time to sell this rally, or are there more gains ahead?

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The 3 Catalysts Driving MANU Shares to Multi-Year HighsManchester United has been home to some of the sport's greatest players: Bobby Charlton, George Best, Duncan Edwards, and, more recently, Wayne Rooney and Cristiano Ronaldo. But that home will change: the franchise reached a land agreement earlier this month for a new 100,000-seat stadium, purchasing a 25-acre site near its current home, Old Trafford. Old Trafford has been Manchester United’s home stadium since 1910, but the new arena aims to be the largest in the U.K. and part of a larger entertainment center that the team claims could create more than 90,000 jobs.

Two other factors have contributed to the stock’s outperformance this year:

The Glazer family, which owns a 70% stake in the team, has considered selling at least a portion of their share. Malcolm Glazer, who also owned the NFL’s Tampa Bay Buccaneers, passed away in 2014 and left his stake to his six children. But their tenure with Man Utd has been tumultuous, and many supporters (and apparently investors) would cheer a new ownership group.

A strong fiscal Q3 2026 earnings report on May 27 saw the company beat both revenue and earnings-per-share estimates, including a surprise profit of 4 cents per share despite analysts’ expectations for a loss. Operating profit totaled £37.7 million, or about $49.9 million, for the nine months ended March 31, a sharp swing from a £3.2 million ($4.2 million) operating loss in the same period a year earlier. The club also increased its full-year fiscal 2026 revenue guidance to £665 million ($877 million).

Each catalyst has played a part in driving the stock higher, especially the Glazer sale rumors, which caused an 11% pop in a single day. But each of these catalysts is fleeting. The stadium agreement is merely a land deal, and no funding has yet been secured to finance any construction. The new stadium payoff could still be a decade out, and the ownership sale story looks like the typical “buy the rumor, sell the news” event.

Additionally, the earnings success could be on the verge of turning. The fourth quarter has typically been the weakest for Manchester United, as the EPL enters its offseason and no ticket revenue is generated. The EPL has a short offseason compared to American sports, and the season resumes on August 21, a week later than usual due to the World Cup. Manchester United’s Q4 2025 results will likely be released in mid-September or early October, and these offseason headwinds could dampen an already weakened quarter.

Event Driven Rally Getting Stretched, and Technicals Tell the TaleTechnical signals often spot the end of a rally before the fundamentals turn down, and there’s evidence of that situation happening on the MANU chart. The 45% year-to-date (YTD) gain has driven the stock within arm’s length of its 2023 all-time high of $26.84, and a golden cross in early February hinted that a breakout was on the horizon. But technicals giveth and technical taketh, and now the rally is looking overextended.

The share price remains above the 50-day and 200-day moving averages, but it has soared well above these support levels over the last two months amid volatile trading. Excessive volatility is a concern for a stock with a beta of 0.61, and the team has still posted a net loss over the trailing 12 months and trades at 4.65 times sales. Now the moving average convergence divergence (MACD) has formed a bearish crossover, which could be the prelude to the end of this rally.

MANU shares have enjoyed a long-awaited breakout in 2026, but it's becoming stretched and remains dependent on narratives over profits. The new stadium deal is still in its formative stages, and the ownership situation is status quo despite the rumors. Narratives can sustain rallies for long periods, but absent a confirmed transaction, the Q4 2026 earnings print is likely to test it rather than extend it.

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Manchester United Plc (NYSE:MANU)'s acquisition of land for its planned new 100,000-seat stadium represents a significant de-risking milestone for the project, removing what Jefferies described as the main outstanding hurdle around land assembly and improving visibility on the club’s long-term redevelopment plans.

The club said it has secured the majority of land required for the proposed stadium adjacent to Old Trafford through the purchase of a 25-acre site from Indurent, a Blackstone-owned industrial property company.

The site is located about 350 meters northwest of the current ground and forms part of a wider 370-acre regeneration scheme being developed alongside Trafford Council and the Old Trafford Regeneration Mayoral Development Corporation (OTRMDC).

The broader development is expected to include approximately 15,000 new homes, around 48,000 jobs, and more than £7 billion in annual economic impact for the UK economy. Further details on the project, including consultation timing and an updated masterplan, are expected from the OTRMDC on July 9.

Jefferies believes that the land deal removes a key overhang previously identified in the project and clears the path toward design finalization, cost estimation and a more defined construction timeline.

The firm also pointed to continued operational momentum under the INEOS-led transformation, alongside improving financial performance and recent commercial activity.

Manchester United recently reported stronger third-quarter results, raised its fiscal 2026 guidance, and secured qualification for the 2026–27 UEFA Champions League season. The club has also added several commercial partnerships in recent months, including deals with Snapdragon, Coca-Cola, Sokin, Parimatch and Elevate Hospitality, and completed a $550 million refinancing to extend debt maturities.

The proposed stadium would increase capacity to 100,000 seats from roughly 74,000 at Old Trafford, expanding matchday and premium hospitality potential, Jefferies highlighted.

However, it noted that key uncertainties remain around funding structure, total project cost and construction timeline as planning progresses.

Manchester United’s US-listed shares traded down 1.5% at about $22 on Monday afternoon, up about 38% so far this year.

MANCHESTER, England--(BUSINESS WIRE)--Manchester United has secured the majority of the land required to build a new 100,000-seat stadium, marking a major milestone in the long-term vision to transform the Old Trafford area.

