Document:

Exhibit 4.7
Execution Version
MANCHESTER UNITED FOOTBALL CLUB LIMITED
Old Trafford
Sir Matt Busby Way
Manchester M16 0RA
United Kingdom

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AMENDMENT NO. 2
Under the Within-
Mentioned Note Purchase Agreement

As of March 4, 2021
Each Noteholder Named
on the Signature Pages Hereof
Ladies and Gentlemen:
Reference is hereby made to the Note Purchase Agreement, dated May 27, 2015, as amended by Amendment No. 1 to the Note Purchase Agreement, dated June 14, 2018 (the “Note Purchase Agreement”), by and between Manchester United Football Club Limited, a company incorporated in England and Wales with limited liability (the “Company”) and each of (i) Red Football Limited, a company incorporated in England and Wales with limited liability (the “Parent”), (ii) Manchester United Limited, a company incorporated in England and Wales with limited liability (“MUL”), and (iii) Red Football Junior Limited, a company incorporated in England and Wales with limited liability (“RFJ”), and (iv) MU Finance Limited (formerly MU Finance plc), a company incorporated in England and Wales with limited liability (“MUF”, and together with Parent and MUL and RFJ being sometimes referred to herein, each individually, as a “Guarantor” and, collectively, as the “Guarantors” and the Guarantors and the Company together, the “Note Parties”), The Bank of New York Mellon, as Paying Agent and the several institutional investors named therein from time to time, providing for the issuance and sale by the Company of its 3.79% Guaranteed Senior Secured Notes due June 26, 2027, in the aggregate principal amount of $425,000,000 (the “Notes”).
On the date hereof, the Notes are held by the respective Holders named on the signature pages hereof.  Capitalized terms used and not otherwise defined in this amendment (this “Amendment”) shall have the respective meanings assigned thereto in the Note Purchase Agreement.
RECITALS
A.Section 18.1 of the Note Purchase Agreement provides that the Note Purchase Agreement may be amended and the observance of any term thereof may be waived only with the written consent of the Company and the Required Holders.
B.Section 10.13(a) of the Note Purchase Agreement provides that the Parent will not permit, for any Relevant Period, Adjusted Consolidated EBITDA for such Relevant Period to be less than £65,000,000 (the “EBITDA Requirement”).
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C.The Company is seeking to amend the EBITDA Requirement during the period beginning on March 31, 2021 and ending on and including September 30, 2022.
D.Therefore, the Company and the Guarantors have requested, and the Required Holders have agreed, to amend the Note Purchase Agreement on the terms and conditions provided herein and in connection with the consents, amendments and agreements further set forth in this Amendment.
NOW, THEREFORE, in consideration of good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:
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I.Amendments to the Note Purchase Agreement and Covenants of the Company.
(a)Section 10.13(a) shall be amended and restated in its entirety as follows:
“Parent will not permit, for any Relevant Period, Adjusted Consolidated EBITDA for such Relevant Period to be less than (i) £65,000,000 or (ii) if a Football Season Disruption Event occurs during the Amendment Period, £25,000,000, from the date of such Football Season Disruption Event until the end of the Amendment Period, in each case subject, however, to Section 10.13(c) and Section 10.16.”
(b)A new Section 10.16 shall be added immediately after Section 10.15 to read in its entirety as follows:
“Section 10.16      Equity Cure.
(a)In relation to any Relevant Period ending during the Amendment Period, if (i) cash proceeds (an “Equity Investment”) are received by the Parent pursuant to any Additional Shareholder Funding or any Subordinated Shareholder Funding, during or after the final day of such Relevant Period but no later than 20 Business Days after the earlier of (A) the date on which the interim or annual financial statements and related compliance certificate (a “Compliance Certificate”) is required to be delivered to the Holders pursuant to Section 7.1(a) or (b), as applicable, and (B) the date on which such financial statements and Compliance Certificate are actually delivered to the Holders (such date, the “Outside Cure Date”) and (ii) such Equity Investment actually received by the Parent on or before the Outside Cure Date shall be designated in writing by the Parent to the Holders as being provided for the purposes of this Section 10.16(a) (as so designated, the “Equity Cure Amount”), then the financial covenant set out in Section 10.13(a) shall be calculated or, as the case may be, recalculated (x) as if any such Equity Investment so made in respect of a Relevant Period ending during the Amendment Period had been made immediately prior to the last date of such Relevant Period and (y) the Adjusted Consolidated EBITDA of the Group shall be increased by an amount equal to such Equity Cure Amount.  No Event of Default shall have deemed to have occurred or result from a failure to achieve Adjusted Consolidated EBITDA of £25,000,000 for such Relevant Period in accordance with Section 10.13(a)  if any such Equity Cure Amount is sufficient to increase Adjusted Consolidated EBITDA to an amount that is equal to or exceeds £25,000,000 for such Relevant Period.
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(b)Unless required to be applied to the prepayment of Senior Secured Indebtedness pursuant to Section 10.16(c) hereof, any Equity Cure Amount shall be retained and applied by the Parent first, to the payment of the next regularly scheduled payments of principal and interest with respect to each class of Senior Secured Indebtedness pro rata and second, to the satisfaction of other obligations and expenses incurred by the Parent in the ordinary course of business as permitted by the Note Documents.
