- 07 Dec 13
The four members of U2 have signed a statement which formalises the beginning of their new deal with Live Nation
U2 have issued a formal statement confirming the end of their management relationship with Paul McGuinness. The statement goes on to thank Paul for his "extraordinary leadership, guidance and friendship over the last 35 years."
There had been speculation in the media about the fact that the band had so far been silent on the end their career-long relationship with the man often referred to as the fifth member of U2. However, with the finalisation of the deal with Live Nation and Guy Oseary to take the band forward, they have now been able to speak publicly for the first time.
"Perhaps more than any music management operation in history, Paul, alongside Trevor, Keryn and the team at Principle Management has always fought for our rights, for our music, for our fans and for the principles that we and he believe in," the statement continues. "His central lesson was that if you cared for your 'art', you must also 'take care of business' as historically with rock and roll bands, the latter has undone the former."
The statement also says that Paul McGuinness will stay on as the band's "mentor-in-chief."
The band also praise Oseary as a brilliant man, with a lot of energy. "He knows he has big shoes to fill," the statement adds.
"These things are always difficult," one industry insider said. "Where there is a parting of the ways, however amicable it might be, getting to an agreement on the exact terms is never a simple matter. In the end, people have to agree on a number. And also on what the relationship will be going forward. But I think now that it has been done, everyone can move on in a really positive frame of mind. Hopefully the next announcement from the band will be the date of the release of the new record."
The full text of the U2 statement, signed by all four members of the band, and posted overnight on U2.com reads:
"This week U2 finalised and signed a new management contract with Live Nation and Guy Oseary.
The band now want to publicly thank Paul McGuinness for his extraordinary leadership, guidance and friendship over the last 35 years.
Paul has saved us from ourselves many times over and we would not be U2 without him.
Sometime soon, U2 will begin a new adventure around the world and we totally understand and respect Paul's desire to not run away with the circus – AGAIN.
Perhaps more than any music management operation in history, Paul, alongside Trevor, Keryn and the team at Principle Management has always fought for our rights, for our music, for our fans and for the principles that we and he believe in. His central lesson was that if you cared for your "art", you must also "take care of business" as historically with rock and roll bands, the latter has undone the former.
We are relieved he will remain on as the mentor-in-chief.
We've known Guy for a long, long time, and we're excited that with Paul's blessing he's agreed to take us on. He is a brilliant man with a lot of energy, and knows he has got some big shoes to fill."
The statement is signed Bono, Edge, Adam and Larry