November 15 – Richard Arnold has stepped down from his role as chief executive of Manchester United just as British billionaire Jim Ratcliffe is reportedly on the verge of buying a 25% stake in the storied club.
General counsel and board director Patrick Stewart, who has been with United for over 17 years, will be become interim CEO, allowing the club’s future owners to take time to identify a new long-term CEO.
Qatari banker Sheikh Jassim bin Hamad Al Thani withdrew his bid to buy the club in October, paving the way for Ratcliffe, who owns petrochemicals giant INEOS, to purchase a minority stake and ease a period of instability and uncertainty on and off the field.
“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 the club’s co-owner and executive co-chairman Joel Glazer.
Arnold, who became CEO in February 2022, will offer “transitional support” until the end of December, United said.
“It has been an incredible privilege to serve this great football club for the past 16 years,” said Arnold. “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.”
Stewart said that “together with my leadership team colleagues, my job will be to ensure that the club’s foundations remain stable while we embrace changes that can make us stronger over the long term, on and off the pitch, and to support the search for a new permanent CEO.”
Contact the writer of this story at moc.l1700136372labto1700136372ofdlr1700136372owedi1700[email protected]
Source link : https://www.insideworldfootball.com/2023/11/16/arnold-steps-man-utd-ceo-ratcliffe-gets-ready-long-ride/
Author : Paul Nicholson
Publish date : 2023-11-16 12:05:16
Copyright for syndicated content belongs to the linked Source.