U2 Manager To Step Down, Madonna's Manager To Take Over

Paul McGuinness has been an integral part of the U2 journey since he first met the band at a small club in Dublin back in 1978, but today he has announced he is no longer to be working with the band.

The Irish Times reports that McGuinness is to sell his Principle Management company to Live Nation, who will also buy Madonna manager Guy Oseary's Maverick company; the total cost of both companies is believed to be around USD$30 million.

“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.

“As I approach the musically relevant age of 64, I have resolved to take a less hands-on role as the band embarks on the next cycle of their extraordinary career.”

If the deal goes ahead as planned, Oseary will become the manager of U2 and McGuinness will stay on as chairman of Principle.

“I am delighted that Live Nation, who with Arthur Fogel have been our long term touring partners, have joined us in creating this powerful new force in artist management,” McGuinness said.

“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.”