After over 30 years acting as manager for U2, Paul McGuinness is stepping down from his role with the band. Gus Oseary, who has managed Madonna’s career since 2005, is set to take over his role with the band.

After such a long period as the band’s manager, this move has shocked many.

This action by McGuinness is taken in preparation for the buyout of Principle Management Limited by Live Nation Entertainment. Should the negotiations go through, Live Nation will pay upwards of $30 million for Principle Management, as well as Oseary’s Maverick. This move will place both U2 and Madonna under the management of one of the largest concert companies in the world.

Though McGuinness will be stepping down as manager, he will still remain involved, switching his position to chairman of Principle Management, though what role he will play is still unclear at this time.

McGuinness has gone on record, saying, “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.”

McGuinness, having worked so closely with the band, has long been considered the fifth member of U2, and his absence may be felt in the near future as the band prepares to release their upcoming album next year. The buyout by Live Nation surely signals a new chapter for U2 and the many bands that have had their management turned over to the entertainment giant. Many bands have chosen to join with Live Nation as record sales fall, banking their income on merchandise and concert sales instead.

What this means for the bands future is unclear at the moment. As the buyout approaches, more information will come to light.