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Manchester United plc
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=== Risks Related to the Business === The COVID-19 pandemic has had, and may continue to have, a material impact on the company's business, results of operations, financial position and cash flows.<ref name=":1">https://www.sec.gov/Archives/edgar/data/1549107/000110465923035593/manu-20230630x20f.htm#TOC</ref> If the company is unable to maintain and enhance its brand and reputation, particularly in new markets, or if events occur that damage the company's brand and reputation, the company's ability to expand the company's follower base, sponsors, and commercial partners or to sell significant quantities of the company's products may be impaired.<ref name=":1" /> The company's business is dependent upon the company's ability to attract and retain key personnel, including players.<ref name=":1" /> The company is dependent upon the performance and popularity of the company's menβs first team.<ref name=":1" /> It may not be possible to renew or replace key commercial agreements on similar or better terms, or attract new sponsors.<ref name=":1" /> Negotiation, pricing and terms of key media contracts are outside of the company's control and those contracts may change in the future.<ref name=":1" /> European competitions cannot be relied upon as a source of income.<ref name=":1" /> The company's business depends in part on relationships with certain third parties.<ref name=":1" /> The company is exposed to credit related losses in the event of non-performance by counterparties to Premier League and UEFA media contracts as well as the company's key commercial and transfer contracts.<ref name=":1" /> Matchday revenue from the company's supporters is a significant portion of overall revenue.<ref name=":1" /> The markets in which the company operates are highly competitive, both within Europe and internationally, and increased competition could cause the company's profitability to decline.<ref name=":1" /> A cyber-attack on, or disruption to, the company's IT systems or other systems utilized in the company's operations could compromise the company's operations, adversely impact the company's reputation and subject us to liability.<ref name=":1" /> The company is subject to special rules and regulations regarding insolvency and bankruptcy.<ref name=":1" /> Premier League voting rules may allow other clubs to take action contrary to the company's interests.<ref name=":1" /> The company's digital media strategy may not generate the revenue that the company anticipates.<ref name=":1" /> Serious injuries to or losses of playing staff may affect the company's performance, and therefore the company's results of operations and financial condition.<ref name=":1" /> Inability to renew the company's insurance policies could expose us to significant losses.<ref name=":1" /> The company's international expansion and operations in foreign markets expose us to risks associated with international sales and operations.<ref name=":1" /> Fluctuations in exchange rates may adversely affect the company's results of operations.<ref name=":1" /> Failure to adequately protect the company's intellectual property and curb the sale of counterfeit merchandise could injure the company's brand.<ref name=":1" /> The company is subject to governmental regulation and other legal obligations related to privacy, data protection, data security and safeguarding. The company's actual or perceived failure to comply with such obligations could harm the company's business.<ref name=":1" /> Piracy and illegal live streaming may adversely impact the company's Broadcasting revenue.<ref name=":1" /> Changes in consumer viewing habits and the emergence of new content distribution platforms could adversely affect the company's business.<ref name=":1" /> The company's operating results may fluctuate due to seasonality.<ref name=":1" /> The company is subject to tax in multiple jurisdictions, and changes in tax laws (or in the interpretations thereof) in the United States, United Kingdom or in other jurisdictions could have an adverse effect on us.<ref name=":1" /> The company establishes tax provisions, where appropriate, on the basis of amounts expected to be paid to (and recovered from) tax authorities and, as a result, changes in tax laws (or in the interpretations thereof) could have an adverse effect on us.<ref name=":1" /> Business interruptions due to natural disasters, terrorist incidents and other events, such as the COVID-19 pandemic or any other pandemic, epidemic or outbreak of an infectious disease, could adversely affect us and Old Trafford.<ref name=":1" /> The company is subject to risks relating to weather and climate change.<ref name=":1" /> If the company fails to properly manage the company's anticipated growth, the company's business could suffer.<ref name=":1" /> Non-compliance with health and safety legislation could lead to physical harm.<ref name=":1" />
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