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The chief executive of Manchester United Football Club is to leave after just two years in the job as its owners finalise the sale of a minority stake to the petrochemicals billionaire Sir Jim Ratcliffe.

Sky News has learnt that the Old Trafford club will announce to the New York Stock Exchange later on Wednesday that Richard Arnold is to step down by the end of the year.

He will hand over operational control of the club immediately and will be replaced as interim CEO by Patrick Stewart, who will also retain his role as general counsel.

The shake-up in United’s leadership will come just days before the club is expected to confirm Sky News’ exclusive revelations that Sir Jim’s Ineos Sports is acquiring a 25% stake.

Manchester United Chief Executive Officer Richard Arnold speaks as a new statue of former Manchester United player Jimmy Murphy, designed by sculptor Alan Herriot, is unveiled outside the Stretford End at Old Trafford, Manchester. Picture date: Wednesday May 3, 2023.
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Manchester United chief executive Richard Arnold

Mr Arnold has been with the Red Devils since 2007, replacing Ed Woodward in the top executive job early last year.

Insiders said he had succeeded in modernising the structure of United’s football operations, even as the men’s first team struggles in domestic and European competitions under manager Erik Ten Hag.

Under Mr Arnold, United won its first trophy in six years by beating Newcastle United to win the Carabao Cup, and delivered industry-leading commercial deals with Adidas and Qualcomm.

The last year has, however, been one of turbulence amid ongoing uncertainty about the club’s future ownership.

A strategic review was initiated by the Glazer family almost a year ago, although it is expected to be resolved next week with confirmation of Sir Jim’s arrival.

Mr Stewart has been at United for 17 years, and already leads its liaison with governing and representative bodies including the Premier League and UEFA.

One source said his appointment as interim CEO would allow United’s new joint owners to identify the right long-term candidate to run the club.

Sky News revealed earlier this month that Sir Jim is to commit $300m (£245m) from his multibillion pound fortune to overhauling United’s ageing infrastructure, in addition to the roughly £1.3bn he will spend on acquiring a 25% stake.

Sir Jim Ratcliffe outside Old Trafford
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Sir Jim Ratcliffe is seen outside Old Trafford

The funds will be financed by Sir Jim personally and will not add to Manchester United’s existing borrowings.

Reports in recent weeks have suggested that the billionaire will take immediate control of football matters at the club, alongside Ineos Sports colleagues including Sir Dave Brailsford, the former cycling supremo.

Many United fans have expressed disquiet at the prospect of Sir Jim buying a minority stake given that it paves the way for the Glazers’ continued control.

The family, who paid just under £800m to buy the club in 2005, has remained inscrutable throughout the process and has said nothing of substance to the NYSE since the process of engaging with prospective buyers kicked off.

Earlier iterations of Sir Jim’s offers for the club, which focused on gaining outright control, included put-and-call arrangements that would become exercisable three years after a takeover to enable him to buy out the remainder of the club’s shares.

The Monaco-based billionaire, who owns the Ligue 1 side Nice, pitched a restructured deal last month in an attempt to unblock the ongoing impasse over United’s future.

In addition to the competing bids from Sir Jim and Sheikh Jassim, the Glazers received several credible offers for minority stakes or financing to fund investment in the club.

These include an offer from the giant American financial investor Carlyle; Elliott Management, the American hedge fund which until recently owned AC Milan; Ares Management Corporation, a US-based alternative investment group; and Sixth Street, which recently bought a 25% stake in the long-term La Liga broadcasting rights to FC Barcelona.

Part of the Glazers’ justification for attaching such a huge valuation to the club resides in the possibility of it gaining greater control in future of its lucrative broadcast rights, alongside a belief that arguably the world’s most famous sports brand can be commercially exploited more effectively.

United’s New York-listed shares have gyrated wildly in recent months as reports have suggested that either a deal is close or that the Glazers were about to formally cancel the sale process.

