Manchester United appoints Richard Arnold as new chief

Manchester United has named Richard Arnold as successor to vice-chair Ed Woodward, because the English top-flight membership battles to revive its fortunes on the pitch and rebuild belief with followers after the workforce’s position within the failed European Tremendous League.

At the moment the membership’s managing director, Arnold is understood for negotiating the massive cash sponsorship offers that give the New York-listed Premier League membership a monetary edge over most rivals. He is because of succeed Woodward, who introduced his departure final 12 months, on February 1.

Arnold, 50, who has been accountable for match-day operations on the membership on high of his business duties, will take up the position of chief govt, a change from the “govt vice-chair” title held by Woodward. His appointment had been extensively anticipated.

Woodward has steered the membership since 2013, his tenure coinciding with the membership’s longest run with out profitable a Premier League title. His departure comes after a tumultuous interval on and off the pitch amid the coronavirus pandemic, the sacking of supervisor Ole Gunnar Solskjaer in November after falling outdoors the profitable Champions League locations, and a backlash over the membership’s backing for the failed European Tremendous League.

Nevertheless, United’s business energy has helped climate the worst of the pandemic, which value the membership greater than £150m in misplaced income, whereas different golf equipment have been compelled to promote gamers or increase capital to make up for the shortage of ticket gross sales as video games had been staged with out followers.

Business revenues, together with sponsorship and retail, totalled £232m within the 12 months ended June 30, down nearly 17 per cent 12 months on 12 months. By comparability, match-day income sunk greater than 90 per cent to £7.1m amid pandemic-induced curbs on ticket gross sales. Annual broadcast revenues jumped 82 per cent to £232m over the identical interval.

United has continued to pay dividends to the US billionaire Glazer household that has managed the membership since a £790m leveraged buyout in 2005. It has additionally continued to make high-profile signings, together with Portuguese striker Cristiano Ronaldo, French defender Raphaël Varane and English winger Jadon Sancho.

United just lately introduced plans to modernise its stadium and intends to create a category of shares for followers to spend money on the corporate as a part of plans to rebuild belief with supporters. Arnold co-chairs the newly established Followers’ Advisory Board, which is designed to extend dialogue between management and supporters.

“We are actually wanting ahead to Richard and his management workforce opening a brand new section within the membership’s evolution, with bold plans for funding in Previous Trafford, the strengthening of our engagement with followers and continued drive in direction of our most essential goal — profitable on the pitch,” stated Joel Glazer, govt co-chair, in a press release.

Arnold, a former PwC advisor, has been credited with negotiating business offers, together with with equipment sponsors TeamViewer. He can be based mostly at United’s Previous Trafford stadium relatively than the membership’s workplaces in London.

An individual near the membership stated Arnold was anticipated to delegate extra management of soccer choices, following the appointment of John Murtough because the membership’s first soccer director final 12 months.

Woodward and a sequence of managers — David Moyes, Louis van Gaal, José Mourinho and Solskjaer — have did not win the Premier League title or the Champions League. In that point, the workforce has received the home League Cup, FA Cup and Uefa Europa League.

Shares in Manchester United, which listed in 2012, are down roughly 12 per cent prior to now 12 months.


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