Yahoo Finance CEO Richard Arnold leaves Manchester United as club clears decks for Ratcliffe
Manchester United chief executive Richard Arnold is to leave the club after 16 years in a move that clears the decks before a new era of joint ownership by Sir Jim Ratcliffe.
The 20-time English champions confirmed Arnold’s departure today as part of what they called a “management transition”.
British billionaire Ratcliffe’s proposed £1.3bn purchase of a 25 per cent stake could be completed next week, bringing to an end a year of uncertainty around the future of United.
“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,” said executive co-chairman Joel Glazer.
“We are fortunate to be able to call on the deep knowledge and experience of Patrick Stewart to provide interim stability and continuity as we embark on a search for a new permanent CEO.”
Arnold’s exit means that two of the most influential directors of the club’s controversial ownership by the US Glazer family will have left Old Trafford since early 2022.
He succeeded Ed Woodward as chief executive in February last year, having served under the former JP Morgan banker as managing director since 2013. He joined the club in 2007.
The pair were credited with turning United into a commercial behemoth and the world’s richest football club, but on-field results declined after the 2013 retirement of Sir Alex Ferguson.
“It has been an incredible privilege to serve this great football club for the past 16 years,” Arnold said.
“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 general legal counsel Patrick Stewart, who has been at the Premier League club since 2006, is set to replace Arnold on an interim basis.
The changes are the clearest indication that Ratcliffe’s pursuit of a stake in his boyhood club is nearing completion, 12 months after the Glazers announced a strategic review.
Ineos mogul Ratcliffe’s offer values United at more than double its current market capitalisation of $3.1bn (£2.5bn) and is reported to include control of footballing matters.
Qatar’s Sheikh Jassim bin Hamal Al Thani submitted a final bid believed to be worth more than £5bn for a full takeover but it fell short of the Glazers’ price tag of £6bn-£6.5bn.
Once accepted and approved by United’s board, Ratcliffe’s proposal will need to be ratified by the Premier League, a process that could take several more weeks.
The 71-year-old already owns two football clubs, Nice and Lausanne, as part of a portfolio that also includes cycling’s Ineos Grenadiers and one third of the McLaren Formula 1 team.
