Manchester City Football Club Limited had assigned its 2019/20 Premier League Basic Award funds (due in July 2019) to Barclays Bank PLC, as security over a short term borrowing facility. The funds had been assigned on behalf of its parent company, City Football Group Limited, in order to fund global City Football Group activities, if required. The fixed charge and negative pledge was in place until 4 July 2019, when a medium-term financing agreement with HSBC plc was signed. From 4 July 2019 Manchester City Football Club Limited assigned fixed charges in favour of HSBC plc in relation to its Premier League media revenues and stadium matchday revenues.
Additionally, the Club assigned the following two consecutive payments from PUMA SE or PUMA International, in respect of the guaranteed retainer on a rolling basis. HSBC plc hold a floating charge over all other Manchester City assets. These charges shall remain in place until maturity of the HSBC plc facility in July 2022.
The Directors welcomed the opening of a formal UEFA investigation as an opportunity to bring to an end the speculation resulting from the illegal hacking and out of context publication of Club emails. The Directors are entirely confident of a positive outcome when the matter is considered by an independent judicial body.