The new stadium, which will become the biggest sporting arena in the UK, will serve as a catalyst for the regeneration of the surrounding district, helping to create one of the most dynamic and globally significant sporting and entertainment destinations in the world.

The club acquired the 25-acre site, located approximately 350m north-west of the current stadium, from Indurent, a leading provider of industrial space and a Blackstone portfolio company. United will engage directly with businesses impacted by the plans to support them through the transition period.

The club has also worked in close collaboration with Trafford Council and the Old Trafford Regeneration Mayoral Development Corporation (OTRMDC) to ensure the location of the new stadium works cohesively with the wider Old Trafford regeneration strategy, ensuring optimum connectivity and the best possible experience for fans.

The 370‑acre regeneration project is expected to deliver around 15,000 new homes, including affordable housing, create 48,000 new jobs locally and over 90,000 nationally, and add more than £7 billion a year to the UK economy.

Collette Roche, CEO, Manchester United’s New Stadium Development, said:

“Today’s news highlights the progress we’re making towards a world-class new home for Manchester United and represents a significant milestone as we move into the next phase of development.

“Being able to build so close to Old Trafford allows us to preserve the heritage, traditions and rituals that are so important to our fans. We are committed to building a world-class stadium with our supporters, not just for them, with atmosphere, affordability and accessibility at the heart of our thinking.

“This is a generational opportunity that is fully aligned with both local and national growth ambitions. Securing the right land for our new home has been absolutely critical, and the land we’ve acquired gives us the stage to deliver a truly world-class stadium that honours our past and is ready for our future.”

The OTRMDC will publish its vision for the Old Trafford Regeneration on Thursday 9 July, when further detail of the stadium site and formal consultation period will also be revealed.

Manchester United Plc's (NYSE:MANU) New York-listed shares are on the buy list at UBS, with the Swiss bank eyeing Champions League qualification. An upgraded target price pitched at US$29.75, suggesting major upside from the current price of $17.77.

Posted by Defense World Staff on Apr 15th, 2026

Inspirato (NASDAQ:ISPO – Get Free Report) and Manchester United (NYSE:MANU – Get Free Report) are both consumer discretionary companies, but which is the better investment? We will compare the two businesses based on the strength of their earnings, institutional ownership, profitability, analyst recommendations, risk, valuation and dividends.

Institutional and Insider Ownership 39.5% of Inspirato shares are held by institutional investors. Comparatively, 23.3% of Manchester United shares are held by institutional investors. 50.0% of Inspirato shares are held by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.

Profitability This table compares Inspirato and Manchester United’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Inspirato -4.24% N/A -4.10% Manchester United -1.39% -4.85% -0.56% Risk and Volatility Inspirato has a beta of -0.03, suggesting that its stock price is 103% less volatile than the S&P 500. Comparatively, Manchester United has a beta of 0.58, suggesting that its stock price is 42% less volatile than the S&P 500.

Analyst Ratings This is a summary of current ratings and recommmendations for Inspirato and Manchester United, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Inspirato 1 0 0 0 1.00 Manchester United 1 0 0 0 1.00 Valuation and Earnings This table compares Inspirato and Manchester United”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Inspirato $247.65 million 0.22 -$5.39 million ($0.87) -4.90 Manchester United $862.42 million 3.58 -$42.74 million ($0.07) -255.86 Inspirato has higher earnings, but lower revenue than Manchester United. Manchester United is trading at a lower price-to-earnings ratio than Inspirato, indicating that it is currently the more affordable of the two stocks.

Summary Manchester United beats Inspirato on 6 of the 11 factors compared between the two stocks.

About Inspirato (Get Free Report)

Inspirato Incorporated, together with its subsidiaries, operates as a subscription-based luxury travel company. The company's portfolio includes luxury vacation homes, and accommodations at luxury hotels and resorts, as well as luxury safaris, cruises, custom-designed itineraries, and other experiences. It is involved in solving critical pain points for hospitality suppliers seeking to monetize their property with rental income. In addition, the company offers Inspirato Pass for member to book pass trips; Inspirato Club for members to book trips up to one year in advance Inspirato for Good, a platform designed to help nonprofit organizations accelerate funding results; Inspirato for Business, a business-to-business channel through which subscription and travel products are sold directly to businesses seeking to leverage luxury accommodations to recruit, retain, and reward their employees. The company was founded in 2010 and is headquartered in Denver, Colorado.

About Manchester United (Get Free Report)

Manchester United plc, together with its subsidiaries, owns and operates a professional sports team in the United Kingdom. It operates Manchester United Football Club, a professional football club. The company develops marketing and sponsorship relationships with international and regional companies to leverage its brand. It also markets and sells sports apparel, training and leisure wear, and other clothing; and other licensed products, such as coffee mugs and bed spreads featuring the Manchester United brand and trademarks, as well as distributes these products through Manchester United branded retail centers and e-commerce platforms, and through the company’s partners’ wholesale distribution channels. In addition, the company distributes live football content directly, as well as through commercial partners; broadcasts television rights relating to the Premier League, Union of European Football Associations club competitions, and other competitions; and delivers Manchester United programming through MUTV television channel to territories worldwide. Further, it operates Old Trafford, a sports venue with 74,240 seats, as well as invests in properties. The company was formerly known as Manchester United Ltd. changed its name to Manchester United plc in August 2012. Manchester United plc was founded in 1878 and is headquartered in Manchester, the United Kingdom.

