U2 have paid tribute to their departing manager Paul McGuinness, praising him for "his extraordinary leadership, guidance and friendship over the last 35 years.”
In a statement issued on their official website, the band, who are due to release a new album early next year, also confirmed that they have finalised and signed a new management contract with Live Nation and Madonna's manager Guy Oseary.
“Paul has saved us from ourselves many times over and we would not be U2 without him," the statement, which was signed by all four members of the band, reads. "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 “