diff --git a/CHANGES.md b/CHANGES.md
index 9358a22525..40a2e086c5 100644
--- a/CHANGES.md
+++ b/CHANGES.md
@@ -1,3 +1,73 @@
+# Synapse 1.97.0rc1 (2023-11-21)
+
+Synapse will soon be forked by Element under an AGPLv3.0 licence (with CLA, for
+proprietary dual licensing). You can read more about this here:
+
+ - https://matrix.org/blog/2023/11/06/future-of-synapse-dendrite/
+ - https://element.io/blog/element-to-adopt-agplv3/
+
+The Matrix.org Foundation copy of the project will be archived. Any changes needed
+by server administrators will be communicated via our usual announcements channels, 
+but we are striving to make this as seamless as possible.
+
+### Features
+
+- Add support for asynchronous uploads as defined by [MSC2246](https://github.com/matrix-org/matrix-spec-proposals/pull/2246). Contributed by @sumnerevans at @beeper. ([\#15503](https://github.com/matrix-org/synapse/issues/15503))
+- Improve the performance of some operations in multi-worker deployments. ([\#16613](https://github.com/matrix-org/synapse/issues/16613), [\#16616](https://github.com/matrix-org/synapse/issues/16616))
+
+### Bugfixes
+
+- Fix a long-standing bug where some queries updated the same row twice. Introduced in Synapse 1.57.0. ([\#16609](https://github.com/matrix-org/synapse/issues/16609))
+- Fix a long-standing bug where Synapse would not unbind third-party identifiers for Application Service users when deactivated and would not emit a compliant response. ([\#16617](https://github.com/matrix-org/synapse/issues/16617))
+- Fix sending out of order `POSITION` over replication, causing additional database load. ([\#16639](https://github.com/matrix-org/synapse/issues/16639))
+
+### Improved Documentation
+
+- Note that the option [`outbound_federation_restricted_to`](https://matrix-org.github.io/synapse/latest/usage/configuration/config_documentation.html#outbound_federation_restricted_to) was added in Synapse 1.89.0, and fix a nearby formatting error. ([\#16628](https://github.com/matrix-org/synapse/issues/16628))
+- Update parameter information for the `/timestamp_to_event` admin API. ([\#16631](https://github.com/matrix-org/synapse/issues/16631))
+- Provide an example for a common encrypted media response from the admin user media API and mention possible null values. ([\#16654](https://github.com/matrix-org/synapse/issues/16654))
+
+### Internal Changes
+
+- Remove whole table locks on push rule modifications. Contributed by Nick @ Beeper (@fizzadar). ([\#16051](https://github.com/matrix-org/synapse/issues/16051))
+- Support reactor tick timings on more types of event loops. ([\#16532](https://github.com/matrix-org/synapse/issues/16532))
+- Improve type hints. ([\#16564](https://github.com/matrix-org/synapse/issues/16564), [\#16611](https://github.com/matrix-org/synapse/issues/16611), [\#16612](https://github.com/matrix-org/synapse/issues/16612))
+- Avoid executing no-op queries. ([\#16583](https://github.com/matrix-org/synapse/issues/16583))
+- Simplify persistence code to be per-room. ([\#16584](https://github.com/matrix-org/synapse/issues/16584))
+- Use standard SQL helpers in persistence code. ([\#16585](https://github.com/matrix-org/synapse/issues/16585))
+- Avoid updating the stream cache unnecessarily. ([\#16586](https://github.com/matrix-org/synapse/issues/16586))
+- Improve performance when using opentracing. ([\#16589](https://github.com/matrix-org/synapse/issues/16589))
+- Run push rule evaluator setup in parallel. ([\#16590](https://github.com/matrix-org/synapse/issues/16590))
+- Improve tests of the SQL generator. ([\#16596](https://github.com/matrix-org/synapse/issues/16596))
+- Use more generic database methods. ([\#16615](https://github.com/matrix-org/synapse/issues/16615))
+- Use `dbname` instead of the deprecated `database` connection parameter for psycopg2. ([\#16618](https://github.com/matrix-org/synapse/issues/16618))
+- Add an internal [Admin API endpoint](https://matrix-org.github.io/synapse/v1.97/usage/configuration/config_documentation.html#allow-replacing-master-cross-signing-key-without-user-interactive-auth) to temporarily grant the ability to update an existing cross-signing key without UIA. ([\#16634](https://github.com/matrix-org/synapse/issues/16634))