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NEXT HEADLINE »Comparing UGI (UGI) & The Competition

Manchester United has qualified for the Champions League, which will bring in additional revenue. Club valuation has doubled from $3.3 billion in 2016 to now $6.6 billion, according to Forbes. Future revenue growth will come from ticket price increases, continued strong on-the-field performance, and a new stadium.

Manchester United plc (NYSE: MANU), announces that it will report results for the third quarter fiscal 2026 period ended 31 March 2026 via press release on 27 May 2026 at 7:00 AM EST.

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 148-year football heritage we have won 69 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, per latest available survey data from 2019. 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260513329305/en/

Vancouver, British Columbia--(Newsfile Corp. - May 21, 2026) - Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: MAUUF) (FSE: J5B0) ("Manhattan" or the "Company") is pleased to announce that the U.S. Forest Service has approved the Apex Plan of Operations, authorizing drilling to advance high-priority uranium exploration at the Company's Apex Uranium Project in Lander County, Nevada. This approval clears the way for the construction of up to seven drill pads, a staging area, new temporary road access and limited cross-country travel.

Key Highlights

Drill Permit Secured: U.S. Forest Service has approved the Apex Plan of Operations, delivering a critical regulatory milestone at the Apex Uranium Project in Lander County, Nevada.Up to Seven Drill Pads Now Authorized: This approval green-lights construction of up to seven drill pads, a staging area, new temporary road access, and limited cross-country travel, while still limiting surface disturbance to just 0.93 acres.Advances Nevada's Largest Past-Producing Uranium Mine: Clears the path to test and expand high-grade historical uranium mineralization at the Apex Uranium Project - Nevada's largest past-producing uranium mine - which produced approximately 50% of Nevada's all-time uranium output, including standout historical intercepts of 34.1 metres at 0.37% U₃O₈ and 15.2 metres at 0.51% U₃O₈1,2,3. Minimal Environmental Footprint: The approved program is designed for low-impact exploration within a one-year window from the start of work on National Forest lands, consistent with Manhattan's commitment to responsible development.Strengthens Consolidated U.S. Uranium Platform: Delivers a key regulatory milestone at the Apex Project, enhancing Manhattan's premier North American pure-play uranium platform of 15 past-producing mines on 25 underexplored U.S. properties following the recent acquisitions of Urano Energy Corp. and Pegasus Resources Inc.National Energy Security Priorities: The approval supports recent U.S. Executive Orders aimed at expanding domestic uranium production, strengthening the nuclear fuel supply chain, and advancing energy independence and national security.

Figure 1: Map of the Apex Uranium Project

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8126/298364_26f299e714ec4bae_001full.jpg

"Receipt of our Apex Plan of Operations approval from the U.S. Forest Service is a pivotal milestone for Manhattan. Nevada has never seen a modern drill program on its largest historical uranium producer, and we are now positioned to change that. Years in the making, this approval comes at a critical time as domestic uranium supply has become a national priority," stated William Sheriff, Chairman of Manhattan.

"Apex has always stood out in our portfolio, Nevada's largest past-producing uranium mine, with historical intercepts of up to 34.1 metres of 0.37% U₃O₈, and surface sampling returning up to 1.00% U₃O₈ across approximately three kilometres of showings. This Plan of Operations approval clears the path for the first modern drill program in the project's history," stated Galen McNamara, CEO of Manhattan.

The Apex Plan of Operations Approval

The U.S. Forest Service has formally approved the Apex Plan of Operations, authorizing Manhattan to conduct mineral exploration activities on National Forest System lands within the Austin-Tonopah Ranger District of the Humboldt-Toiyabe National Forest in Lander County, Nevada. The approved program includes the construction of up to seven drill pads, a staging area, new temporary road access, and limited cross-country travel. Total surface disturbance associated with the program is limited to just 0.93 acres and is scheduled to occur within a one-year period once surface-disturbing activities commence.

Under U.S. Forest Service regulations (36 CFR 228 Subpart A), a Plan of Operations is the required permitting instrument for mineral exploration projects on National Forest lands that involve surface disturbance beyond casual use. The Apex Plan was originally submitted in September 2022 and underwent multiple rounds of review before receiving final approval on May 18, 2026, following the signing of the Findings and Applicability of No Extraordinary Circumstances (FANEC) on May 14, 2026. This approval represents a significant de-risking milestone for the project, confirming that the proposed low-impact exploration activities are consistent with environmental standards and forest management objectives.

The approval is conditional upon the Company posting the required financial assurance of $18,636 to guarantee reclamation of the disturbed areas. Once the bond is accepted and confirmed by the U.S. Forest Service, Manhattan is expected to receive a letter authorizing the commencement of surface-disturbing work. The Company will continue to work closely with U.S. Forest Service staff on finalizing the bonding process and ensuring full compliance with all federal, state, and local requirements.

