It is reported that Paul McGuinness is to retire from his role as U2's manager.

The New York Times reports that McGuinness is in advanced talks to sell his company Principle Management to concert giant Live Nation, in a deal that would see Madonna's manager Guy Oseary become U2's day-to-day manager and McGuinness becoming Principle Management's chairman.

It is reported that Live Nation will also buy Madonna's management company Maverick as part of the $30m-plus deal.

In a statement, McGuinness said: "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."

He continued: "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."

McGuinness 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."

U2 - End of an era