About a month ago, the New York Times reported that Live Nation was 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.” Yesterday U2.com confirmed this on its site posting the following:

‘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.’

Bono, Edge, Adam and Larry

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.

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

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