The Glazers’ tenure has been dogged by controversy and protests, with the absence of a Premier League title since Sir Alex Ferguson’s retirement as manager in 2013 fuelling fans’ anger at the debt-fuelled nature of their takeover.

Fury at its proposed participation in the ill-fated European Super League project in 2021 crystallised supporters’ desire for new owners to replace the Glazers.

Confirming the launch of the strategic review last November, Avram and Joel Glazer said: “The strength of Manchester United rests on the passion and loyalty of our global community of 1.1bn fans and followers.

“We will evaluate all options to ensure that we best serve our fans and that Manchester United maximizes the significant growth opportunities available to the club today and in the future.”

The Glazers listed a minority stake in the company in New York in 2012.

“Love United, Hate Glazers” has become a familiar refrain during their tenure, with supporters critical of a perceived lack of investment in the club, even as the owners have reaped large dividends as a result of its ability to generate sizeable profits.

Manchester United declined to comment on Mr Arnold’s departure.

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More than £232m paid in compensation for HS2 line that will never be built

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More than £232m paid in compensation for HS2 line that will never be built

More than £232m has been paid out in compensation to people affected by the now-scrapped northern leg of HS2, Sky News can reveal.

Responses to our Freedom of Information requests show just shy of £550m has been spent so far on a range of government compensation schemes for both residents and businesses impacted by the planned route between London and Manchester.

But more than 40% of the pot went to land and property owners in phase two of the project – starting at Birmingham and heading north – which was cancelled by the Conservatives at their 2023 party conference and will never be built.

A total of 2,446 successful applications for pay outs have been made across five schemes, but 53 are still yet to be settled – 10 years after compensation was first made available.

And with a current average payment of £242,555 per application, the next government could be looking at a further bill of almost £13m to meet the commitments.

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A spokesperson for HS2 Ltd said the “vast majority” of the remaining transactions for phase two had now been “placed on hold” following the cancellation of the leg, adding: “In most cases we are now only continuing with purchases that started before October – if the owner wishes to proceed.

“In line with government policy, we’re now in the process of closing down the phase two programme in an orderly fashion, while being mindful of the needs of local communities and the taxpayer.”

More on Hs2

Sky News has contacted the Conservative Party for a response.

HS2 was first proposed under a Labour government in 2009 and adopted by the Conservative/Liberal Democrat coalition in 2010, with an expected price tag of £37.5bn.

But beset with delays and costs soaring north of £100bn, original plans began to be scaled back, and last year, the Conservative government announced it would be scrapping the line between Birmingham and Manchester entirely.

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Sunak: ‘I am cancelling HS2’

The decision was condemned by politicians on all sides – including the mayors of Birmingham and Manchester, who said they were treating people in the North and Midlands as “second class citizens”.

But ministers insisted the project no longer represented “value for money”, and the funding could be better spent on more localised transport plans.

What are the schemes – and how much has been paid?

There have been five compensation schemes in total for HS2.

The Express Purchase Scheme covers people whose whole house or 25% of their land falls into “safeguarded areas” – land HS2 plans or planned to build on – allowing them to sell their property to the government.

A total of 144 applications were accepted under this scheme, the majority of which – 136 – fell into phase two of the project.

But while the government has spent just over £900,000 settling four of the eight applications along the route for phase one, it has spent more than £34m on just 39 of the 136 settlements for phase two.

HS2 said 25 applications remained “active” or still to be paid out.

The Rural Support Zone Scheme sees those whose properties fall outside of the safeguarded area, but within 120m of the line, able to apply for either a cash offer or a voluntary purchase scheme from the government – with applications staying open until one year after the relevant phase of the railway is first open for public use.

The government has paid out almost £32m for 116 successful claims in phase one and close to £50m for 589 claims in phase two, but there are another 15 still to be settled.

Read more:
A simple guide to what the parties are promising
What has voting changed?

