Manchester United‘s chief executive, Richard Arnold, is resigning from his position, according to an announcement from the club on Wednesday. This move coincides with British billionaire Jim Ratcliffe nearing the acquisition of a minority stake.
Arnold, aged 52, has been an integral part of the club since 2007 and officially assumed the position of United’s top executive in February of the preceding year, succeeding Ed Woodward.
‘Richard Arnold has decided to step down as chief executive of Manchester United after 16 years with the club,’ United said in a statement.
‘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 said 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 said.
‘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.’
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The INEOS Group, under Ratcliffe’s leadership, is poised to contribute around £1.25 billion ($1.56 billion) for a minority stake in the Old Trafford club, securing significant control over football operations.
The BBC reported that the deal is likely to receive official approval within the current international break, with the possibility of ratification as early as this week.
Arnold, in 2022, was instrumental in the selection of the current manager, Erik ten Hag, who brought an end to the club’s six-year trophy drought last season.
United’s beginning to the 2023/24 season has been disappointing, experiencing nine losses in their first 18 games across all competitions.
The Glazer family, in November 2022, declared their examination of “strategic alternatives” to enhance the club’s growth, encompassing the possibility of a sale among the considered avenues.
Sheikh Jassim bin Hamad Al Thani, a Qatari banker, along with Ratcliffe, presented offers around £5 billion for a complete takeover; however, these bids did not meet the valuation established by the Glazer family.
Sheikh Jassim withdrew from the process last month, leaving Ratcliffe as the lone contender continuing to pursue a minority shareholding.
71-year-old Ratcliffe, who sought to purchase Chelsea in the previous year, has roots in the Manchester region and fondly characterizes himself as a lifelong supporter of United.
The deal is expected to bring about a major reorganization of United’s football operations, with Dave Brailsford, former performance director of British Cycling and current director of sport at INEOS, likely to hold significant sway in his role.