Manchester United chief executive Richard Arnold is stepping down from his role, the club announced on Wednesday, as British billionaire Jim Ratcliffe edges closer to becoming a minority stakeholder.
Arnold, 52, has been at the club since 2007 and replaced Ed Woodward as United’s top executive in February last year.
“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.”
Ratcliffe’s INEOS Group is expected to pay about £1.25 billion ($1.56 billion) for a minority stake in the Old Trafford club, while also acquiring significant control over footballing operations.
