U2 Comments on McGuinness Departure

The Irish megastars have issued a statement through their website paying tribute to the man who guided their career.

McGuinness announced last month that he was leaving the band, stating in an interview with the New York Times that he was now approaching the “musically relevant age of 64.”

He is stepping down from his role as part of a deal that will see Live Nation buy the management teams of the U2 and Madonna.

McGuinness stands to make more than $30 million by selling management rights to U2.

“I have resolved to take a less hands-on role as the band embark on the next cycle of their extraordinary career,” he said.

Announcing that they had finalised and signed a new management contract with Live Nation and Guy Oseary, U2 stated that “Paul has saved us from ourselves many times over and we would not be U2 without him.”

“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.”

Referring to McGuinness’s continuing role as the chairman of U2’s company Principle Management, they added:

“We are relieved he will remain on as the mentor-in-chief.”