Additionally, the Company developed and submitted a comprehensive Uranium Safety Management Plan as a key component of the final Plan of Operations package. This detailed plan establishes site-specific protocols for radiation safety, environmental monitoring, worker protection, and best management practices tailored specifically to uranium exploration activities on National Forest lands. The proactive preparation and submission of the Uranium Safety Management Plan played an important role in demonstrating the Company's commitment to safe, responsible operations and contributed directly to securing final approval from the U.S. Forest Service.

Alignment with U.S. National Energy Security Priorities

This approval aligns directly with President Trump's Executive Order "Reinvigorating the Nuclear Industrial Base," signed on May 23, 2025. The Order directs federal agencies to strengthen America's domestic nuclear fuel supply chain, expand uranium mining and processing capacity, and reduce reliance on foreign sources of uranium in support of national energy security, energy independence, and economic growth. By securing Plan of Operations approval for the Apex Project - historically Nevada's largest past-producing uranium mine - Manhattan is positioned to contribute meaningfully to these national priorities through responsible, low-impact domestic uranium exploration.

Qualified Person

The scientific and technical information contained in this news release has been reviewed and approved by Galen McNamara, P.Geo., CEO and Director of Manhattan, who is a Qualified Person as defined by NI 43-101. Mr. McNamara is not independent of the Company.

About Manhattan

Manhattan Uranium Discovery Corp. (TSXV: MANU) (OTC Pink: MAUUF) (FSE: J5B0) is a newly consolidated North American uranium company committed to the discovery, development, and advancement of high-quality uranium assets. Following the successful acquisitions of Urano Energy and Pegasus Resources, Manhattan now holds a premier portfolio of 15 past-producing uranium mines across 25 underexplored properties covering 25,099 acres in the United States, complemented by high-grade exploration potential in Canada's Athabasca Basin.

Backed by an elite technical and management team with decades of uranium discovery, project advancement, and capital markets experience, Manhattan is strategically positioned to capitalize on the growing demand for domestic uranium and the American nuclear renaissance.

For more information about Manhattan, please visit: www.manhattanuranium.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Follow us on social media for the latest updates:

X: https://x.com/manhattanurLinkedIn: https://www.linkedin.com/company/manhattanuranium/On behalf of the Board of Directors
Galen McNamara
CEO & Director
1 (604) 288-8046
[email protected]

References

Mathisen, M. Technical Report on the Apex Uranium Mine Project, Lander County, Nevada, USA, Report for NI 43-101. 2022 (the "Technical Report"), 66p. Unless otherwise specified, all scientific and technical information related to the Apex Uranium Project herein is derived from the Technical Report. Such information is subject to all of the assumptions, qualifications and procedures set out in the Technical Report and reference should be made to the full text of the Technical Report, a copy of which is available on www.sedarplus.ca.Nevada Bureau Mines File 38900084, Plan map of underground workings, sampling and drill holes at the Apex mine 1959, by Harry Hughes, Mining GeologistNevada Bureau Mines File 60000269, Report on Mines of Apex Minerals Corporation 1957, by Harry H. Hughes, Mining Geologist. (pg. 4). FORWARD-LOOKING STATEMENTS

This news release contains "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian and United States securities legislation (collectively, "forward-looking statements"). All statements in this release, other than statements of historical fact, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as "may", "will", "expect", "intend", "believe", "anticipate", "estimate", "target", "plan", "potential", "could" or similar terminology. Forward-looking statements in this release include, without limitation the results from work performed to date; the estimation of mineral resources; the realization of mineral resource estimates; the development, operational and economic results of technical reports on mineral properties referenced herein; magnitude or quality of mineral deposits; the anticipated advancement of the Company's mineral properties and project portfolios, including but not limited to proposed drilling and other operational programs and plans referenced herein, including the timing, scope and execution thereof and remaining approvals; exploration expenditures, costs and timing of the development of new deposits; underground exploration potential; costs and timing of future exploration; the completion and timing of future development studies; estimates of metallurgical recovery rates; exploration prospects of mineral properties; requirements for additional capital; the future price of metals; government regulation of mining operations; current geopolitical developments, including but not limited to U.S. government policy, environmental risks; the timing and possible outcome of pending regulatory matters, including but not limited to the payment of bonds in connection with the proposed programs and plans referenced herein; the realization of the expected economics of mineral properties; future growth potential of mineral properties; and future plans, projections, objectives, estimates and forecasts and the timing related thereto.

Forward-looking statements are based on management's current beliefs, expectations and assumptions, including, without limitation: that historical information is reliable; that future exploration activities will proceed as currently anticipated; that permits, equipment, personnel and contractors will be available on commercially reasonable terms; and that current commodity prices, labour availability, cost and regulatory frameworks will remain consistent with management's expectations. Although management considers these assumptions to be reasonable based on currently available information, they may prove to be incorrect.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation: the risk that historical data may prove to be inaccurate or unverifiable; that exploration results may not support further work or drilling; that exploration activities may be delayed, restricted or not carried out as planned; that permits may be delayed or revoked; the absence of adverse conditions at mineral properties; the price of uranium and other metals remaining at levels that render mineral properties economic; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on any mineral resource and reserve estimates; the Company's ability to complete its planned exploration programs; environmental regulations or hazards and compliance with complex regulations associated with mining activities; climate change and climate change regulations; fluctuations in exchange rates; the business objectives of the Company; whether economic mineralization can be defined and, if it can be permitted for development; the uncertainty that any mineralization encountered on adjacent properties continues on to any of the Company's properties; the uncertainty that geological and/or geophysical and/or any trends, interpretations, or conclusions related to adjacent properties have relevance to any of the Company's properties; the uncertainty that the exploration season can be extended; changes in project parameters as plans to continue to be refined; the consequences and implications of the historical mining activities on the environment and whether such affects the potential exploration and/or development of any mining operation the Company's properties; the implications of claims from First Nations, Tribes, Tribal Councils or Tribal Governments and land claims settlements on the Company's projects; accidents, labour disputes and other risks of the mining industry, conclusions of economic evaluations; meeting various expected cost estimates; benefits of certain technology usage; future prices of metals; possible variations of mineral grade or recovery rates; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; title to properties; operational, technical and geological risks inherent in mineral exploration; changes in capital markets, economic conditions, regulatory developments and stakeholder relations; the other risks set out in the Company's public disclosure record under its profile on SEDAR+ (www.sedarplus.ca) and management's ability to anticipate and manage the foregoing risks and uncertainties.

