When Richard Arnold took charge at Manchester United in February 2022, he set about doing things differently to his predecessor Ed Woodward. His proposed exit, however, comes amid similar context in that it is being prompted by a seismic event involving the Glazers.
Woodward resigned after the secret plan for a European Super League failed. Arnold is anticipated to step away once Sir Jim Ratcliffe’s bid to gain 25 per cent ownership of United is confirmed, pending a handover process.
The launch of the “strategic review” last November raised the possibility of Arnold’s ultimate departure. New owners typically want their people in place for high-ranking positions and the chief executive is at the top of the tree.
Ratcliffe is not taking over United in the purest sense should his company INEOS’ deal go through, but he would gain significant say in the running of the club and therefore present an appropriate time for Arnold to depart.
It remains to be seen how long Ratcliffe’s bid takes to be ratified. It may require several weeks and in that period Arnold will still lead the club. A United spokesperson said: “We do not comment on speculation.” Insiders stressed the matter is not a fait accompli.
Arnold, as a member of the 12-strong club board, was among those to push back against a previous Ratcliffe proposal, which would have rewarded only Class B shareholders — stock held exclusively by the Glazers. That offer provoked the threat of litigation from those in possession of Class A shares, the type traded on the New York Stock Exchange. Those on the board not named Glazer were concerned by these legal discussions.
At the time, the Qatari bid led by Sheikh Jassim was offering to complete a full buyout, a deal of much greater appeal to all investors, as well as make several hundred million pounds available for infrastructure improvements. But the price per share was lower than that offered by INEOS and also inflexible to the reality that some Glazer siblings were reluctant sellers.
Joel and Avram, the brothers most personally invested in United, had ambitions of staying, while Bryan, Kevin, Edward, and Darcie were willing to cash out. The other six board members are three independents — Robert Leitao, Manu Sawhney, John Hooks — plus Arnold, chief financial officer Cliff Baty, and general counsel Patrick Stewart.
In the event of a tied vote, Joel and Avram, as co-chairmen, get to decide, meaning the Glazers have control. But a split board over such a significant moment is regarded as a bad look and so the difference of opinion at the previous iteration of Ratcliffe’s proposal led to friction between the camps.
Arnold has played his part in the ownership process and greeted all the interested parties during the various visits in March. He shook the hands of Ratcliffe and his INEOS entourage, including Sir Dave Brailsford, outside the players’ entrance at Old Trafford, and gave them a tour of the stadium. He did the same with Sheikh Jassim’s delegation and went on to assist in presentations alongside executive colleagues that showed the potential growth of the club on and off the pitch.
Arnold (left) in the stands at Old Trafford in September (Photo: Martin Rickett/PA Images via Getty Images)
In those meetings it was possible to detect Ratcliffe might want to go in a different direction should he gain power. John Murtough’s future as football director is also unclear in the event Ratcliffe succeeds.
United have been evolving since Woodward left nearly 21 months ago. Woodward’s resignation was announced to the New York Stock Exchange 20 minutes after trading ended on April 20, 2021 — regulations dictate news of that scale is communicated officially to the market — but he stayed working until February 1, 2022.
Arnold had a long lead-up time to assuming the role and once in place instantly tried to make an impression. He was based at Old Trafford, not in London like Woodward, and empowered those working under him rather than personally governing football decisions.
Arnold was involved in the process of appointing Erik ten Hag, giving final approval, but ceded authority on the matter to Murtough.
Arnold also brought Sir Alex Ferguson and David Gill, the former chief executive, in from the cold after Woodward had sidelined them.
Aware United’s recruitment was underperforming, Arnold asked Ferguson and Gill to conduct a root-and-branch review of the club’s management structure and also invited them to lunches with Murtough aimed at sharing ideas about the club’s short and long-term plans. Included at the meetings were former United players Bryan Robson, Denis Irwin and Nemanja Vidic.
Arnold travelled with Murtough to Barcelona and Amsterdam in the summer of 2022 to try to wrap up deals for Lisandro Martinez and Frenkie de Jong, providing the financial parameters, and became more visible at Carrington after United started Ten Hag’s first campaign with two defeats. Those with knowledge of that period describe an atmosphere of anxiety at the results.
Arnold sat in on recruitment meetings, including one lasting several hours after the loss to Brighton & Hove Albion that resulted in those present deciding to go for Casemiro. The CEO scrutinised the financial package in the knowledge United were close to the wire on financial fair play.
Arnold backed Ten Hag’s decisions in disputes with players, no matter the profile. Woodward had signed Cristiano Ronaldo while on the phone to Jorge Mendes in Gary Lineker’s back garden, while Arnold pushed through Ronaldo’s departure 15 months later. He is taking the same approach with Sancho.
Arnold in Beijing, China, in 2019 (Photo: Fred Lee/Getty Images)
To some fans, Arnold will always represent the Glazers, because he was brought to the club by Woodward in 2007 to kickstart the growth of United’s commercial department. Arnold is seen as a success in that role, turning United into a sponsorship behemoth. His latest achievement is the 10-year, $1.2billion kit deal with Adidas.
Arnold communicated with supporters, appointing Rick McGagh as fan engagement officer and meeting campaigners against the Glazer ownership in his local pub. He was a regular at fan forums and helped set up the fan advisory board. In March, he acted quickly to ensure Ian Stirling, a lifelong United campaigner, was commemorated at a Premier League game after his sudden passing. Arnold also advised the Glazers to stop taking dividends.
Arnold backed the introduction of rail seating at Old Trafford, the removal of executive seating from the Stretford End, and a new player lounge for Ten Hag. But the major renovation promised by Joel Glazer in the wake of the Super League and craved by matchgoers has not materialised.
Arnold’s reputation took a major hit over the Mason Greenwood episode, with staff and supporters deeply troubled by United’s advanced plan to bring him back. This ill-feeling was further compounded by Arnold’s statement exonerating Greenwood. The strength of emotion became clear when he was grilled over the matter by employees at an all-hands meeting in September.
There are still issues for him to grapple with as Ratcliffe’s bid process rumbles on and, in the meantime, he will keep attending matches.
Arnold was at Old Trafford on Tuesday night for the win over Copenhagen and no doubt celebrated Andre Onana’s save with vigour. He might be starting to count down how many more United games he will witness from the directors’ box.
