{"id":25055,"date":"2023-11-16T05:37:06","date_gmt":"2023-11-16T05:37:06","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/man-utd-ceo-arnold-to-leave-the-club-the-express-tribune\/"},"modified":"2023-11-16T05:37:06","modified_gmt":"2023-11-16T05:37:06","slug":"man-utd-ceo-arnold-to-leave-the-club-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/man-utd-ceo-arnold-to-leave-the-club-the-express-tribune\/","title":{"rendered":"Man Utd CEO Arnold to leave the club | The Express Tribune"},"content":{"rendered":"
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\nMANCHESTER:
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Manchester United chief executive Richard Arnold is stepping down from his role, the club announced on Wednesday, as British billionaire Jim Ratcliffe<\/a> edges closer to becoming a minority stakeholder.<\/p>\n

Arnold, 52, has been at the club since 2007 and replaced Ed Woodward as United’s top executive in February last year.<\/p>\n

“Richard Arnold has decided to step down as chief executive of Manchester United<\/a> after 16 years with the club,” United said in a statement.<\/p>\n

“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.”<\/p>\n

Arnold said it had been an “incredible privilege” to work at United.<\/p>\n

“Through highs and lows, the constant has been the dedication of our employees and fans,” he said.<\/p>\n

“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.”<\/p>\n

Ratcliffe’s INEOS Group is expected to pay about \u00a31.25 billion ($1.56 billion) for a minority stake in the Old Trafford club, while also acquiring significant control over footballing operations.<\/p>\n

The BBC said the deal was expected to be ratified during the current international break, possibly as early as this week.<\/p>\n

Arnold oversaw the appointment of current manager Erik ten Hag in 2022, who last season ended the club’s six-year trophy drought.<\/p>\n

But United have had a disappointing start to the 2023\/24 campaign, losing nine of their first 18 games in all competitions.<\/p>\n

The Glazer family announced in November 2022 that they were considering “strategic alternatives” to help the club grow, which included consideration of a sale.<\/p>\n

Qatari banker Sheikh Jassim bin Hamad Al Thani and Ratcliffe made offers in the region of \u00a35 billion for a complete takeover, but that fell short of the Glazer family’s valuation.<\/p>\n

Sheikh Jassim withdrew from the process last month, while Ratcliffe continued to pursue a minority shareholding.<\/p>\n

Ratcliffe, 71, who tried to buy Chelsea last year, grew up in the Manchester region and describes himself as a lifelong fan of United.<\/p>\n

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.<\/p>\n<\/div>\n