(c)There shall be no restriction on the amount of any Equity Investment  exceeding the minimum amount required to prevent or, as the case may be, cure any failure to satisfy Section 10.13(a) during the Amendment Period, provided that, any Equity Cure Amount exceeding the minimum amount required to prevent or, as the case may be, cure any such failure to satisfy Section 10.13(a) during the Amendment Period shall be as soon as reasonably practicable applied to permanently repay or prepay any Senior Secured Indebtedness instead of being applied in accordance with Section 10.16(b).  Other than pursuant to Section 10.16(b) and this Section 10.16(c), there shall be no requirement to apply any Equity Cure Amount in prepayment of any Senior Secured Indebtedness.
(d)Any Equity Cure Amount shall not count towards any other permission, usage or purpose under the Note Documents, including without limitation with respect to the making of any Restricted Payment, for so long as the Equity Cure Amount continues to be included in the calculation of Adjusted Consolidated EBITDA in accordance with Section 10.16(h).
(e)In relation to any Equity Cure Amount provided prior to the date of delivery of a Compliance Certificate with respect to any Relevant Period, the Compliance Certificate for such Relevant Period shall include the revised financial covenant calculations for such Relevant Period and confirm that such Equity Cure Amount has been provided in an amount sufficient to increase Adjusted Consolidated EBITDA to an amount that equals or exceeds £25,000,000 for such Relevant Period.
(f)In relation to any Equity Cure Amount provided following the date of delivery of the relevant Compliance Certificate for the Relevant Period, promptly following receipt of such Equity Cure Amount, the Parent shall deliver a revised Compliance Certificate for such Relevant Period to the Holders which shall include the revised financial covenant calculations for such Relevant Period and confirm that such Equity Cure Amount has been provided in an amount sufficient to increase Adjusted Consolidated EBITDA to an amount that equals or exceeds £25,000,000 for such Relevant Period.
(g)If an Equity Cure Amount has been provided in an amount sufficient to increase Adjusted Consolidated EBITDA to an amount that equals or exceeds £25,000,000 for any Relevant Period in accordance with Section 10.16(a), then the requirements of Section 10.16(a) shall be deemed to have been satisfied as at the relevant original date of determination and any breach of any term of the Note Documents, Default or Event of Default occasioned thereby shall be deemed to have been permanently remedied and cured for all purposes under the Note Documents.
(h)For the avoidance of doubt, any Equity Cure Amount shall be deemed to be included in Adjusted Consolidated EBITDA for the purposes of Section 10.16(a) until the date
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on which such Equity Cure Amount is deemed to have been made pursuant to Section 10.16(a) is no longer a date that is included within the Relevant Period being tested pursuant to Section 10.16(a).
(c)The following definitions shall be added to Schedule B:
“Additional Shareholder Funding” means the net cash proceeds received by the Parent of:
(a)any subscription for shares in the capital of the Parent or capital contribution to the Parent that does not result in the occurrence of a Change of Control; and/or
(b)any debt advanced to the Parent by any direct or indirect Holding Company of the Parent or any Investor Affiliate provided after the Closing Date and subordinated on the terms of the Intercreditor Agreement as Subordinated Liabilities (as defined therein) or on other terms acceptable to the Required Holders (acting reasonably).
“Amendment Period” means the period beginning on March 31, 2021 and ending on and  including September 30, 2022 (or such earlier date as the Parent or the Company shall have notified in writing to the Noteholders).
“Covid-19” means the disease known as coronavirus disease or COVID-19, the virus known as severe acute respiratory syndrome coronavirus 2 (SARS-COV-2) and (in each case) any evolutions, mutations or variants thereof and whether or not such evolution, mutation or variant is known, or referred to, as “coronavirus” or “COVID-19.”
“Football Season Disruption Event” means:
(a)for each Relevant Period ending on or before June 30, 2021, the cancellation or postponement of five or more scheduled home matches of the men’s first team representing Manchester United Football Club due to ongoing restrictions related to Covid-19; and
(b)for each Relevant Period ending on or after March 31, 2021 and on or before the end of the Amendment Period, (i) the inability to operate the Stadium at full capacity at any time during the Amendment Period and/or (ii) the cancellation or postponement of five or more scheduled home matches of the men’s first team representing Manchester United Football Club at any time during the Amendment Period, in each case due to ongoing restrictions related to Covid-19.
“Holding Company” means, in relation to a company or corporation, any other company or corporation in respect of which it is a Subsidiary.
“Investor Affiliate” means each Original Investor, each Affiliate of an Original Investor, any trust of which an Original Investor or any of its Affiliates is a trustee, any partnership of which an Original Investor or any of its Affiliates is a partner and any trust, fund or other entity which is managed by, or is under the control of, an Original Investor or any of its Affiliates provided that any such trust, fund or other entity which has been established for at least six months solely for the purpose of making, purchasing or investing in loans or debt securities and
