Last Updated: November 15, 2023, 20:05 IST
Richard Arnold when he was the Manchester United CEO (AP)
Manchester United chief govt officer Richard Arnold is stepping down from his position, as British billionaire Jim Ratcliffe edges nearer to changing into a minority stakeholder.
Manchester United CEO Richard Arnold will step down, the Premier League membership mentioned on Wednesday, forward of the membership’s reported stake sale to British billionaire Jim Ratcliffe.
General counsel and board director Patrick Stewart, who has been with United for over 17 years, can be turn into interim CEO, permitting the membership’s future homeowners to take time to establish a brand new lengthy-time period CEO.
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The English membership’s future possession remained unsure after the American Glazer household final yr mentioned they have been choices for the 20-occasions English champions, together with a brand new funding or a possible sale.
Ratcliffe would pay greater than $1.5 billion for a 25% stake in United, in accordance to experiences, have been his bid for the enduring soccer membership to be accepted by the Glazer household that controls it.
The Glazers haven’t but reached a take care of Ratcliffe however one is anticipated to be finalised between the 2 sides within the coming weeks, a supply instructed Reuters earlier this month.
Arnold was appointed CEO lower than two years in the past, when he took over from govt vice-chairman Ed Woodward and stuffed a job that had been left vacant since 2013.
Tasked with reviving the membership’s fortunes, Arnold in April final yr introduced on workforce supervisor Erik ten Hag, who has additionally come underneath intense strain in current months as a result of of the membership’s lacklustre efficiency on the sphere.
Under Arnold’s management, United posted report revenues and bagged a pair of main sponsorship offers, together with a $1.1 billion Adidas package deal for 10 extra years in August.
“Richard Arnold has decided to step down as chief executive of Manchester United after 16 years with the club,” United mentioned in an announcement.
“Patrick Stewart will take over as interim CEO, in addition to his existing role as general counsel, with Richard continuing to provide transitional support until the end of December. A search process will be carried out for a new permanent CEO.”
Arnold mentioned it had been an “incredible privilege” to work at United.
“Through highs and lows, the constant has been the dedication of our employees and fans,” he mentioned.
“I would like to thank all of them for their loyalty and commitment, and wish everyone associated with the club the very best for the future.”
Stewart, who will keep on his present position as common counsel, leads the membership’s liaison with governing our bodies such because the FA and UEFA.
United’s New York listed shared have been up 1.3% at $19.07 in premarket buying and selling.
(With inputs from Agencies)