There was a further scheme for those whose property or 25% of their land fell within 300m of the line called the Homeowner Payment Scheme.

It gave one off payments to those in the zone, ranging from £7,000 for those at the furthest edge up to £24,000 for those closest to the 120m mark.

Close to £11.4m was given out across 834 claims covering phase one, while almost £1.7m was given out for 108 claims on phase two.

The Need to Sell Scheme was established for those who had a “compelling reason” to sell, such as losing their job and needing to relocate because of the line, while not falling within 300m of it.

A total of 199 applications were accepted for phase one and 189 for phase two, but while 332 of the applications have been paid out – costing over £181m for phase one and more than £85m for phase two – 13 are yet to complete.

The final compensation scheme was introduced in the earlier planning days of HS2 under the coalition government – the Exceptional Hardship Scheme.

This allowed homeowners and small businesses who could prove they had an urgent need to sell because their property value could be affected by the initial preferred route of HS2 to make a claim.

Of the 161 legitimate claims on phase one, 147 offers have been paid out, costing close to £91.7m.

All of the claims for the now defunct phase two have also been paid – a total of 97 at a cost of over £61.2m.

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Boris Johnson revs up the faithful with vintage performance – but the cameo’s too late to save the Tories

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Boris Johnson revs up the faithful with vintage performance - but the cameo's too late to save the Tories

He’s still got it. Boris Johnson may have left it late before coming to the party – the Conservative Party, that is – but his 11th-hour rallying cry to the Tory faithful was vintage Boris and just like the old days.

It was the kind of shambolic, chaotic but barnstorming box office performance that he used to give at packed Tory conference fringe meetings when he was the king over the water and greeted like a rock star by his adoring fans.

Back then he used to upstage and humiliate David Cameron and then Theresa May.

Election latest: Sunak ‘pulls emergency ripcord’ by summoning Johnson

This time his victim was Rishi Sunak, who Mr Johnson’s cheerleaders accuse of knifing him in the back and leading the charge to oust him.

Et tu, Brute? More like Et tu, Boris. As well as answering the call in the Tories’ hour of need, he’d clearly come to settle some old scores, defend his record and remind the Tory faithful he hasn’t gone away.

And he certainly did all of those.

Pic: PA
Image:
Pic: PA

But while Tory activists who turned out at nearly 10pm adore him, is he still a vote winner? Or for undecided voters, is he a reminder of partygate, sleaze and Tory chaos?

But he was there on his terms, as he made clear.

Mr Johnson made a point of beginning his speech, from scribbled notes on crumpled paper, by saying he’s been asked to speak at this rally.

In other words, Mr Sunak had begged him to come to his rescue at the end of a disastrous Tory election campaign. He wasn’t going to offer. He wanted Mr Sunak to grovel and beg.

Pic: PA
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Rishi Sunak also addressed supporters after Mr Johnson. Pic: PA

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There wasn’t a word of praise for Mr Sunak in his speech. No handshake, either.

There may have been other speakers – first Michael Gove and later Mr Sunak – but this was the Boris show and a one-man show.

Although the PM made perhaps his most punchy speech of the campaign when he spoke after him – why leave it so late? It was Mr Johnson who was the star of the show, topping the bill, obviously, and had the Tory faithful screaming his name.

‘Past Starmer’s bedtime’

After a warm-up speech by Mr Gove and then a low-key announcement which seemed to take the audience by surprise, the star turn shuffled on to the stage in an ill-fitting suit, hair unkempt and uncut for weeks and considerably heavier than in his Number 10 days.

When did he last visit a barber?

He always messes up his unruly mop of blond hair before a speech. All part of the act. The late Ken Dodd used to do that. Fans would say Boris the comedian is just as funny as the man from Knotty Ash.

What a mess he looked, though. Not that the audience cared. They chanted “Boris! Boris!” just like they did when he was the darling of the conference fringe.