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which is managed or controlled independently from all other trusts, funds or other entities managed or controlled by an Original Investor or any of its Affiliates which have been established for the primary or main purpose of investing in the share capital of companies shall not constitute an Investor Affiliate.
“Manchester United Football Club” means the Manchester United Premier League football team.
(d)The Parent hereby covenants and agrees that it will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment during the Amendment Period if, at the time of such Restricted Payment, Adjusted Consolidated EBITDA for the Relevant Period immediately preceding the date of such Restricted Payment is less than £65,000,000.
II.Representations and Warranties of the Note Parties.
In connection with the waiver, consents and amendments provided for herein, the Note Parties hereby represent and warrant to each Holder that:
(1)as of the date hereof no Default or Event of Default has occurred, exists and is continuing under the Note Documents, and, after giving effect to this Amendment, no Default or Event of Default shall have occurred and be continuing;
(2)the execution and delivery by the Note Parties of the Amendment and the performance and observance by the Note Parties of the provisions of the Amendment do not and will not (i) violate (A) any provision of any law or any governmental rule or regulation applicable to any Note Party, (B) any of the organizational documents of any Note Party, or (C) any order, judgment or decree of any court or other agency of government binding on any Note Party, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any contractual obligation of any Note Party, or (iii) require any approval or consent of any Person, except for approvals and consents which have been obtained as of the date hereof; and
(3)this Amendment constitutes the legally valid and binding obligation of each Note Party, enforceable against each Note Party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
III.Conditions to Effectiveness.
This Amendment shall become effective on the first date (the “Effective Date”) when all of the following conditions precedent shall have been satisfied:
(a)This Amendment shall have been duly executed and delivered by the Note Parties and the Required Holders.
(b)The lenders under that certain Term Facility Agreement (the “Term Facility Agreement”) originally dated May 20, 2013 and most recently amended and restated as of August 5, 2019 by and among the Company, the Parent, Bank of America Europe Designated Activity Company
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(formerly known as Bank of America Merrill Lynch International Designated Activity Company) as Agent and Lender (as defined therein), shall have (i) consented to the amendment of the corresponding provisions of the Term Facility Agreement on terms substantially similar to, or no more onerous to the Company than, those contained in this Amendment, all to the reasonable satisfaction of the Required Holders (acting in good faith) and (ii) received a fee with respect to such amendment in an amount not to exceed the product of (x) 0.05% times (y) the aggregate Total Commitments under, and as defined in, the Term Facility Agreement.
(c)The lenders under that certain Revolving Facilities Agreement (the “RCF Facilities Agreement”) originally dated May 22, 2015 and amended and restated as of April 4, 2019 by and among the Parent, the lenders party thereto and Bank of America Merrill Lynch International Limited as Agent and Security Trustee (as defined therein), shall have (i) consented to the amendment of the corresponding provisions of the RCF Facilities Agreement on terms substantially similar to, or no more onerous to the Company than, those contained in this Amendment, all to the reasonable satisfaction of the Required Holders (acting in good faith) and (ii) received a fee with respect to such amendment in an amount not to exceed the product of (x) 0.05% times (y) the Total Commitments under, and as defined in, the RCF Facilities Agreement.
(d)The representations and warranties of the Company set forth in Section III hereof shall be true and correct on and with respect to the date hereof.
(e)In accordance with Section 16.1 of the Note Purchase Agreement, the Company shall have paid all costs and expenses of the Holders in connection with this Amendment, including fees and expenses of Greenberg Traurig, LLP, special counsel to the Holders.
(f)The Company shall have paid to each Holder an amendment fee equal to the product of (x) 0.05% times (y) the aggregate principal amount of the Notes held by such Holder.
IV.Miscellaneous.
(a)The parties hereto hereby acknowledge and agree that this Amendment shall constitute a “Note Document” for all purposes of the Note Purchase Agreement and the other Note Documents.  Except as otherwise expressly provided in this Amendment, all provisions of the Note Documents shall remain in full force and effect and be unaffected hereby.
(b)The Note Parties hereby acknowledge and agree, by their execution and delivery of this Amendment, that all obligations of each Note Party under the Note Documents to which it is a party are hereby ratified, confirmed and affirmed in all respects, except as expressly modified by this Amendment.
(c)This Amendment shall be construed and enforced in accordance with and governed by the laws of the State of New York excluding choice of law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.
(d)Other than such as is expressly waived or otherwise modified hereunder, nothing contained herein shall be deemed to waive, limit, prejudice or otherwise adversely affect any of the rights, powers or privileges of the Holders or the Security Trustee, or any Default or Event of Default or any of the remedies available to the Holders or the Security Trustee under any of the Note Documents
