It looks like U2 is looking to spring for the release their latest studio album, but will they do it without longtime manager Paul McGuinness by their side?
According to the New York Times, Live Nation Entertainment is looking to buy the management companies of both U2 and Madonna for a whopping $30 million. In the case that the deal goes through, Madonna’s manager, Guy Oseary, would take over as manager for U2, while McGuinness would become chairman of Principle Management, with whom he is presently employed.
McGuinness, who’s been managing U2 since the band’s early years, said in a statement to the New York Times, “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 and roll code of conduct. As I approach the musically relevant age of 64 I have resolved to take a less hands-on role as the band embark on the next cycle of their extraordinary career.”
He continued, “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. 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.”
Gary Oseary has yet to comment on the situation.
U2 is currently wrapping production on their new album and are reportedly aiming to release the record in April with a rumored Super Bowl announcement ad in the works.
Meanwhile, the group’s track “Ordinary Love” can be heard in the trailer for the upcoming Nelson Mandela biopic, Mandela: Long Walk to Freedom, which was released via Yahoo! Movies, though they haven’t stated whether the song will appear on their new album.
For more on this story, head to NYTimes.com, and check out U2’s official website to stay up to date with all of the band’s projects.