Saturday 29 April 2017

McGuinness managed U2 for 35 years and played a key role in the band's financial success. McGuinness, who was born in a military hospital in Germany, managed to secure a deal with Island Records which not only saw U2 retain ownership of their catalogue, but also got 25pc of all records sold — it was one of the highest royalty deals ever inked.

Later when Island Records were struggling to pay the cheques, McGuinness got a 10pc stake in the company instead. When Island was sold to Polygram in 1989, McGuinness and the band shared 40m. It wasn't the only brilliant deal McGuinness did for the band, also signing landmark agreements with the likes of Blackberry, a 12-year touring deal with Live Nation and most recently the $100m marketing accord with Apple.

McGuinness initially earned 20pc of the band's income as a fee, although this was later renegotiated. On his retirement, McGuinness sold his management company for 30m. He is in the process of selling Ardmore Studios, which he owns with accountant Ossie Kilkenny. Sky has confirmed that his latest project, a thriller called Riviera set in the south of France, will air this year.

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