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by statute, at law or in equity. The Holders and the Security Trustee expressly reserve all their rights to enforce any or all of their rights and remedies under the Note Documents against the Note Parties or any other Person or entity, by statute, at law or in equity. Except in respect of facts and circumstances to which the waiver contained herein apply, the holders and the Security Trustee expressly reserve the right to exercise remedies in the future based on facts and circumstances that presently exist or that may exist in the future.
(e)The Note Parties hereby waive and release the Security Trustee and each Holder from any and all claims, offsets, defenses and counterclaims that the Note Parties may have, whether or not any Note Party is aware of such claims, offsets, defenses or counterclaims, that currently exist or that can now or may hereafter be asserted to reduce or eliminate all or any part of any Note Party’s obligations under the Note Documents, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.
(f) Any provision of this Amendment that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
(g)This Amendment may be executed and accepted in any number of separate counterparts, and by each party hereto on a separate counterpart, each of which counterparts shall be an original, but all of which together shall constitute one and the same instrument.  Delivery of an executed counterpart of this Amendment by facsimile or transmitted electronically in either Tagged Image File Format (“TIFF”) or Portable Document Format (“PDF”) shall be equally effective as delivery of a manually executed counterpart hereof.  Any party delivering an executed counterpart of this Amendment by facsimile, TIFF or PDF shall also deliver a manually executed counterpart hereof, but failure to do so shall not affect the validity, enforceability, or binding effect of this Amendment.
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AMENDMENT UNDER NOTE PURCHASE AGREEMENT
DATED AS OF MARCH 4, 2021:
SIGNATURE PAGE FOR THE NOTE PARTIES
If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterparts of this Amendment and return one of the same to the Company.
Very truly yours,
	MANCHESTER UNITED FOOTBALL CLUB LIMITED
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	/s/ Joel Glazer
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	Director
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	RED FOOTBALL LIMITED
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	/s/ Joel Glazer
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	Director
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	RED FOOTBALL JUNIOR LIMITED
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	/s/ Joel Glazer
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	Director
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	MANCHESTER UNITED LIMITED
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	/s/ Joel Glazer
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	Director
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	MU FINANCE LIMITED
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	/s/ Joel Glazer
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	Director
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AMENDMENT UNDER NOTE PURCHASE AGREEMENT
DATED AS OF MARCH 4, 2021
SIGNATURE PAGE FOR HOLDERS (1 of 1)
This Amendment is accepted and agreed to as of the date first written above:
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	AMERICAN GENERAL LIFE INSURANCE
COMPANY
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	THE VARIABLE ANNUITY LIFE INSURANCE
COMPANY
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	NATIONAL UNION FIRE INSURANCE COMPANY
OF PITTSBURGH, PA
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	By:
	AIG Asset Management (U.S.) LLC, Investment
Adviser
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	/s/ Jason Young
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	Managing Director
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	MASSACHUSETTS MUTUAL LIFE
INSURANCE COMPANY
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	By:
	Babson Capital Management LLC as Investment
Adviser
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	/s/ James Moore
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	Managing Director
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	CM LIFE INSURANCE COMPANY
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	By:
	Babson Capital Management LLC as Investment
Adviser
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	/s/ James Moore
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	Managing Director
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	THE NORTHWESTERN MUTUAL LIFE
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	INSURANCE COMPANY
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	By:
	Northwestern Mutual Investment Management
Company, LLC, its Investment Adviser
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	/s/ David A. Barras
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	Managing Director
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	THE NORTHWESTERN MUTUAL LIFE
INSURANCE COMPANY, for its Group Annuity
Separate Account
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	/s/ David A. Barras
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	Authorized Representative
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	USAA LIFE INSURANCE COMPANY
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	By: 
	BlackRock Financial Management, Inc., as investment manager
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	/s/ R. Marshall Merriman
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	Managing Director
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	USAA LIFE INSURANCE COMPANY OF NEW
YORK
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	By: 
	BlackRock Financial Management, Inc., as investment manager
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	/s/ R. Marshall Merriman
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	Managing Director
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12

