MANCHESTER UNITED CEO Richard Arnold will step down, the Premier League club said on Wednesday, ahead of the club'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, will be become interim CEO, allowing the club's future owners to take time to identify a new long-term CEO.
The English club's future ownership remained uncertain after the American Glazer family last year said they were looking at options for the 20-times English champions, including a new investment or a potential sale.
Reuters reported in October that Ratcliffe would pay more than $1.5 billion for a 25% stake in United were his bid for the iconic soccer club to be accepted by the Glazer family that controls it.
The Glazers have not yet reached a deal with Ratcliffe but one is expected to be finalised between the two sides in the coming weeks, a source told Reuters earlier this month.
Arnold was appointed CEO less than two years ago, when he took over from executive vice-chairman Ed Woodward and filled a role that had been left vacant since 2013.
Tasked with reviving the club's fortunes, Arnold in April last year brought on team manager Erik ten Hag, who has also come under intense pressure in recent months because of the club's lacklustre performance on the field.
Under Arnold's leadership, United posted record revenues and bagged a couple of major sponsorship deals, including a $1.1 billion Adidas kit deal for 10 more years in August.
Stewart, who will stay on his current role as general counsel, leads the club's liaison with governing bodies such as the FA and UEFA.
"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," Stewart said in a statement.
Sky News was first to report the management changes on Wednesday.
Arnold will provide "transitional support" until the end of December, the club said, and they will start looking for a permanent CEO, United said in a statement.
United's New York listed shared were up 1.3% at $19.07 in premarket trading.
Reuters
Thu Nov 16 2023
Richard Arnold was appointed CEO less than two years ago, when he took over from executive vice-chairman Ed Woodward and filled a role that had been left vacant since 2013. - REUTERS/Filepic
Badminton: Biar jurulatih 'pening' hadapi Olimpik Paris 2024 - Rexy
Pengarah Kejurulatihan Akademi Badminton Malaysia Rexy Mainaky mahu para pemain tenang menghadapi cabaran beraksi pada Sukan Olimpik 2024 di Paris.
Enam bekas penuntut UPNM buli, bunuh Zulfarhan - Pendakwaan
Pendakwaan memohon Mahkamah Rayuan menjatuhi enam bekas penuntut UPNM hukuman mati kerana membuli dan menyebabkan kematian (bunuh) rakan mereka, Allahyarham Zulfarhan Osman Zulkarnain.
Pegawai khidmat pelanggan syarikat perkapalan ditahan bersama 35kg ganja
Seorang pegawai khidmat pelanggan di sebuah syarikat perkapalan direman selepas disyaki terbabit dalam sindiket pengedaran dadah di Subang Jaya dan Petaling Jaya.
Exco Pelancongan Perlis ditidurkan akibat komplikasi jantung, paru-paru
Pengerusi Jawatankuasa Kemajuan Pelancongan, Kebudayaan, Kesenian dan Warisan Perlis Wan Badariah Wan Saad menerima rawatan di Unit Rawatan Rapi (ICU) Hospital Tuanku Fauziah (HTF).
Budak 5 tahun nodai adik kembar akibat ketagih seks
Gara-gara kerap menyaksikan ibu kandung melakukan hubungan seks bersama teman lelaki, seorang kanak-kanak lingkungan lima tahun tergamak menodai adik kembarnya.
Anwar-Wong boleh jadi pelopor bangun standard ESG serantau di Asia Tenggara - Penganalisis
Singapura dan Malaysia berkedudukan baik untuk menggerakkkan agenda kemampanan mereka dan menetapkan duluan bagi kerjasama inisiatif hijau.
Kertas siasatan kes bagasi RM500,000 dirujuk kepada Bukit Aman
Polis Selangor akan merujuk kertas siasatan kes penemuan bagasi berisi wang tunai RM500,000 pada Mac lepas kepada Bukit Aman.
Jemaah Menteri Malaysia rakam ucapan tahniah kepada Lawrence Wong
Ucapan itu antara intipati mesyuarat Kabinet dipengerusikan Timbalan Perdana Menteri, Datuk Seri Ahmad Zahid Hamidi, di Putrajaya pada Rabu.
13 maut kemalangan jalan raya di Peru
Nahas terbaru itu berlaku pada jam 6.30 pagi, waktu tempatan, membabitkan kenderaan milik sebuah syarikat pengangkutan.
Peniaga didenda RM300,000 simpan diesel tanpa lesen
Seorang peniaga peralatan ikan didenda RM300,000 oleh Mahkamah Sesyen selepas mengaku bersalah menyimpan barang kawalan diesel tanpa lesen sebanyak 96,542 liter tahun lepas.
Raphael Varane umum berpisah dengan Manchester United
Pertahanan Perancis itu yang kini diketepikan akibat kecederaan bakal meninggalkan The Red Devils selepas tiga tahun di Old Trafford.
'Pasukan Manchester United paling teruk saya pernah lihat'
Alan Shearer berpendapat pasukan Manchester United ketika ini adalah pasukan paling teruk pernah dilihatnya.
Aksi United serba tidak menjadi
AKSI Manchester United pada musim ini bagai serba tak kena apabila berdepan risiko gagal layak ke kejohanan Eropah buat kali kedua sejak musim 1989/90.
EPL: Arteta tuntut aksi terbaik kalahkan Manchester United
Amaran keras Mikel Arteta buat anak buahnya, pamer aksi terbaik menentang Manchester United di Stadium Old Trafford, malam ini.
Nasib Ten Hag selepas final Piala FA
Manchester United tidak akan memecat Erik ten Hag sebelum perlawanan akhir Piala FA bulan ini.
EPL: Bruno Fernandes beri bayangan tinggalkan Manchester United
"Jika saya perlu berfikir untuk tidak terus berada di EPL maka ia tidak akan berlaku sehingga selepas saingan EURO nanti."
EPL: Man United sama hebat dengan skuad tercorot liga
Penjaga gol Manchester United, Andre Onana menjadi punca buat pasukannya kehilangan kemenangan menentang Burnley.
EPL: Ten Hag anggap reaksi ke atas kemenangan MU umpama 'penghinaan'
Kemenangan yang diraih MU bukan sesautu yang memalukan, reaksi sesetengah pihak berlebihan, bidas Ten Hag.
Perkara mungkin berbeza di Man Utd andai Mourinho terima sokongan seperti Ten Hag
Jose Mourinho percaya kerjayanya di Manchester United mungkin lebih berjaya sekiranya dia diberi kepercayaan yang sama seperti Erik ten Hag.
Piala FA Inggeris: Manchester United pilih skrip mendebarkan ke final
Conventry City mencetuskan cemas buat anak buah Erik ten Hag menerusi kebangkitan luar biasa bagi mengheret perlawanan ke masa tambahan.