+- Improve references to GitHub issues. ([\#16637](https://github.com/matrix-org/synapse/issues/16637), [\#16638](https://github.com/matrix-org/synapse/issues/16638))
+- More efficiently handle no-op `POSITION` over replication. ([\#16640](https://github.com/matrix-org/synapse/issues/16640), [\#16655](https://github.com/matrix-org/synapse/issues/16655))
+- Speed up deleting of device messages when deleting a device. ([\#16643](https://github.com/matrix-org/synapse/issues/16643))
+- Speed up persisting large number of outliers. ([\#16649](https://github.com/matrix-org/synapse/issues/16649))
+- Reduce max concurrency of background tasks, reducing potential max DB load. ([\#16656](https://github.com/matrix-org/synapse/issues/16656), [\#16660](https://github.com/matrix-org/synapse/issues/16660))
+- Speed up purge room by adding an index to `event_push_summary`. ([\#16657](https://github.com/matrix-org/synapse/issues/16657))
+
+
+
+### Updates to locked dependencies
+
+* Bump prometheus-client from 0.17.1 to 0.18.0. ([\#16626](https://github.com/matrix-org/synapse/issues/16626))
+* Bump pyicu from 2.11 to 2.12. ([\#16603](https://github.com/matrix-org/synapse/issues/16603))
+* Bump requests-toolbelt from 0.10.1 to 1.0.0. ([\#16659](https://github.com/matrix-org/synapse/issues/16659))
+* Bump ruff from 0.0.292 to 0.1.4. ([\#16600](https://github.com/matrix-org/synapse/issues/16600))
+* Bump serde from 1.0.190 to 1.0.192. ([\#16627](https://github.com/matrix-org/synapse/issues/16627))
+* Bump serde_json from 1.0.107 to 1.0.108. ([\#16604](https://github.com/matrix-org/synapse/issues/16604))
+* Bump setuptools-rust from 1.8.0 to 1.8.1. ([\#16601](https://github.com/matrix-org/synapse/issues/16601))
+* Bump towncrier from 23.6.0 to 23.11.0. ([\#16622](https://github.com/matrix-org/synapse/issues/16622))
+* Bump treq from 22.2.0 to 23.11.0. ([\#16623](https://github.com/matrix-org/synapse/issues/16623))
+* Bump twisted from 23.8.0 to 23.10.0. ([\#16588](https://github.com/matrix-org/synapse/issues/16588))
+* Bump types-bleach from 6.1.0.0 to 6.1.0.1. ([\#16624](https://github.com/matrix-org/synapse/issues/16624))
+* Bump types-jsonschema from 4.19.0.3 to 4.19.0.4. ([\#16599](https://github.com/matrix-org/synapse/issues/16599))
+* Bump types-pyopenssl from 23.2.0.2 to 23.3.0.0. ([\#16625](https://github.com/matrix-org/synapse/issues/16625))
+* Bump types-pyyaml from 6.0.12.11 to 6.0.12.12. ([\#16602](https://github.com/matrix-org/synapse/issues/16602))
+
 # Synapse 1.96.1 (2023-11-17)
 
 Synapse will soon be forked by Element under an AGPLv3.0 licence (with CLA, for
diff --git a/changelog.d/15503.feature b/changelog.d/15503.feature
deleted file mode 100644
index b6ca97a2cf..0000000000
--- a/changelog.d/15503.feature
+++ /dev/null
@@ -1 +0,0 @@
-Add support for asynchronous uploads as defined by [MSC2246](https://github.com/matrix-org/matrix-spec-proposals/pull/2246). Contributed by @sumnerevans at @beeper.
diff --git a/changelog.d/16051.misc b/changelog.d/16051.misc
deleted file mode 100644
index 1420d2eb3f..0000000000
--- a/changelog.d/16051.misc
+++ /dev/null
@@ -1 +0,0 @@
-Remove whole table locks on push rule modifications. Contributed by Nick @ Beeper (@fizzadar).
diff --git a/changelog.d/16532.misc b/changelog.d/16532.misc
deleted file mode 100644
index 437e00210b..0000000000
--- a/changelog.d/16532.misc
+++ /dev/null
@@ -1 +0,0 @@
-Support reactor tick timings on more types of event loops.
diff --git a/changelog.d/16564.misc b/changelog.d/16564.misc
deleted file mode 100644
index 93ceaeafc9..0000000000
--- a/changelog.d/16564.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve type hints.
diff --git a/changelog.d/16583.misc b/changelog.d/16583.misc
deleted file mode 100644
index df5b27b112..0000000000
--- a/changelog.d/16583.misc
+++ /dev/null
@@ -1 +0,0 @@
-Avoid executing no-op queries.
diff --git a/changelog.d/16584.misc b/changelog.d/16584.misc
deleted file mode 100644
index beec8f2301..0000000000
--- a/changelog.d/16584.misc
+++ /dev/null
@@ -1 +0,0 @@
-Simplify persistance code to be per-room.
diff --git a/changelog.d/16585.misc b/changelog.d/16585.misc
deleted file mode 100644
index 01f3ecc843..0000000000
--- a/changelog.d/16585.misc
+++ /dev/null
@@ -1 +0,0 @@
-Use standard SQL helpers in persistence code.
