Manchester City and Manchester United both met the Premier League's financial guidelines for the 2023/24 period with no fresh charges being announced. According to the Times, every club adhered to the Profitability and Sustainability Rules (PSRs).

A statement by the league confirmed that Leicester City are still at risk due to an ongoing legal case. A statement explained: “Issues as to the jurisdiction of the Premier League over Leicester City Football Club in relation to PSR compliance are currently the subject of confidential arbitration proceedings.

“Accordingly, neither the league nor the club will make any further comment at this stage about any aspect of the club’s compliance or otherwise with any of the PSR or related rules, save to say that no complaint has been brought against Leicester by the league for any breach of the PSRs for the period ending Season 2023-24.”

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United, who have been cost-cutting for much of the last 12 months under Sir Jim Ratcliffe and Ineos' ownership, can now breathe with the risk of punishment no longer looming. City are still awaiting the outcome of their separate financial hearing with the league over allegations of massive financial breaches between 2008 and 2018.

PSRs are a different set of regulations entirely, though, and saw both Everton and Nottingham Forest deducted points last season. Current rules allow for combined losses of £105million over a rolling three-year period, with the most recent ending on June 30, 2024.

Certain costs are deducted from the total considered by the league, with investment into the community, women's team, and youth academies all essentially being a free pass as far as PSRs are concerned. The figures largely boil down to wages and transfer spend.

United recorded a pre-tax loss of over £130million for the most recent financial year, adding to worries that they might have overstepped the threshold. This outcome will, therefore, come as a relief.

As for City, their compliance was never really in doubt. They are still awaiting public confirmation of the much more significant battle with the league over alleged financial cheating over an even longer period in one of the most high-profile sporting law cases ever.