The Company provides no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298364

Source: Manhattan Uranium Discovery Corp.

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MANCHESTER, England--(BUSINESS WIRE)--Manchester United (NYSE: MANU; the “Company,” the “Group” and the “Club”) today announced financial results for the 2026 fiscal third quarter ended 31 March 2026.

Management Commentary

Omar Berrada, Chief Executive Officer, commented, “We feel very positive about the club’s progress this season and the continuing positive impact of our business transformation initiatives. Finishing third in the Premier League and securing qualification to next season’s UEFA Champions League is testament to our men’s team’s improved form on the pitch. Michael Carrick has done an excellent job in the 17 games he has overseen and we are delighted that he will continue as Head Coach.

Our women’s team reached the quarter final in the UEFA Women’s Champions League and also reached the final of the League Cup for the first time and will be participating once again in the World Sevens Series. On the academy side, reaching the FA Youth Cup and PL2 play-off finals is also an indication of our continued commitment to youth development.”

Outlook

For fiscal 2026, the Company increases its revenue guidance to £655 million to £665 million. The Company also raises its Adjusted EBITDA guidance to between £200 million and £210 million. The club remains committed to, and in compliance with, both the Premier League’s Profit and Sustainability Rules and UEFA’s Financial Fair Play Regulations.

Phasing of Premier League games

Quarter 1

Quarter 2

Quarter 3

Quarter 4

Total

2025/26 season

6

13

12

7

38

2024/25 season

6

13

10

9

38

2023/24 season

7

13

9

9

38

Key Financials (unaudited)

£ million (except loss per share)

Three months ended

31 March

Nine months ended

31 March

2026

2025

Change

2026

2025

Change

Commercial revenue

82.4

74.7

10.3%

245.1

245.1

-

Broadcasting revenue

64.9

41.3

57.1%

157.1

134.2

17.1%

Matchday revenue

42.2

44.5

(5.2%)

117.9

123.0

(4.1%)

Total revenue

189.5

160.5

18.1%

520.1

502.3

3.5%

Adjusted EBITDA(1)

84.7

51.2

65.4%

187.5

145.3

29.0%

Operating profit/(loss)

5.1

0.7

628.6%

37.7

(3.2)

-

Loss for the period (i.e. net loss)

(11.8)

(2.7)

(337.0%)

(14.3)

(29.1)

50.9%

Basic loss per share (pence)

(6.83)

(1.57)

(335.0%)

(8.25)

(17.09)

51.7%

Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))(1)

5.1

(5.5)

-

6.6

(12.1)

-

Adjusted basic earnings/(loss) per share (pence)(1)

2.95

(3.19)

-

3.85

(7.07)

-

Non-current borrowings in USD (contractual currency)(2)

$650.0

$650.0

0.0%

$650.0

$650.0

0.0%

(1) Adjusted EBITDA, adjusted loss for the period and adjusted basic loss per share are non-IFRS measures. See “Non-IFRS Measures: Definitions and Use” on page 6 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) In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. The outstanding balance of the revolving credit facility as of 31 March 2026 was £260.0 million and total current borrowings including accrued interest payable was £262.5 million.

Revenue Analysis

Commercial

Commercial revenue for the quarter was £82.4 million, an increase of £7.7 million, or 10.3%, over the prior year quarter.

Sponsorship revenue was £38.5 million, a decrease of £4.0 million, or 9.4%, over the prior year quarter, primarily due to the Club’s training kit sponsorship agreement with Tezos in the prior year, which ended before the start of the 2025/26 season, partially offset by other changes in our commercial partner mix. Retail, Merchandising, Apparel & Product Licensing revenue was £43.9 million, an increase of £11.7 million, or 36.3%, over the prior year quarter, due to stronger trading related to improved on pitch performance, combined with a one-off credit relating to amended terms of our in-house e-commerce business launched in the prior year. Broadcasting

Broadcasting revenue for the quarter was £64.9 million, an increase of £23.6 million, or 57.1%, over the prior year quarter, primarily due to the men’s first team estimating a higher Premier League finishing position for the 2025/26 season versus the 2024/25 season, combined with an increased value of the Premier League’s latest international broadcasting rights cycle.

Matchday

Matchday revenue for the quarter was £42.2 million, a decrease of £2.3 million, or 5.2%, over the prior year quarter, due to playing 3 fewer home matches compared to the prior year quarter, partially offset by improved performance of our Matchday revenue sector on a per game basis.

