U2’s manager Paul McGuinness to step down?

Madonna's Guy Oseary is also confirmed to take over the band's day-to-day affairs

U2‘s manager Paul McGuinness looks set to step down after 34 years.

It comes after reports revealed that Madonna manager Guy Oseary had recently been running U2’s day-to-day affairs. McGuinness told 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 ‘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 embarks on the next cycle of their extraordinary career.”

He added: “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.”

McGuinness has managed the band’s business affairs since 1979. He also set up the company, Principle Management, which is based in Dublin. It is believed Live Nation, has entered talks with Mr McGuinness to buy the firm.

Earlier, this week reports claimed U2 would release their new album in April 2014 and an announcement could be made at Super Bowl XLVIII in February with representatives for the band currently negotiating a deal with brands to announce the LP. Bassist Adam Clayton recently confirming that the group were planning to wrap up recording by the end of this year.