A football finance expert believes Manchester United were close to breaching the Premier League's Profit and Sustainability Rules (PSR) last season, but managed to comply with the top-flight's restrictions thanks to two 'exceptional allowances.'
Last season, Everton were sanctioned twice by the Premier League for falling foul of their financial restrictions, with the Toffees being deducted a total of eight points for two separate charges after falling foul of the rules. Nottingham Forest were also handed a four-point fine for admitting a breach of the league's rules.
PSR has caused chaos around the English top-flight, with teams having to think cleverly on how to comply with the rules.
In effect, the regulations require clubs to report only a certain amount of losses across a three-year period, up to June 30. Clubs are not able to lose more than £105million over a three-year period - which equates to £35m each year.
Man United, meanwhile, have undergone a period of change in the last 12 months. The arrival of new minority owner Sir Jim Ratcliffe and INEOS has seen the British billionaire shake things up at Old Trafford, from board level right down to matchday staff.
A football finance expert believes that Man United could have fallen foul of the Premier League's financial rules last season
According to the expert, Erik ten Hag's side managed to avoid any breaches thanks to two 'exceptional allowances'
Man United have undergone a period of change following INEOS' £1.3bn investment into the club
Following INEOS' £1.3billion investment in the club, United have been delving into the transfer market, having signed Leny Yoro and Joshua Zirkzee already this summer, with the Red Devils paying almost £86m for the pair.
United are also undergoing a £50m training ground refurbishment and there has been much talk that the club could build a new 100,000-seat stadium.
But according to football finance expert Stefan Borson, United came close to breaching PSR last season.
'United is very interesting because we do have quite a lot of information about United because of their quarterly report in the US and so we know that they’ve told us that the end of year results will have a £660million top line and about £140m EBITDA,' Borson told talkSPORT.
'It also tells us certain things about their costs. [The] bottom line is when you drag that down on the three-year assessment, United would have failed PSR for the season for the season just gone, save for two things.'
'One, they were given, it appears an exceptional allowance of £40m for Covid in 2022, which no other club had.
'The most any other club had was about £1m in that year. We don't know how they got it.
'On top of that it seems they’ve been given allowance for around £35m of exceptional costs relating to the share sale to (INEOS CEO Sir Jim) Ratcliffe which to be honest, the Glazers should have paid that themselves anyway given they were the main beneficiary.'
United have also been active in the transfer market with Joshua Zirkzee becoming their first signing of the summer window
The Red Devils have also completed the £52m signing of highly-rated Lille defender Leny Yoro, 18
'But we know from the numbers that it was £35m and the only way in which they can make the 23/24 PSR numbers and this is not just my view but the view of multiple people who run the numbers, is by having these allowances.'
Questions have been raised over United's £40m COVID allowance in recent days, with another football finance expert Kieran Maguire taking to X to explain the fund.
Having investigated the matter, he explained on X: 'I’ve been asked by a few people to investigate £40m COVID allowance that Man Utd have in 21/22 accounts.
'Have spoken to senior sources at Club & elsewhere. The reasons are 1) Cancellation of Summer 2021 tour; 2) Bad debts caused by commercial partner insolvency; 3) Club unable to fulfil sponsorship partner obligations in summer 2021; and 4) Broadcaster rebates PL & UEFA.
'Because #MUFC are listed in New York has to disclose more information than other clubs, many of whom have COVID claims but not shown in accounts Conclusion: No corruption from PL.'
There are several other clubs around the league who are still under scrutiny from PSR, including Leicester.
Kieran Maguire has also been investigating Man United's £40m Covid allowance and has explained why the sum was given to the Red Devils
United have returned from their pre-season tour of the United States this week ahead of their FA Community Shield clash against rivals Man City
The main obstacle to redevelopment over the years has been the rail track behind the Sir Bobby Charlton Stand
The Foxes could face sanctions next season after they were charged in March for falling foul of the rules in relation to the 2022-23 season, where they suffered relegation to the Championship.
Newcastle are another side who have been working to avoid a financial sanction and are looking to raise more capital to ensure they meet the requirements of the regulations.
Man City, meanwhile, are currently locked in a legal battle with the Premier League over the 115 alleged charges of breaching the English top-flight's financial rules.
While no specific date for the highly-anticipated trial to take place, an initial hearing could take place in November and last up to six weeks.
Meanwhile, clubs have also voted in favour of replacing PSR from the 2025-26 season and will instead implement squad cost control regulations. These will limit clubs to spending 85 per cent of their total revenue on wages, transfers and agent fees.