Other Financial Information

Operating expenses

Total operating expenses for the quarter were £179.1 million, an increase of £17.0 million, or 10.5%, over the prior year quarter.

Employee benefit expenses

Employee benefit expenses for the quarter were £70.8 million, a decrease of £0.4 million, or 0.6%, over the prior year quarter. The club continues to see the financial benefits of headcount reduction programs implemented during the prior year.

Other operating expenses

Other operating expenses for the quarter were £34.0 million, a decrease of £4.1 million, or 10.8%, over the prior year quarter. This is primarily due to decreased matchday costs associated with playing 3 fewer home matches in the quarter.

Depreciation and amortization

Depreciation for the quarter was £5.3 million, compared to £4.2 million in the prior year quarter. Amortization for the quarter was £52.4 million, an increase of £6.5 million, or 14.2%, over the prior year quarter, due to investment in the first team playing squad. The unamortized balance of registrations on 31 March 2026 was £520.8 million.

Exceptional items

Exceptional items for the quarter were a cost of £16.7 million, primarily as a result of costs associated with the exit of former men’s first team head coach Ruben Amorim, along with certain members of his coaching team. Exceptional items for the prior year quarter were a cost of £2.7 million, as result of compensation for loss of office costs incurred in relation to the restructuring of the club’s operations.

(Loss)/profit on disposal of intangible assets

Loss on disposal of intangible assets for the quarter was £5.2 million, primarily due to the write off of costs capitalised in respect of Ruben Amorim and certain members of his coaching team, compared to a profit of £2.3 million for the prior year quarter.

Net finance costs

Net finance costs for the quarter were £20.3 million, compared to £3.8 million in the prior year quarter. The movement was driven by an unfavourable swing in foreign exchange rates in the current quarter resulting in a £10.3 million unrealized foreign exchange loss on unhedged USD borrowings. This compares to a favourable swing in foreign exchange rates resulting in a £7.3 million unrealized foreign exchange gain on unhedged USD borrowings in the prior year quarter.

Income tax

The income tax credit for the quarter was £3.4 million, compared to a credit of £0.4 million in the prior year quarter.

Cash flows

Overall cash and cash equivalents (including the effects of exchange rate movements) increased by £16.5 million in the quarter to 31 March 2026, compared to a decrease of £22.5 million in the prior year quarter.

Net cash inflow from operating activities for the quarter was £27.3 million, compared to a net cash inflow in the prior year quarter of £22.3 million.

Net capital expenditure on property, plant and equipment for the quarter was £0.7 million, a decrease of £16.2 million over the prior year quarter, due to the significant improvements to our Carrington training facility that took place in the prior year.

Net cash inflow in relation to intangible assets for the quarter was £21.4 million, compared to net capital expenditure of £31.3 million in the prior year quarter. The current year quarter includes the impact of proceeds raised from the sale of future dated transfer fee receivables due from other football clubs.

Net cash outflow from financing activities for the quarter was £30.5 million, compared to a net cash outflow of £0.1 million in the prior year quarter. The current year quarter movement is mostly driven by a £30.0 million net repayment on our revolving credit facility.

Balance sheet

Our USD non-current borrowings as of 31 March 2026 were $650 million, which was unchanged from 31 March 2025. As a result of the year-on-year change in the USD/GBP exchange rate from 1.2913 at 31 March 2025 to 1.3216 at 31 March 2026, our non-current borrowings when converted to GBP were £490.1 million, compared to £500.9 million at the prior year quarter.

In addition to non-current borrowings, the Group maintains a revolving credit facility which varies based on seasonal flow of funds. Current borrowings at 31 March 2026 were £262.5 million compared to £212.3 million at 31 March 2025.

As of 31 March 2026, cash and cash equivalents were £60.9 million compared to £73.2 million at the prior year quarter. This movement is detailed further in the Statement of Cash Flows on page 11 of this release.

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 148-year football heritage we have won 69 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, per latest available survey data from 2019. 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. 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) as supplemented by the risk factors contained in the Company’s other filings with the Securities and Exchange Commission.

Non-IFRS Measures: Definitions and Use

1. Adjusted EBITDA

Adjusted EBITDA is defined as loss for the period before depreciation, amortization, exceptional items, profit on disposal of intangible assets, net finance costs 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 on disposal of intangible assets and exceptional items), capital structure (primarily finance 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 loss for the period to adjusted EBITDA is presented in supplemental note 2.

2. Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))

Adjusted profit/(loss) 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 an normalized tax rate of 25%). The normalized tax rate of 25% is the current UK corporation tax rate. A reconciliation of loss for the period to adjusted profit/(loss) for the period is presented in supplemental note 3.

3. Adjusted basic and diluted earnings/(loss) per share

Adjusted basic and diluted earnings/(loss) per share are calculated by dividing the adjusted profit/(loss) for the period by the weighted average number of ordinary shares in issue during the period. Adjusted diluted earnings/(loss) 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/(loss) per share are presented in supplemental note 3.

