According to the New York Times, Live Nation is in negotiations to buy U2’s management company Principle Management, run by Paul McGuinness, and Madonna’s management company Maverick, run by Guy Oseary, for $30 million. Oseary “would take over the day-to-day management of U2,” and McGuinness “would become Principle’s chairman.” 

So basically U2 is now going to be managed by Madonna’s manager, while Paul McGuinness will have some unspecified role. For 30 years, Paul McGuinness has managed U2. Since the beginning of U2, it has always been the five of them: Larry, Bono, Edge, Adam and Paul. McGuinness has always been the fifth member of U2. He was at every concert. The fans would talk with him during the shows when he stood in the GA section with us. It’s sad to know that Paul McGuinness will no longer be an integral part of U2. What is going to happen now? Will U2 change now that Live Nation has complete control over them?

Paul McGuiness does not seem worried about the future of U2. In a statement to the New York Times, he said,

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. 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. 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.

Watch as Paul McGuiness makes his first appearance on a U2 stage – June 17, 2011 360 Tour 

According to Billboard, Oseary is trying to get sponsors on U2’s behalf for a Super Bowl commercial where they will announce its new album, which is tentatively scheduled to be released in April 2014. The Irish Times reports U2’s new album will be out in March 2014, with a tour starting in June. Let’s cross our fingers!

For all your U2 news, follow me on Twitter @OnTheRoadWithU2