Manchester United's CEO, Richard Arnold, is set to resign by the year's end, as reported by Sky News. Arnold, who took on the role in January 2022, will be stepping down, and the club has confirmed this move amid indications of a potential stake sale to British billionaire Jim Ratcliffe.
Having joined United in 2007 as a commercial director, Arnold later assumed the position of group managing director in 2013. Following the departure of executive vice-chairman Ed Woodward, Arnold stepped into the role of chief executive in February 2022. Arnold's departure marks the end of his 16-year tenure with the club.
In Photo: Richard Arnold/ Photo: Keepup.com
Arnold expressed, "It has been an incredible privilege to serve this great football club for the past 16 years. Through highs and lows, the constant has been the dedication of our employees and fans. 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."
United's executive co-chairman, Joel Glazer, conveyed appreciation for Arnold's service. In addressing Arnold's departure, Joel Glazer expressed, "I would like to thank Richard for his outstanding service to Manchester United over the past 16 years and wish him all the best for his future endeavours."
Arnold, serving for less than two years, will provide transitional support until December, according to the club, which will then initiate the search for a permanent CEO.
Despite recent criticism for the team's struggles, United, under Arnold's leadership, secured substantial revenues and major sponsorship deals, such as the $1.1 billion Adidas kit deal for the next decade. In his less than 2 year tenure, Arnold appointed manager Erik ten Hag last April to enhance the team's performance.
The ownership of the club is uncertain following the Glazer family's announcement that they're exploring options, such as new investments or a potential sale. Although a deal with Ratcliffe is anticipated, it remains pending, with sources suggesting an agreement could occur in the coming weeks, according to Reuters.
Jim Ratcliffe is set to pay over $1.5 billion, while awaiting for the pending Glazer family’s approval, in order to become a minority shareholder. His Ineos group aims to secure a 25% stake, gaining football operations control.
In Photo: Patrick Stewart/ Photo: Manchester Evening News
Amid the uncertainty in Club’s ownership, Patrick Stewart, a United veteran of over 17 years, will assume the position as interim CEO. He, while retaining his position as general counsel, will oversee the club's interactions with governing bodies. Assigned the responsibility of ensuring stability for new ownership to find a permanent CEO, Stewart highlights his role in preserving the club's core and nurturing long-term resilience.
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