It is anticipated that an official statement will be released later today, just prior to Sir Jim Ratcliffe’s confirmation of the acquisition of a 25% share in the team.
Jean-Claude Blanc, the CEO of Juventus and current portfolio manager of INEOS Sport, is already being considered to take Arnold’s post at Old Trafford.
Patrick Stewart, the general attorney for Man United, will be appointed temporary CEO in addition to his current position.
After a year of ambiguity surrounding the club’s ownership, Arnold’s impending exit will be followed by an announcement on that front anticipated next week.
Ratcliffe is getting closer to acquiring Man United after stifling Sheikh Jassim, a banker from Qatar, from competing.
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As per Bloomberg, the billionaire and former hedge fund manager reported a position of just under 1 million shares in United, currently valued at $16.8million (£13.5million).
And supporters are now scrambling to work out who Cooperman is.
The son of a plumber from New York, Cooperman went to public schools, Hunter College and then received an MBA from Columbia University.
He then went on to become a Wall Street legend.
Indeed, Cooperman is the founder of New York-based Omega Advisors, an investment advisory firm managing over $3.3 billion (£2.64billion) in assets under management, the majority consisting of his personal wealth.
Indeed, he has a reported net worth of $2.6billion (£2.08billion), according to the Bloomberg Billionaires Index.
In 2016, the 80-year-old was charged with insider trading by the U.S. Securities and Exchange Commission [SEC], an accusation the business mogul profusely denied.
Cooperman’s firm agreed to a $4.9million (£3.92million) settlement with the SEC a year later.
As part of the agreement, Omega Advisers admitted no wrongdoing.
Away from business, Cooperman has primarily donated to the Republican party and even gained attention in 2011 for an open letter to Barack Obama in which he accused the president with engaging in class warfare.
However, he claims to have voted for incumbent president Joe Biden over Donald Trump in the 2019 election.
Cooperman has taken a stake in United just days before Sir Jim Ratcliffe’s Ineos Group is expected to pay around £1.25billion to buy 25% of the Old Trafford club.
It has been reported that the deal includes the potential for an increased stake in future, as well as control of the club’s football operations.
As per the BBC, it is thought around £245m in additional funds will be made available by Ratcliffe for infrastructure works related to the stadium.