Key Performance Indicators

Three months ended

Nine months ended

31 March

31 March

2026

2025

2026

2025

Revenue

Commercial % of total revenue

43.4%

46.6%

47.1%

48.8%

Broadcasting % of total revenue

34.3%

25.7%

30.2%

26.7%

Matchday % of total revenue

22.3%

27.7%

22.7%

24.5%

2025/26

Season

2024/25

Season

2025/26

Season

2024/25

Season

Home Matches Played

PL

5

5

15

15

UEFA competitions

-

2

-

5

Domestic Cups

1

2

1

4

Away Matches Played

PL

7

5

16

14

UEFA competitions

-

2

-

5

Domestic Cups

-

1

1

2

Other

Employee benefit expenses % of revenue

37.4%

44.4%

42.2%

46.6%

CONSOLIDATED STATEMENT OF PROFIT OR LOSS

(unaudited; in £ thousands, except per share and shares outstanding data)

Three months ended

31 March

Nine months ended

31 March

2026

2025

2026

2025

Revenue from contracts with customers

189,497

160,564

520,149

502,329

Operating expenses

(179,190

)

(162,128

)

(525,508

)

(544,206

)

(Loss)/profit on disposal of intangible assets

(5,201

)

2,271

43,019

38,662

Operating profit/(loss)

5,106

707

37,660

(3,215

)

Finance costs

(26,758

)

(13,783

)

(63,309

)

(44,749

)

Finance income

6,439

10,019

7,609

12,018

Net finance costs

(20,319

)

(3,764

)

(55,700

)

(32,731

)

Loss before income tax

(15,213

)

(3,057

)

(18,040

)

(35,946

)

Income tax credit

3,436

347

3,806

6,820

Loss for the period

(11,777

)

(2,710

)

(14,234

)

(29,126

)

Basic loss per share:

Basic loss per share (pence)

(6.83

)

(1.57

)

(8.25

)

(17.09

)

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

172,434

172,353

172,433

170,459

Diluted loss per share:

Diluted loss per share (pence) (1)

(6.83

)

(1.57

)

(8.25

)

(17.09

)

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

172,434

172,353

172,433

170,459

(1) For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, 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.

CONSOLIDATED BALANCE SHEET

(unaudited; in £ thousands)

As of

31 March

2026

30 June

2025

31 March

2025

ASSETS

Non-current assets

Property, plant and equipment

296,289

292,334

280,008

Right-of-use assets

3,043

7,145

7,394

Investment properties

19,224

19,433

19,503

Intangible assets

949,358

966,457

942,507

Deferred tax assets

29,472

24,927

25,336

Trade receivables

20,476

43,419

47,679

Derivative financial instruments

57

-

191

1,317,919

1,353,715

1,322,618

Current assets

Inventories

13,687

13,053

12,003

Prepayments

18,401

17,438

19,460

Contract assets – accrued revenue

77,431

19,528

40,882

Trade receivables

100,666

133,728

123,122

Other receivables

1,309

13,694

1,696

Derivative financial instruments

110

472

21

Cash and cash equivalents

60,935

86,105

73,211

272,539

284,018

270,395

Total assets

1,590,458

1,637,733

1,593,013

CONSOLIDATED BALANCE SHEET (continued)

(unaudited; in £ thousands)

As of

31 March

2026

30 June

2025

31 March

2025

EQUITY AND LIABILITIES

Equity

Share capital

56

56

56

Share premium

307,345

307,345

307,345

Treasury shares

(21,305

)

(21,305

)

(21,305

)

Merger reserve

249,030

249,030

249,030

Hedging reserve

(628

)

223

(550

)

Accumulated losses

(355,093

)

(341,616

)

(337,161

)

179,405

193,733

197,415

Non-current liabilities

Contract liabilities - deferred revenue

12,566

5,915

6,234

Trade and other payables

171,140

205,359

181,866

Borrowings

490,140

471,855

500,883

Lease liabilities

2,859

7,899

7,752

Derivative financial instruments

660

2,599

3,272

677,365

693,627

700,007

Current liabilities

Contract liabilities - deferred revenue

142,586

205,490

171,472

Trade and other payables

310,983

359,246

298,435

Income tax liabilities

651

566

1,022

Borrowings

262,458

165,119

212,318

Lease liabilities

485

572

836

Derivative financial instruments

2,476

3,403

4,333

Provisions

14,049

15,977

7,175

733,688

750,373

695,591

Total equity and liabilities

1,590,458

1,637,733

1,593,013

CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited; in £ thousands)

Three months ended

31 March

Nine months ended

31 March

2026

2025

2026

2025

Cash flows from operating activities

Cash generated from operations (see supplemental Note 4)

38,403

34,767

42,719

2,168

Interest paid

(11,375

)

(12,952

)

(29,201

)

(31,723

)

Interest received

413

667

1,490

2,423

Tax paid

(72

)

(165

)

(370

)

(464

)

Net cash inflow/(outflow) from operating activities

27,369

22,317

14,638

(27,596

)

Cash flows from investing activities

Payments for property, plant and equipment

(808

)

(16,856

)

(19,538

)

(34,091

)

Payments for intangible assets

(41,672

)

(36,063

)

(257,870

)

(239,720

)

Proceeds from sale of intangible assets

63,176

4,803

143,642

44,141

Net cash inflow/(outflow) from investing activities

20,696

(48,116

)

(133,766

)

(229,670

)