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	THE LINCOLN NATIONAL LIFE INSURANCE
COMPANY
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	By:
	Delaware Investment Advisers, a series of Delaware
Management Business Trust, Attorney in Fact
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	/s/ Frank LaTorraca
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	Managing Director
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	LINCOLN LIFE & ANNUITY COMPANY OF NEW
YORK
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	By:
	Delaware Investment Advisers, a series of Delaware
Management Business Trust, Attorney in Fact
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	/s/ Frank LaTorraca
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	Managing Director
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13

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	VOYA RETIREMENT INSURANCE AND ANNUITY 
COMPANY
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	RELIASTAR LIFE INSURANCE COMPANY
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	By:
	Voya Investment Management LLC, as Agent
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	/s/ Fitzhugh L. Wickham III
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	Vice President
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	VENERABLE INSURANCE AND ANNUITY COMPANY
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	(f/k/a VOYA INSURANCE AND ANNUITY COMPANY)
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	SECURITY LIFE OF DENVER INSURANCE COMPANY
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	AMERICAN FIDELITY ASSURANCE COMPANY
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	By:
	Voya Investment Management Co. LLC, as Agent
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	/s/ Fitzhugh L. Wickham III
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	Vice President
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14

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	TRANSAMERICA LIFE INSURANCE COMPANY
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	By:
	AEGON USA Investment Management, LLC, its
investment manager
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	/s/ Bill Henricksen
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	Vice President
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	PACIFIC LIFE INSURANCE COMPANY
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	/s/ Cathy L. Schwartz
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	Assistant Vice President
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16

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	UNUM LIFE INSURANCE COMPANY OF
AMERICA
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	By: 
	Provident Investment Management, LLC, its Agent
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	/s/ Ben Vance
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	Vice President, Senior Managing Director
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	COLONIAL LIFE & ACCIDENT INSURANCE
COMPANY
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	By: 
	Provident Investment Management, LLC, its Agent
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	/s/ Ben Vance
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	Vice President, Senior Managing Director
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	GENWORTH LIFE AND ANNUITY INSURANCE
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	COMPANY
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	/s/ Kumrija Ganic
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	Investment Officer
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	THE GUARDIAN LIFE INSURANCE COMPANY OF
AMERICA
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	/s/ Adam Gossett
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	Senior Director
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19

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	HARTFORD ACCIDENT AND INDEMNITY
COMPANY
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	HARTFORD LIFE AND ACCIDENT
INSURANCE COMPANY
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	THE HARTFORD RETIREMENT PLAN TRUST
FOR U.S. EMPLOYEES
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	TALCOTT RESOLUTION LIFE INSURANCE
COMPANY (f/k/a Hartford Life Insurance
Company)
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	By:
	Hartford Investment Management Company
Their investment manager
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	/s/ Kenneth Day
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	Vice President
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20

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	LIFE INSURANCE COMPANY OF THE
SOUTHWEST
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	By: 
	Sentinel Asset Management, Inc.
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	/s/ Paul Koenig
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	Head of Portfolio Management
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21Exhibit 4.8
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Execution Version
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MANCHESTER UNITED FOOTBALL CLUB LIMITED
Old Trafford
Sir Matt Busby Way 
Manchester M16 0RA 
United Kingdom

CONSENT NO. 2
Under the Within-
Mentioned Note Purchase Agreement

As of April 26, 2022
Each Noteholder Named
on the Signature Pages Hereof 
Ladies and Gentlemen:
Reference is hereby made to the Note Purchase Agreement, dated May 27, 2015, as amended by Amendment No. 1 to the Note Purchase Agreement, dated June 14, 2018, and Amendment No. 2 to the Note Purchase Agreement dated March 4, 2021 (the “Note Purchase Agreement”), by and between Manchester United Football Club Limited, a company incorporated in England and Wales with limited liability (the “Company”) and each of (i) Red Football Limited, a company incorporated in England and Wales with limited liability (the “Parent”), (ii) Manchester United Limited, a company incorporated in England and Wales with limited liability (“MUL”), and (iii) Red Football Junior Limited, a company incorporated in England and Wales with limited liability (“RFJ”), and (iv) MU Finance Limited (formerly MU Finance plc), a company incorporated in England and Wales with limited liability (“MUF”, and together with Parent and MUL and RFJ being sometimes referred to herein, each individually, as a “Guarantor” and, collectively, as the “Guarantors” and the Guarantors and the Company together, the “Note Parties”), The Bank of New York Mellon, as Paying Agent and the several institutional investors named therein from time to time, providing for the issuance and sale by the Company of its 3.79% Guaranteed Senior Secured Notes due June 26, 2027, in the aggregate principal amount of $425,000,000 (the “Notes”).
On the date hereof, the Notes are held by the respective Holders named on the signature pages hereof. Capitalized terms used and not otherwise defined in this consent (this “Consent”) shall have the respective meanings assigned thereto in the Note Purchase Agreement.
RECITALS
A.Section 18.1 of the Note Purchase Agreement provides that the Note Purchase Agreement may be amended and the observance of any term thereof may be waived only with the written consent of the Required Holders.
B.Section 10.4(a)(ii) of the Note Purchase Agreement provides, in relevant part, that the Parent and its Restricted Subsidiaries will not incur Senior Secured Indebtedness unless the Consolidated
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Senior Secured Leverage Ratio for the Parent’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred would have been at least 4.0 to 1.0, in each case, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred at the beginning of such four-quarter period (the “Debt Incurrence Requirement”).
C.The Parent is seeking to enter into a new £75,000,000 bilateral revolving facility agreement with Bank of America, N.A., London Branch (or an affiliate thereof) (the “New BoA Facility”) and increase its bilateral revolving facility agreement originally dated 14 October 2020 with Santander UK plc from £25,000,000 to £50,000,000 (the “Santander Amended Facility” and together with the New BoA Facility, including in each case the incurrence of Indebtedness thereunder, the “Transaction”). The New BoA Facility will rank, and the Santander Amended Facility shall continue to rank, pari passu with the Credit Facility Liabilities, the Senior Notes Liabilities, the Pari Passu Debt and the Hedging Liabilities (in each case as defined in the Intercreditor Agreement).
D.The Parent is requesting that the Required Holders consent to the waiver of the Debt Incurrence Requirement with respect to the Transaction and confirm that the Liens on the Collateral granted in connection with the Transaction shall be Permitted Collateral Liens under paragraph (b) of the definition of “Permitted Collateral Liens,” provided that the requirements contained in such paragraph (b) of such definition are complied with. The Required Holders have agreed to so consent, subject to the terms and conditions contained herein.
NOW, THEREFORE, in consideration of good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:
	I.
	Consent of the Required Holders.

