One of the smartest music guys I’ve ever met is Paul McGuinness, the guy who took four teenagers from Dublin and turned them into the biggest band in the world. McGuinness managed U2’s career from the spring of 1978 until November 2013. During that time, the band sold well north of 100 million records and established what will probably be the all-time box office record ($736,000,000-ish) for a concert tour with the 360 Tour.
Citing health concerns and a desire to slow down, McGuinness stepped aside as U2’s manager in November 2013, handing Principle Management over to Live Nation in exchange for $30 million. The day-to-day duties were given to Guy Oseary, who is also Madonna’s manager. McGuinness never really went away, though, serving as the chair of Principle.
But now Principle is winding down. Papers were filed in Dublin over the past week–a Declaration of Solvency–notifying officials that Principle (now known as Evergreen Ventures, by the way) is being liquidated and will cease to be once all assets are disbursed. It’s all very voluntary and orderly and will leave behind a pile of cash totaling somewhere around $1.6 million CAD. And I’m sure all the employees have already been well taken care of.
The end of an era, to be sure.
(Via Larry and the Irish Examiner)