Pic: PA
Image:
Pic: PA

He began – predictably – with a gag at Sir Keir Starmer‘s expense, the man he used to call “Captain Crasheroonie Snoozefest” at prime minister’s questions.

He thanked the audience “for coming so late tonight to this venue, way past Sir Keir Starmer’s bedtime”. Boom, boom! The Labour leader will have to live with jokes about his 6pm Friday curfew for some time.

“I was glad when Rishi asked me to help,” he claimed. “Of course I couldn’t say no.”

Well, probably not. But those Red Wall Tories now facing defeat on Thursday will have wished he’d answered the call a lot earlier in the campaign.

Turning on Farage

We got the usual Johnson defence of his handling of the pandemic and the roll-out of the vaccines. And he boasted several times, not surprisingly: “We got Brexit done.” It was “a proper Brexit”, he said, a “Brexit government”.

Maybe. The audience loved all that, but why are so many Tories turning to Reform UK if it was such a triumph?

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Next, Sir Keir was ridiculed as “Jeremy Corbyn’s disciple” and accused of “taking EU law by dictation” and “poor old Starmer” was “reluctant to explain the difference between a man and a woman”, he claimed.

Then he turned on Nigel Farage, something Mr Sunak and his senior ministers should have done weeks ago.

Read more:
Second Reform candidate quits and backs Tories
Is it possible to ‘ringfence’ family time when you’re prime minister?

Reform UK was “full of Kremlin crawlers” and Putin’s “pet parrots”, he said. “Shame on them!” he declared, to wild applause.

And then a typical Johnson gag: “Don’t let the Putinistas deliver the Corbynistas!”

Vintage, yes. Funny, naturally. A great showman, definitely.

But is he still an asset, when so many voters appear to want to punish the Conservatives for his time in Downing Street rather than blame Mr Sunak for Tory failures?

Whatever voters think of Boris Johnson, his last-minute cameo has almost certainly come too late to save the Conservatives from the heavy defeat the polls are predicting.

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With the final hours upon us, Labour insiders remain cautious – but can’t help feeling the party’s time has come

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With the final hours upon us, Labour insiders remain cautious - but can't help feeling the party's time has come

Finally, after six long weeks, the final 24 hours of campaigning is upon us. Rishi Sunak and Sir Keir Starmer will be dashing around the country as they make their final pitch to voters.

The prime minister, who may well be out of that job in less than 48 hours, will be sticking to Tory territory in Hampshire and the South East.

The man who is looking almost certain to replace him – Sir Keir – will be touring the three nations of the UK where he is fielding candidates, as he begins the journey to Number 10 via Wales, Scotland and England.

In the Labour camp, they are still intent on turning out the vote and assuming nothing.

One insider suggests to me there are still, as polling day arrives, 60-70 seats which are a “toss up and could go either way”. But there is a quiet admission too that, after four election defeats on the bounce, Labour’s time has finally come.

Election latest: ‘I just want to lose,’ says Tory minister – as poll tips Labour to beat Blair’s 1997 landslide win

But this likely victory – if/when it happens on the night – will require a double take, even if there has been a lack of jeopardy for Labour in this election campaign as the Conservatives failed to shift the polls.

More on General Election 2024

That’s because the scale of the achievement is quite simply astonishing. Labour put in its worst performance since 1935 at the last election, returning just 202 MPs as Boris Johnson won the biggest Conservative landslide since the days of Margaret Thatcher.

Pretty much everyone in the party, bar Sir Keir and his campaign chief Morgan McSweeney, believed Labour would be locked out of power for a decade. The Labour leader told me repeatedly he could turn it around in one term. I thought he was wrong – it now looks like he’s about to be proved right.

And Sir Keir’s three-nation dash is designed not as a victory lap, but a signal of intent because it symbolises how he has repeatedly said he wants to govern, for the whole of the United Kingdom: “Country first, party second” is his common refrain.

