Richard Arnold has stepped down from his role as Manchester United's CEO and will leave the club by the end of the year. 

The news comes ahead of the proposed investment by British billionaire Sir Jim Ratcliffe, who is set to acquire a 25% stake at Old Trafford. 

Patrick Stewart takes over as CEO on an interim basis while continuing his existing role as general counsel.

Arnold, 52, is set to provide transitional support until the end of December, having been at United for 16 years and succeeded Ed Woodward in February 2022.

Executive co-chairman Joel Glazer said: "I would like to thank Richard for his outstanding service and wish him all the best for his future endeavours.

"We are fortunate to be able to call on the deep knowledge and experience of Patrick to provide interim stability and continuity as we embark on a search for a new permanent CEO."

Arnold added: "It has been an incredible privilege to serve this great football club.

"Through highs and lows, the constant has been the dedication of our employees and fans.

"I would like to thank all of them for their loyalty and commitment and wish everyone associated with the club the very best for the future."

United have endured a rollercoaster campaign so far this season. 

Erik ten Hag's men sit sixth in the Premier League but are staring Champions League elimination in the face after picking up just three points from four games in Group A. 

However, Red Devils fans will hope changes off the pitch and the imminent arrival of Ratcliffe will bring some much-needed stability. 

Stewart said: "Together with my leadership team colleagues, my job will be to ensure that the club's foundations remain stable while we embrace changes that can make us stronger over the long term, on and off the pitch, and to support the search for a new permanent CEO."