Live Nation buy out management team

Paul McGuinness is set to step down as manager of Irish band U2.

U2 came of age at a time when Irish music was relatively untested on the global stage. Young musicians driven more by idealism than finance, it took manager Paul McGuinness to guide them through the perils of the music industry.

Working with the band and developing U2 into the global phenomenon it is today, Paul McGuinness is one of the few music executives whose fame reaches beyond the industry.

And now he's stepping down. The Irish Times reports that Paul McGuinness is to cease management duties, with Live Nation buying out his team.

"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 embarks on the next cycle of their extraordinary career."

Live Nation is attempting to buy both Paul McGuinness' Principle Management and Maverick - the management team behind Madonna. The deal is worth in excess of $30 million, and will see Guy Oseary overseeing day-to-day management of U2.

"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."

The news comes as speculation mounts over U2's next move. The band will release a limited edition single for Record Store Day's Black Friday event, while a new studio album is mooted for Spring 2014.

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