Richard Arnold has decided to step down as Chief Executive of Manchester United after 16 years, the club announced on Wednesday.
Patrick Stewart will take over as interim CEO, in addition to his existing role as General Counsel, with Arnold continuing to provide transitional support until the end of December. A search process will be carried out for a new permanent CEO.
“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,” Stewart said.
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Richard Arnold, outgoing CEO, said, “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.
Arnold oversaw the appointment of current manager Erik ten Hag in 2022, who last season ended the club’s six-year trophy drought.
But United has had a disappointing start to the 2023/24 campaign, losing nine of its first 18 games in all competitions.
The Glazer family announced in November 2022 that they were considering “strategic alternatives” to help the club grow, which included consideration of a sale.
Joel Glazer, Executive Co-Chairman, said, “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. 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.”
Qatari banker Sheikh Jassim bin Hamad Al Thani and Ratcliffe made offers in the region of £5 billion for a complete takeover, but that fell short of the Glazer family’s valuation.
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Sheikh Jassim withdrew from the process last month, while Ratcliffe continued to pursue a minority shareholding.
Ratcliffe, 71, who tried to buy Chelsea last year, grew up in the Manchester region and describes himself as a lifelong fan of United.
The deal is likely to lead to a major shake-up of United’s football operations. Dave Brailsford, the former performance director of British Cycling, is expected to have significant influence in his role as INEOS’s director of sport.
(with inputs from AFP)
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