Paul McGuinness has stepped down as manager of U2 after 30 years, with Madonna's manager set to take over.

The New York Times reports that McGuinness is on the verge of selling his company Principle Management to global concert promotion and ticketing giant Live Nation.

The move would see McGuinness, 62, becoming the chairman of management company Principle Management, with his precise role as yet undefined.

In a statement to the New York Times, McGuinness said the time had come for him to step back from U2.

The proposed deal also involves the purchase by Live Nation of Maverick, the management company owned by 41-year-old Guy Oseary, manager of Madonna.

If it goes through, it would see Oseary taking over the day-to-day management of U2.

"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," McGuinness said in his statement.

“ 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."

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