Paul McGuinness to step down as U2 manager after over 30 years at the helm
U2’s manager Paul McGuinness is to sell his company and step down as manager of the world-famous band.
McGuinness, who has managed the band since the beginning of their career more than 30 years ago, is negotiating to sell his company Principle Management to Live Nation., New York Times reports.
This move will mean McGuinness will step down as manager.
In a statement to the newspaper, McGuinness said he knew the time had come for him to step down.
“It could be seen as slightly poor etiquette for a manager to consider retiring before his artist has split, quit or died, but U2 have never subscribed to the rock ‘n’ roll code of conduct,” he said.
“As I approach the musically relevant age of 64 I have resolved to take a less hands-on role as the band embark on the next cycle of their extraordinary career.
“I have long regarded Guy Oseary as the best manager of his generation, and there is no one else I would have considered to take over the day-to-day running of our business.”
Live Nation, which owns Ticketmaster, is also in talks to buy Madonna’s management company at the same time.
The move will mean Guy Oseary, Madonna’s manager, will take over the management of U2 while McGuinness will become chairman of Principle Management.
Reports suggest Live Nation is expecting to pay more than $30 million (over €22 million) for the two management companies.
By Denise Calnan