“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,” McGuinness told the New York Times. "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.”
Negotiations are at an advanced stage for McGuinness’ Principle Management to be acquired by US entertainment giants Live Nation Entertainment.
“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,” Paul continued. “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.”
Oseary runs Maverick Records and is also Madonna's manager. According to the Times, Live Nation are also understood to be purchasing Maverick. The New York Times report suggests that Paul McGuinness may retain a role as the Chairman of Principle Management.
From a cinema background and previously the manager of Irish traditional outfit Spud, McGuinness was introduced to U2 by the late Bill Graham, a Trinity College acquaintance of his who was a Hot Press writer – and went on to become synonymous with the band. He has often been referred to as the fifth member of U2.
While U2 have always been his key focus, along the way Principle have also managed PJ Harvey, Paddy Casey, The Rapture, Keith Barry and boy band MyTown, two of whose members were future Script men Danny O’Donoghue and Mark Sheehan.
His other business interests have included being a launch member of the original TV3 consortium, a shareholder in Ardmore Studios, part of the Phantom 105.2 consortium, director of McGuinness Whelan publishing and co-founder of the Celtic Heartbeat record label. He also served on the Arts Council.
Down through the years he negotiated many important deals for U2 including their ground-breaking association with Apple, which included the release of their own Special Edition iPod.
"Paul McGuinness has been an outstanding manager for U2," Hot Press editor Niall Stokes says. "In the early days he saved the band when there was a threat that Edge and Bono might call it a day. And since then he has managed their career with a unique mix of commitment, intelligence, imagination and the toughness that is essential in the entertainment business.
"The band and Paul have enjoyed an amazing journey together. There is a lot of emotion in the air, I'm sure, at a time like this – all the moreso when a team has been together for 35 years. But both the band and Paul and his team at Principle Management have achieved the most amazing things together. It is fantastic to have that kind of legacy and the position of strength that goes with it, to hand over to Live Nation."