The unamortized balance of existing players' registrations as of 30 June 2014 was £204.6 million, of which £66.9 million is expected to be amortized in
the year ended 30 June 2015. The remaining balance is expected to be amortized over the three years to 30 June 2018. This does not take into account player
additions after 30 June 2014, which would have the effect of increasing the amortization expense in future periods, nor does it consider disposals subsequent
to 30 June 2014, which would have the effect of decreasing future amortization charges. Furthermore, any contract renegotiations would also impact future
charges.