\ No newline at end of file
diff --git a/changelog.d/16586.misc b/changelog.d/16586.misc
deleted file mode 100644
index f02c4a2060..0000000000
--- a/changelog.d/16586.misc
+++ /dev/null
@@ -1 +0,0 @@
-Avoid updating the stream cache unnecessarily.
diff --git a/changelog.d/16588.misc b/changelog.d/16588.misc
deleted file mode 100644
index c12b6cfc28..0000000000
--- a/changelog.d/16588.misc
+++ /dev/null
@@ -1 +0,0 @@
-Bump twisted from 23.8.0 to 23.10.0.
diff --git a/changelog.d/16589.misc b/changelog.d/16589.misc
deleted file mode 100644
index 6e69368bbf..0000000000
--- a/changelog.d/16589.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve performance when using opentracing.
diff --git a/changelog.d/16590.misc b/changelog.d/16590.misc
deleted file mode 100644
index 6db04b0c98..0000000000
--- a/changelog.d/16590.misc
+++ /dev/null
@@ -1 +0,0 @@
-Run push rule evaluator setup in parallel.
diff --git a/changelog.d/16596.misc b/changelog.d/16596.misc
deleted file mode 100644
index fa457b12e5..0000000000
--- a/changelog.d/16596.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve tests of the SQL generator.
diff --git a/changelog.d/16605.misc b/changelog.d/16605.misc
deleted file mode 100644
index 2db7da5692..0000000000
--- a/changelog.d/16605.misc
+++ /dev/null
@@ -1 +0,0 @@
-Bump setuptools-rust from 1.8.0 to 1.8.1.
diff --git a/changelog.d/16609.bugfix b/changelog.d/16609.bugfix
deleted file mode 100644
index a52d395cd3..0000000000
--- a/changelog.d/16609.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a long-standing bug where some queries updated the same row twice. Introduced in Synapse 1.57.0.
diff --git a/changelog.d/16611.misc b/changelog.d/16611.misc
deleted file mode 100644
index 93ceaeafc9..0000000000
--- a/changelog.d/16611.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve type hints.
diff --git a/changelog.d/16612.misc b/changelog.d/16612.misc
deleted file mode 100644
index 93ceaeafc9..0000000000
--- a/changelog.d/16612.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve type hints.
diff --git a/changelog.d/16613.feature b/changelog.d/16613.feature
deleted file mode 100644
index 419c56fb83..0000000000
--- a/changelog.d/16613.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve the performance of some operations in multi-worker deployments.
diff --git a/changelog.d/16615.misc b/changelog.d/16615.misc
deleted file mode 100644
index 37ab711dc6..0000000000
--- a/changelog.d/16615.misc
+++ /dev/null
@@ -1 +0,0 @@
-Use more generic database methods.
diff --git a/changelog.d/16616.feature b/changelog.d/16616.feature
deleted file mode 100644
index 419c56fb83..0000000000
--- a/changelog.d/16616.feature
+++ /dev/null
@@ -1 +0,0 @@
-Improve the performance of some operations in multi-worker deployments.
diff --git a/changelog.d/16617.bugfix b/changelog.d/16617.bugfix
deleted file mode 100644
index 7e66799a6c..0000000000
--- a/changelog.d/16617.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix a long-standing bug where Synapse would not unbind third-party identifiers for Application Service users when deactivated and would not emit a compliant response.
\ No newline at end of file
diff --git a/changelog.d/16618.misc b/changelog.d/16618.misc
deleted file mode 100644
index c026e6b995..0000000000
--- a/changelog.d/16618.misc
+++ /dev/null
@@ -1 +0,0 @@
-Use `dbname` instead of the deprecated `database` connection parameter for psycopg2.
diff --git a/changelog.d/16628.doc b/changelog.d/16628.doc
deleted file mode 100644
index 4dd1e4874e..0000000000
--- a/changelog.d/16628.doc
+++ /dev/null
@@ -1 +0,0 @@
-Note that the option [`outbound_federation_restricted_to`](https://matrix-org.github.io/synapse/latest/usage/configuration/config_documentation.html#outbound_federation_restricted_to) was added in Synapse 1.89.0, and fix a nearby formatting error.
diff --git a/changelog.d/16631.doc b/changelog.d/16631.doc
deleted file mode 100644
index 1128a080ea..0000000000
--- a/changelog.d/16631.doc
+++ /dev/null
@@ -1 +0,0 @@
-Update parameter information for the `/timestamp_to_event` admin API.
