@slbsn
Kieran Maguire was recently interviewed by the BBC to explain why Man Utd were unexpectedly active in the transfer market
https://www.bbc.com/sport/football/articles/cj09pn56361o . He explains there that their PSR calculation was based on a UK subsidiary's pre-tax losses (£36.2m) which massively undercut the parent company's (£130m) pre-tax losses. This is reported as a matter of fact way. I have read elsewhere (
https://onefootball.com/en/news/how-man-utd-remain-within-psr-limits-despite-heavy-spending-41207406) that the difference is due to Red Football's accounts as excluding much of their takeover and finance costs.
In a Group of companies, I can understand why you would have different reporting entities relating to different part of the businesses but in Utd's case there is only 1 football club. If I was the regulator and I knew that a club's accounts excluded some costs attributable to the running of that football club, I'd be asking questions and potentially making an adjustment to their adjusted losses.
Do you think Utd have a case to answer?