He says he wants to be a prime minister that can bring the country back together after the Scottish referendum, Brexit wars, partygate and more latterly the Tory wars and hopes the contours of an election win on Thursday night will be the first step.

Labour’s internal polling points to the possibility that the party could become the largest party by vote share and even seats – although Scotland looks very touch and go – in all three nations for the first time in 24 years. Sir Tony Blair was the last Labour leader to pull that off, in his second landslide of 2001.

But his team are acutely aware that a victory on Thursday is just the end of the beginning and the hard work begins.

Mr Johnson is a shining example of a leader who appeared to have redrawn the political map only to find out that his landslide was built on very shaky ground.

The coalition of voters he amassed to “Get Brexit Done” and keep out Jeremy Corbyn melted away for a myriad of reasons, not least his own conduct in office and a failure to deliver on Brexit promises to level up the country and control immigration.

“If you go from having 200 seats to 360 or 370, you can travel that far again in the opposite direction,” says one Labour insider.

“It is in your hands, but you cannot assume that a possibly big majority means anything in the next election. We are going to have to work extremely hard to keep those votes and to try and get those who don’t vote for us to vote in the future.”

Because what Sir Keir’s team are also acutely aware of is that their victory is predicated, in a large part, not on what the Labour leader is offering but a collective sentiment in the country that voters want the Conservatives out.

Wherever I have travelled in this campaign, I cannot find a voter with a positive view of this Conservative government, with polling showing three out of four voters are dissatisfied with it.

It is difficult to reconcile the fatality of the blow that could be landed on the Conservatives by an opponent wielding the weapon. Sir Keir has nowhere near the favourability ratings of Sir Tony or even Lord Cameron, but could be heading for a big majority nevertheless.

But it also means that if Sir Keir manages to seal the deal with the voters in a meaningful way on Thursday night, he could find himself in the shortest of PM honeymoon periods.

He might be able to pick up a wide base of support, but, as his team acknowledge, it could be very shallow too.

“For some voters, all they want to do is get the Tories out. So we have to win them over again in office in order to try to win them over again at the next election,” says one senior Labour figure.

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It will, Labour insiders concede, take time. The scale of the victory – be it two figures or over 100 – won’t change the reality that Sir Keir has sold a cautious mandate to the country. “Whatever the upper number we could win, it doesn’t change how much money we have available to spend,” cautions a Labour operative.

“When Labour figures talk about being more radical, they mean tax more, perhaps spend more. But that is not the change we are driving at, we have to change people’s lives by growing the economy and it will be the same whether a majority came in at 50, or 80 or over 100.”

Another figure close to Sir Keir puts it like this: “A big Labour majority does not boost public finances, but it gives you a mandate for what you are elected on and it makes it important to stick to that agenda.”

But Sir Keir will want to show he’s hitting the ground running.

The annual summer recess will be the shortest in memory, as the summer sitting is extended to the end of July and MPs are asked to return on 2 September. There will be a bumper King’s Speech on 17 July laying out Sir Keir’s legislative plan and a big house building announcement from deputy Labour leader Angela Rayner in the weeks after victory.

As for the Conservative Party, it will have to weigh up what comes next as contenders for the leadership line up to replace Mr Sunak.

Read more:
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Badenoch and Braverman deny association with Tory leadership campaign websites

One former cabinet minister insists Mr Sunak should stay on until a new leader is elected in time for the Conservative Party conference at the end of September. Those who know the prime minister well say only he’ll do the right thing and is not a man to cut and run.

Mr Sunak took the gamble in May to call the summer election, and now it looks like Sir Keir will reap the rewards.

He is poised to be the first Labour leader in nearly three decades to win from opposition and lead the first Labour government in 14 years.

That makes the win historic, as any change of power between parties always is. Whether Sir Keir’s victory will prove as consequential for the United Kingdom as the landmark governments of Clement Attlee in 1945, Margaret Thatcher from 1979 or Tony Blair’s three terms remains to be seen.

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