Man United CEO ‘to step down’ with surprise replacement lined up

An interim CEO will be appointed in the short term

United officially confirmed the news on Wednesday and the decision has come shortly before Sir Jim Ratcliffe completes the purchase of his 25 per cent majority stake in the club.

In a statement, Arnold said: "It has been an incredible privilege to serve this great football club for the past 16 years. Through highs and lows, the constant has been the dedication of our employees and fans. I would like to thank all of them for their loyalty and commitment, and wish everyone associated with the club the very best for the future."

Joel Glazer, Executive Co-Chairman, said: "I would like to thank Richard for his outstanding service to Manchester United over the past 16 years, and wish him all the best for his future endeavours. We are fortunate to be able to call on the deep knowledge and experience of Patrick Stewart to provide interim stability and continuity as we embark on a search for a new permanent CEO."

Reports have claimed that the British billionaire made the decision to remove Arnold from his role.

The Athletic have revealed that Patrick Stewart will take on the role of interim chief executive as the club look to appoint a long-term successor.

Juventus CEO, Jean-Claude Blanc, is currently one of those rumoured to be under consideration for the position.

Blanc currently works closely with Ratcliffe and oversees INEOS Sport's entire portfolio.

Ratcliffe is still waiting to complete the purchase of his minority stake in the Red Devils, which is estimated to be in the region of £1.4bn.

The 71-year-old fought off competition from Qatari businessman Sheikh Jassim, who withdrew his bid after his offer was rejected by the Glazers.

Additionally, Ratcliffe is also waiting for his purchase to be ratified by a 12-person board, with Arnold one of those 12 names and is expected to be confirmed during this international break.

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• Sheikh Jassim outlines what went down with Man Utd and confirms takeover plan
• Ole Gunnar Solskjaer calls for ‘neglecting Glazers’ to sell Manchester United