Cash flows from financing activities

Proceeds from issue of shares

-

-

-

79,985

Proceeds from borrowings

60,000

30,000

225,000

230,000

Repayment of borrowings

(90,000

)

(30,000

)

(125,000

)

(50,000

)

Debt finance costs paid

(353

)

-

(2,455

)

-

Principal elements of lease payments

(81

)

(102

)

(1,609

)

(293

)

Net cash (outflow)/inflow from financing activities

(30,434

)

(102

)

95,936

259,692

Effects of exchange rate movements on cash and cash equivalents

(1,102

)

3,570

(1,978

)

(2,764

)

Net increase/(decrease) in cash and cash equivalents

16,529

(22,331

)

(25,170

)

(338

)

Cash and cash equivalents at beginning of period

44,406

95,542

86,105

73,549

Cash and cash equivalents at end of period

60,935

73,211

60,935

73,211

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 loss for the period to adjusted EBITDA

Three months ended

31 March

Nine months ended

31 March

2026

£’000

2025

£’000

2026

£’000

2025

£’000

Loss for the period

(11,777

)

(2,710

)

(14,234

)

(29,126

)

Adjustments:

Income tax credit

(3,436

)

(347

)

(3,806

)

(6,820

)

Net finance costs

20,319

3,764

55,700

32,731

Loss/(profit) on disposal of intangible assets

5,201

(2,271

)

(43,019

)

(38,662

)

Exceptional items

16,686

2,658

16,686

25,833

Amortization

52,352

45,867

161,104

148,560

Depreciation

5,309

4,254

15,115

12,803

Adjusted EBITDA

84,654

51,215

187,546

145,319

3 Reconciliation of loss for the period to adjusted profit/(loss) for the period and adjusted basic and diluted earnings/(loss) per share

Three months ended

31 March

Nine months ended

31 March

2026

£’000

2025

£’000

2026

£’000

2025

£’000

Loss for the period

(11,777

)

(2,710

)

(14,234

)

(29,126

)

Adjustments:

Exceptional items

16,686

2,658

16,686

25,833

Foreign exchange losses/(gains) on unhedged US dollar denominated borrowings

5,343

(7,285

)

10,258

(8,033

)

Fair value movement on embedded foreign exchange derivatives

(43

)

348

(51

)

2,079

Income tax credit

(3,436

)

(347

)

(3,806

)

(6,820

)

Adjusted profit/(loss) before income tax

6,773

(7,336

)

8,853

(16,067

)

Adjusted income tax credit (using a normalized tax rate of 25%)

(1,693

)

1,834

(2,213

)

4,017

Adjusted profit/(loss) for the period (i.e. adjusted net profit/(loss))

5,080

(5,502

)

6,640

(12,050

)

Adjusted basic earnings/(loss) per share:

Adjusted earnings/(loss) per share (pence)

2.95

(3.19

)

3.85

(7.07

)

Weighted average number of ordinary shares used as the denominator in calculating adjusted basic earnings/(loss) per share (thousands)

172,434

172,353

172,433

170,459

Adjusted diluted earnings/(loss) per share:

Adjusted diluted earnings/(loss) per share (pence) (1)

2.94

(3.19

)

3.85

(7.07

)

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

172,658

172,353

172,658

170,459

(1) For the three and nine months ended 31 March 2026 and the three and nine months ended 31 March 2025, potential ordinary shares are anti-dilutive, as their inclusion in the adjusted diluted loss per share calculation would reduce the loss per share, and hence have been excluded.

4 Cash generated from operations

Three months ended

31 March

Nine months ended

31 March

2026

£’000

2025

£’000

2026

£’000

2025

£’000

Loss for the period

(11,777

)

(2,710

)

(14,234

)

(29,126

)

Income tax credit

(3,436

)

(347

)

(3,806

)

(6,820

)

Loss before income tax

(15,213

)

(3,057

)

(18,040

)

(35,946

)

Adjustments for:

Depreciation

5,309

4,254

15,115

12,803

Amortization

52,352

45,867

161,104

148,560

Loss/(profit) on disposal of intangible assets

5,201

(2,271

)

(43,019

)

(38,662

)

Net finance costs

20,319

3,764

55,700

32,731

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

279

419

757

1,216

Foreign exchange losses on operating activities

471

2,883

3,385

2,731

Reclassified from hedging reserve

150

(1,067

)

1,968

1,876

Changes in working capital:

Inventories

5,079

1,420

(634

)

(8,460

)

Prepayments

1,833

7,806

724

(1,607

)

Contract assets – accrued revenue

(12,201

)

18,965

(57,903

)

(1,104

)

Trade receivables

(6,863

)

(38,112

)

6,119

(87,355

)

Other receivables

172

326

12,385

1,039

Contract liabilities – deferred revenue

(15,044

)

7,836

(56,253

)

(26,269

)

Trade and other payables

(1,633

)

(13,876

)

(36,881

)

1,044

Provisions

(1,808

)

(390

)

(1,808

)

(429

)

Cash generated from operations

38,403

34,767

42,719

2,168

Some members of the billionaire Glazer family have been debating whether to sell their stake in Manchester United FC, after more than 20 years of ownership that has often been blighted by fan protest, people familiar with the matter told Bloomberg. Several stakeholders in the US-based Glazer family have been studying the possibility of divesting part or all of their holdings in the English Premier League football club, according to the people.