Manchester United have confirmed chief executive Richard Arnold is stepping down from his position at the end of December.
His departure comes as Manchester United prepare to confirm Sir Jim Ratcliffe’s Ineos Sport buying a 25 per cent stake in the club for £1.3 billion.
Patrick Stewart, Manchester United’s general counsel, has been named as the club’s interim chief executive following Arnold’s departure.
Stewart has vowed to ensure the club’s foundations ‘remain stable’ as the club ’embrace changes that can make us stronger over the long term, on and off the pitch’.
Richard Arnold has been the club’s CEO since February 2022, succeeding Ed Woodward in the role. Man United said Arnold will provide transitional support until the end of December, with a search process being carried out for a permanent CEO.
Reports emerged last month that Richard Arnold was expected to depart should Sir Jim Ratcliffe be successful in landing a 25 per cent minority stake. The businessman is expected to take control of football operations at the club.
Man United had described last month’s reports as ‘speculation’.
Arnold is one of the 12-person board who will have to ratify Ratcliffe’s minority stake in the club.
No documents have been signed yet as Ratcliffe’s closes in on the £1.3billion deal for a 25 per cent stake in the Premier League giants.
Those with knowledge of the situation say there is a chance the agreement could be announced this week, but next week is more likely.
Stewart, who shares the name of the famous Star Trek actor, will take on the interim chief executive position in addition to his existing roles as the club’s general counsel.
Stewart has been with Man United since 2006, where he has been responsible for managing the Company’s legal and regulatory affairs as well as its relationships with football stakeholders.
He has been an arbitrator at the Court of Arbitration for Sport in Switzerland since 2018 having been nominated by the influential European Club Association.
Before joining United, Stewart worked at TEAM Marketing, who sold the commercial rights to the Champions League.
Stewart is viewed as a highly experienced and respected figure inside the club and across football, with the official leading club liaison with governing and representative bodies.
He was appointed to Man United’s company board at the end of 2022.
The Glazer family had announced last November that they were exploring new investment into the club and a potential sale as part of ‘strategic alternatives for the club’.
Stewart has reportedly taken a leading role in recent weeks regarding the sale of the stake to Ratcliffe, who saw off the challenge of takeover rival Sheikh Jassim following a lengthy process.
The departure of Richard Arnold Arnold comes after the chief executive came under mounting pressure over his handling of Mason Greenwood’s future at the club.
Greenwood was sent on loan to Spanish club Getafe with the club deciding not to reintegrate him into the squad following a six-month investigation after charges of attempted rape and assault were dropped by police.
Richard Arnold had the final decision over Greenwood’s future, with reports in August claiming he told senior staff a fortnight ago that the striker would be coming back following a six-month internal investigation.
The report claimed Richard Arnold intended to record and share a video explaining Greenwood’s reintegration to staff and the general public.
Arnold was grilled in an all-staff meeting in September, where he defended Man United’s process of suspending Greenwood and their eventual decision.
The Man United chief executive reportedly insisted the decision was only made after the club’s full investigation was completed.