(a)The undersigned hereby consent to the waiver of the Debt Incurrence Requirement with respect to the Transaction and hereby confirm that the Liens on the Collateral granted in connection with the Transaction shall be Permitted Collateral Liens under paragraph (b) of the definition of “Permitted Collateral Liens”, provided that the requirements contained in such paragraph (b) of such definition are complied with.
(b)For the avoidance of doubt, the £75,000,000 of Indebtedness incurred under the New BoA Facility and the £25,000,000 of additional Indebtedness incurred under the Santander Amended Facility, as permitted by this Consent shall, so long as the New BoA Facility and Santander Amended Facility remain in effect and the Indebtedness remains outstanding, continue to constitute Indebtedness under the Note Purchase Agreement for all purposes, including without limitation in connection with the calculation of the Senior Secured Leverage Ratio and Fixed Charge Coverage Ratio with respect to any future incurrence of Indebtedness.
	II.
	Representations and Warranties of the Note Parties.

In connection with the consent provided for herein, the Note Parties hereby represent and warrant to each Holder that:
​

2

(1)as of the date hereof no Default or Event of Default has occurred, exists and is continuing under the Note Documents, and, after giving effect to this Consent, no Default or Event of Default shall have occurred and be continuing;
(2)the execution and delivery by the Note Parties of the Consent and the performance and observance by the Note Parties of the provisions of the Consent do not and will not (i) violate (A) any provision of any law or any governmental rule or regulation applicable to any Note Party, (B) any of the organizational documents of any Note Party, or (C) any order, judgment or decree of any court or other agency of government binding on any Note Party, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any contractual obligation of any Note Party, or (iii) require any approval or consent of any Person, except for approvals and consents which have been obtained in writing as of the date hereof; and
(3)this Consent constitutes the legally valid and binding obligation of each Note Party, enforceable against each Note Party in accordance with its terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability.
	III.
	Conditions to Effectiveness.

This Consent shall become effective on the first date (the “Effective Date”) when all of the following conditions precedent shall have been satisfied:
(a)This Consent shall have been duly executed and delivered by the Note Parties and the Required Holders.
(b)The Holders shall have received a copy of each of the New BoA Facility, the Santander Amended Facility and the Joinder to the Intercreditor Agreement executed by each lender thereunder, pursuant to which the Transaction is proposed to be consummated.
(c)The Holders shall have received an executed copy of a consent of the lenders under that certain Revolving Facilities Agreement originally dated May 22, 2015, amended and restated as of April 4, 2019 and most recently amended and restated as of December 10, 2021, by and among the Parent, the lenders party thereto and Bank of America Europe Designated Activity Company (formerly known as Bank of America Merrill Lynch International Designated Activity Company) as Agent and Security Trustee (as defined therein).
(d)The Holders shall have received an executed copy of a consent of the lenders under that certain Term Facility Agreement originally dated May 20, 2013, amended and restated as of August 5, 2019 and most recently amended and restated as of March 4, 2021 and most recently amended as of December 10, 2021, by and among the Company, the Parent and Bank of America Europe Designated Activity Company (formerly known as Bank of America Merrill Lynch International Designated Activity Company) as Agent and Lender (as defined therein).
(e)In accordance with Section 16.1 of the Note Purchase Agreement, the Company shall have paid all costs and expenses of the Holders in connection with this Consent, including fees and expenses of Greenberg Traurig, LLP, special counsel to the Holders.
​

