Richard Arnold was handed a £5.5million payout by Manchester United after being let go by Sir Jim Ratcliffe.
The long-serving former chief executive was one of the first casualties of the INEOS owner’s era at Old Trafford. He was confirmed to have left the club in December after 16 years with the Red Devils.
As reported by The Times, it is understood he received an eye-watering pay-off. According to the club’s interim financial report, Arnold was handed around £5,529,000.
The fee was officially labelled as a “compensation for loss of office” and while Arnold was not named in the report, it is reported by The Times that the fee was given to him as part of the agreed terms for his exit.
Arnold, 52, joined the club in 2007 as group commercial director under the Glazers. He rose up through the ranks at Old Trafford and was at the heart of a number of lucrative sponsorship deals for the club.
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He moved into the role of CEO after the departure of Ed Woodward in 2022. Arnold was previously one of the highest-paid executives in the Premier League - boasting a salary of £2.56m per year.
Speaking after his departure was confirmed, he said: "It has been an incredible privilege to serve this great football club for the past 16 years. Through highs and lows, the constant has been the dedication of our employees and fans. I would like to thank all of them for their loyalty and commitment, and wish everyone associated with the club the very best for the future."
Joel Glazer added: "I would like to thank Richard for his outstanding service to Manchester United over the past 16 years, and wish him all the best for his future endeavours. We are fortunate to be able to call on the deep knowledge and experience of Patrick Stewart to provide interim stability and continuity as we embark on a search for a new permanent CEO."
Omar Berrada is set to replace Richard Arnold at Man United (PA)Will Man United be a success under Jim Ratcliffe? Share your predictions in the comments below
The Red Devils have already named Arnold’s replacement under Ratcliffe. Manchester City ’s former chief football operations officer Omar Berrada is set to become Man United’s new CEO.
However, he is not allowed to make the switch official until the summer. Patrick Stewart is due to remain as the club’s interim chief executive until then.
A statement from the Red Devils’ confirming Berrada’s imminent move read: "The club is determined to put football and performance on the pitch back at the heart of everything we do. Omar’s appointment represents the first step on this journey."
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