diff --git a/changelog.d/16634.misc b/changelog.d/16634.misc
deleted file mode 100644
index f81cf39691..0000000000
--- a/changelog.d/16634.misc
+++ /dev/null
@@ -1 +0,0 @@
-Add an internal [Admin API endpoint](https://matrix-org.github.io/synapse/v1.97/usage/configuration/config_documentation.html#allow-replacing-master-cross-signing-key-without-user-interactive-auth) to temporarily grant the ability to update an existing cross-signing key without UIA.
diff --git a/changelog.d/16637.misc b/changelog.d/16637.misc
deleted file mode 100644
index f5068ac291..0000000000
--- a/changelog.d/16637.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve references to GitHub issues.
diff --git a/changelog.d/16638.misc b/changelog.d/16638.misc
deleted file mode 100644
index f5068ac291..0000000000
--- a/changelog.d/16638.misc
+++ /dev/null
@@ -1 +0,0 @@
-Improve references to GitHub issues.
diff --git a/changelog.d/16639.bugfix b/changelog.d/16639.bugfix
deleted file mode 100644
index 3feff89af6..0000000000
--- a/changelog.d/16639.bugfix
+++ /dev/null
@@ -1 +0,0 @@
-Fix sending out of order `POSITION` over replication, causing additional database load.
diff --git a/changelog.d/16640.misc b/changelog.d/16640.misc
deleted file mode 100644
index 3b1cc2185d..0000000000
--- a/changelog.d/16640.misc
+++ /dev/null
@@ -1 +0,0 @@
-More efficiently handle no-op `POSITION` over replication.
diff --git a/changelog.d/16643.misc b/changelog.d/16643.misc
deleted file mode 100644
index cc0cf0901f..0000000000
--- a/changelog.d/16643.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up deleting of device messages when deleting a device.
diff --git a/changelog.d/16649.misc b/changelog.d/16649.misc
deleted file mode 100644
index cebd6aaee5..0000000000
--- a/changelog.d/16649.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up persisting large number of outliers.
diff --git a/changelog.d/16654.doc b/changelog.d/16654.doc
deleted file mode 100644
index 61019e0367..0000000000
--- a/changelog.d/16654.doc
+++ /dev/null
@@ -1 +0,0 @@
-Provide an example for a common encrypted media response from the admin user media API and mention possible null values.
diff --git a/changelog.d/16655.misc b/changelog.d/16655.misc
deleted file mode 100644
index 3b1cc2185d..0000000000
--- a/changelog.d/16655.misc
+++ /dev/null
@@ -1 +0,0 @@
-More efficiently handle no-op `POSITION` over replication.
diff --git a/changelog.d/16656.misc b/changelog.d/16656.misc
deleted file mode 100644
index 6763685b9d..0000000000
--- a/changelog.d/16656.misc
+++ /dev/null
@@ -1 +0,0 @@
-Reduce max concurrency of background tasks, reducing potential max DB load.
diff --git a/changelog.d/16657.misc b/changelog.d/16657.misc
deleted file mode 100644
index c444aa15e4..0000000000
--- a/changelog.d/16657.misc
+++ /dev/null
@@ -1 +0,0 @@
-Speed up purge room by adding an index to `event_push_summary`.
diff --git a/changelog.d/16659.misc b/changelog.d/16659.misc
deleted file mode 100644
index 72079d1f63..0000000000
--- a/changelog.d/16659.misc
+++ /dev/null
@@ -1 +0,0 @@
-Bump requests-toolbelt from 0.10.1 to 1.0.0.
diff --git a/changelog.d/16660.misc b/changelog.d/16660.misc
deleted file mode 100644
index 6763685b9d..0000000000
--- a/changelog.d/16660.misc
+++ /dev/null
@@ -1 +0,0 @@
-Reduce max concurrency of background tasks, reducing potential max DB load.
diff --git a/debian/changelog b/debian/changelog
index 1d9a135d98..1a4be59be1 100644
--- a/debian/changelog
+++ b/debian/changelog
@@ -1,3 +1,9 @@
+matrix-synapse-py3 (1.97.0~rc1) stable; urgency=medium
+
+  * New Synapse release 1.97.0rc1.
+
+ -- Synapse Packaging team <packages@matrix.org>  Tue, 21 Nov 2023 12:32:03 +0000
+
 matrix-synapse-py3 (1.96.1) stable; urgency=medium
 
   * New synapse release 1.96.1.
diff --git a/pyproject.toml b/pyproject.toml
index 47c255e395..bd4ac09ae6 100644
--- a/pyproject.toml
+++ b/pyproject.toml
@@ -96,7 +96,7 @@ module-name = "synapse.synapse_rust"
 
 [tool.poetry]
 name = "matrix-synapse"
-version = "1.96.1"
+version = "1.97.0rc1"
 description = "Homeserver for the Matrix decentralised comms protocol"
 authors = ["Matrix.org Team and Contributors <packages@matrix.org>"]
 license = "Apache-2.0"