3

IV.Miscellaneous.
(a)The parties hereto hereby acknowledge and agree that this Consent shall constitute a “Note Document” for all purposes of the Note Purchase Agreement and the other Note Documents. Except as otherwise expressly provided in this Consent, all provisions of the Note Documents shall remain in full force and effect and be unaffected hereby.
(b)The Note Parties hereby acknowledge and agree, by their execution and delivery of this Consent, that all obligations of each Note Party under the Note Documents to which it is a party are hereby ratified, confirmed and affirmed in all respects, except as expressly modified by this Consent.
(c)This Consent shall be construed and enforced in accordance with and governed by the laws of the State of New York excluding choice of law principles of the law of such State that would require or permit the application of the laws of a jurisdiction other than such State.
(d)Other than such as is expressly waived hereunder, nothing contained herein shall be deemed to waive, limit, prejudice or otherwise adversely affect any of the rights, powers or privileges of the Holders or the Security Trustee, or any Default or Event of Default or any of the remedies available to the Holders or the Security Trustee under any of the Note Documents by statute, at law or in equity. The Holders and the Security Trustee expressly reserve all their rights to enforce any or all of their rights and remedies under the Note Documents against the Note Parties or any other Person or entity, by statute, at law or in equity. Except in respect of facts and circumstances to which the waiver contained herein apply, the Holders and the Security Trustee expressly reserve the right to exercise remedies in the future based on facts and circumstances that presently exist or that may exist in the future.
(e)The Note Parties hereby waive and release the Security Trustee and each Holder from any and all claims, offsets, defenses and counterclaims that the Note Parties may have, whether or not any Note Party is aware of such claims, offsets, defenses or counterclaims, that currently exist or that can now or may hereafter be asserted to reduce or eliminate all or any part of any Note Party’s obligations under the Note Documents, such waiver and release being with full knowledge and understanding of the circumstances and effect thereof and after having consulted legal counsel with respect thereto.
(f)Any provision of this Consent that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.
(g)This Consent may be executed and accepted in any number of separate counterparts, and by each party hereto on a separate counterpart, each of which counterparts shall be an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of this Consent by facsimile or transmitted electronically in either Tagged Image File Format (“TIFF”) or Portable Document Format (“PDF”) shall be equally effective as delivery of a manually executed counterpart hereof. Any party delivering an executed counterpart of this Consent by facsimile, TIFF or PDF shall also deliver a manually executed counterpart hereof, but failure to do so shall not affect the validity, enforceability, or binding effect of this Consent.
​

4

CONSENT UNDER NOTE PURCHASE AGREEMENT
DATED AS OF APRIL 26, 2022:
SIGNATURE PAGE FOR THE NOTE PARTIES
If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterparts of this Consent and return one of the same to the Company.
Very truly yours,
​
	​

	​

	​

	MANCHESTER UNITED FOOTBALL CLUB LIMITED
	​

	​
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	By
	/s/ Joel Glazer
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	​
	Name:
	Joel Glazer
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	​
	Title:
	Co Chairman
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	​
	​
	​

	RED FOOTBALL LIMITED
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	​
	​

	​
	​

	By
	/s/ Joel Glazer
	​

	​
	Name:
	Joel Glazer
	​

	​
	Title:
	Co Chairman
	​

	​
	​

	RED FOOTBALL JUNIOR LIMITED
	​

	​
	​

	​
	​

	By
	/s/ Joel Glazer
	​

	​
	Name:
	Joel Glazer
	​

	​
	Title:
	Co Chairman
	​

	​
	​

	MANCHESTER UNITED LIMITED
	​

	​
	​

	​
	​

	By
	/s/ Joel Glazer
	​

	​
	Name:
	Joel Glazer
	​

	​
	Title:
	Co Chairman
	​

	​
	​

	MU FINANCE LIMITED
	​

	​
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	​
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	By
	/s/ Joel Glazer
	​

	​
	Name:
	Joel Glazer
	​

	​
	Title:
	Co Chairman
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​
​

5

CONSENT UNDER NOTE PURCHASE AGREEMENT
DATED AS OF APRIL 26, 2022
SIGNATURE PAGE FOR HOLDERS (1 of 1)
This Consent is accepted and agreed to as of the date first written above:
AMERICAN GENERAL LIFE INSURANCE COMPANY, in
regard to Notes aggregating $9,000,000.00
NATIONAL UNION FIRE INSURANCE COMPANY OF
PITTSBURGH, PA, in regard to Notes aggregating $9,197,500.00
​
	​

	​

	​

	​

	​

	By:
	AIG Asset Management (U.S.) LLC, Investment Adviser
	​

	​
	​
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	​
	​
	​

	​
	By
	/s/ Craig Moody
	​

	​
	​
	Name:
	Craig Moody
	​

	​
	​
	Title:
	Senior Vice President
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​
​

6

MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY
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	​

	​

	​

	​

	By:
	Barings LLC as Investment Adviser
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	​
	​
	​

	​
	​
	​

	​
	By
	/s/ James Moore
	​

	​
	​
	Name:
	James Moore
	​

	​
	​
	Title:
	Managing Director
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​
C.M. LIFE INSURANCE COMPANY
​
	​

	​

	​

	​

	​

	By:
	Barings LLC as Investment Adviser
	​

	​
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	​
	​
	​

	​
	By
	/s/ James Moore
	​

	​
	​
	Name:
	James Moore
	​

	​
	​
	Title:
	Managing Director
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​
​

7

THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY
​
	By:
	Northwestern Mutual Investment Management Company, LLC, its Investment Adviser
	​

	​
	​
	​

	​
	​
	​

	​
	By
	/s/ Bradley T. Kunath
	​

	​
	​
	Name:
	Bradley T. Kunath
	​

	​
	​
	Title:
	Managing Director
	
	​

	​
	​
	​
	​
	​
	​

​
THE NORTHWESTERN MUTUAL LIFE
INSURANCE COMPANY, for its Group Annuity Separate Account
​
	By:
	Northwestern Mutual Investment Management Company, LLC, its Investment Adviser
	​

