Manchester United CEO Ed Woodward to Depart Ahead of Potential Club Sale

Manchester United CEO Richard Arnold is stepping down amid discussions of the club's sale, likely to British billionaire Jim Ratcliffe.

The club's general counsel and board director of over 17 years, Patrick Stewart, will take over as interim CEO to stabilize operations while new owners seek a long-term replacement. The Glazer family is considering selling the 20-time English champions, with Ratcliffe poised to purchase a 25% stake for over $1.5 billion if terms are agreed upon. Appointed less than two years ago, Arnold has since overseen record revenues and significant sponsorship deals, including a $1.1 billion agreement with Adidas. Stewart, meanwhile, will maintain his role as general counsel, managing relationships with football governing bodies. As the migration of management progresses, Arnold will assist with the transition until December, while the search for a new CEO commences. Consequently, Manchester United's shares saw a 1.3% increase in premarket trading to $19.07.