U2: Still Haven’t Found the Millions They’re Looking For
U2’s new management firm is having some cash-flow issues.
Last December, their longtime manager Paul McGuinness announced he was stepping down from the day-to-day running of the band and in turn sold his Principle Management to concert promoter Live Nation. Madonna’s manager, Guy Oseary, took over the daily operations.
Although McGuinness may have been looking to take it easy after 35 years, perhaps the real reason he decided it was time to move on because Principle recorded its fourth consecutive year of losses. For 2013, Principle’s accumulated profits decreased by 86 percent, falling from $4.56 million to $2 million. So that next U2 album, due later this year, apparently can’t come fast enough.