	​
	​
	​

	​
	​
	​

	By
	/s/ Bradley T. Kunath
	​

	​
	Name:
	Bradley T. Kunath
	​

	​
	Title:
	Managing Director
	
	​

	​
	​
	​
	​
	​

​
​

8

​
USAA LIFE INSURANCE COMPANY
​
	​

	​

	​

	​

	By:
	BlackRock Financial Management, Inc., as investment manager
	​

	​
	​
	​

	By
	/s/ Marshall Merriman
	​

	​
	Name:
	Marshall Merriman
	​

	​
	Title:
	Managing Director
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​
USAA LIFE INSURANCE COMPANY OF NEW YORK
​
	​

	​

	​

	​

	By:
	BlackRock Financial Management, Inc., as investment manager
	​

	​
	​
	​

	By
	/s/ Marshall Merriman
	​

	​
	Name:
	Marshall Merriman
	​

	​
	Title:
	Managing Director
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​
​

9

THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
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	​

	​

	By:
	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact
	​

	​
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	​
	​
	​

	​
	By
	/s/ Alexander Alston
	​

	​
	​
	Name:
	Alexander Alston
	​

	​
	​
	Title:
	Senior Vice President
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​
LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
​
	​

	​

	​

	​

	​

	By:
	Macquarie Investment Management Advisers, a series of Macquarie Investment Management Business Trust, Attorney in Fact
	​

	​
	​
	​

	​
	​
	​

	​
	By
	/s/ Alexander Alston
	​

	​
	​
	Name:
	Alexander Alston
	​

	​
	​
	Title:
	Senior Vice President
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​
​

10

VOYA RETIREMENT INSURANCE AND ANNUITY COMPANY
RELIASTAR LIFE INSURANCE COMPANY
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	​

	​

	​

	​

	By:
	Voya Investment Management LLC, as Agent
	​

	​
	​
	​

	​
	​
	​

	​
	By
	/s/ Paul Aronson
	​

	​
	​
	Name:
	Paul Aronson
	​

	​
	​
	Title:
	Senior Vice President
	​

​
CORPORATE SOLUTIONS LIFE REINSURANCE COMPANY
SECURITY LIFE OF DENVER INSURANCE COMPANY
AMERICAN FIDELITY ASSURANCE COMPANY
​
	​

	​

	​

	​

	​

	By:
	Voya Investment Management Co. LLC, as Agent
	​

	​
	​
	​

	​
	​
	​

	​
	By
	/s/ Paul Aronson
	​

	​
	​
	Name:
	Paul Aronson
	​

	​
	​
	Title:
	Senior Vice President
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​
​

11

PACIFIC LIFE INSURANCE COMPANY
​
	​

	​

	​

	​

	​
	​

	By
	/s/ Cathy L. Schwartz
	​

	​
	Name:
	Cathy L. Schwartz
	​

	​
	Title:
	Assistant Vice President
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​
​

12

UNUM LIFE INSURANCE COMPANY OF AMERICA
​
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	​

	​

	​

	​

	By:
	Provident Investment Management, LLC, its Agent
	​

	​
	​
	​

	​
	​
	​

	​
	By
	/s/ Ben Vance
	​

	​
	​
	Name:
	Ben Vance
	​

	​
	​
	Title:
	Vice President, Senior Managing Director
	​

​
COLONIAL LIFE & ACCIDENT INSURANCE COMPANY
​
	​

	​

	​

	​

	​

	By:
	Provident Investment Management, LLC, its Agent
	​

	​
	​
	​

	​
	​
	​

	​
	By
	/s/ Ben Vance
	​

	​
	​
	Name:
	Ben Vance
	​

	​
	​
	Title:
	Vice President, Senior Managing Director
	​

​
​

13

GENWORTH LIFE AND ANNUITY INSURANCE COMPANY
​
	​

	​

	​

	​

	By
	/s/ Kumrija Ganic
	​

	​
	Name:
	Kumrija Ganic
	​

	​
	Title:
	Investment Officer
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​
CONFIDENTIAL - GENWORTH ONLY
​

14

THE GUARDIAN LIFE INSURANCE COMPANY OF AMERICA
​
	​

	​

	​

	​

	By
	/s/ Adam Gossett
	​

	​
	Name:
	Adam Gossett
	​

	​
	Title:
	Senior Director
	​

​
​

15

HARTFORD ACCIDENT AND INDEMNITY COMPANY
​
HARTFORD LIFE AND ACCIDENT INSURANCE COMPANY
​
THE HARTFORD RETIREMENT PLAN TRUST FOR U.S. EMPLOYEES
​
TALCOTT RESOLUTION LIFE INSURANCE
COMPANY (f/k/a Hartfort Life Insurance Company)
​
	​

	​

	​

	​

	By
	Hartford Investment Management Company Their investment manager
	​

	​
	​
	​

	By
	/s/ Kenneth W.Day
	​

	​
	Name:
	Kenneth W.Day
	​

	​
	Title:
	Vice President
	​

​

16

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