Manchester United announced on Wednesday that its chief executive, Richard Arnold, has stepped down after 16 years with the club.

Arnold’s resignation comes as the club’s owners, the Glazer family, are finalizing the sale of a minority stake to the petrochemicals billionaire Sir Jim Ratcliffe.

Arnold joined Manchester United in 2007 as group commercial director. He was promoted to managing director in 2012 and then chief executive in 2021.

In a statement on Wednesday, Manchester United said that Arnold “has decided to step down as Chief Executive of Manchester United after 16 years at the club.”

The club added that Arnold “has agreed to provide transitional support until the end of December.”

Arnold’s departure is the latest in a series of changes at Manchester United in recent years. The club has been under pressure from fans to sell to new owners.

Ratcliffe, a lifelong Manchester United fan, is believed to be the frontrunner to buy a stake in the club. He is the owner of Ineos Group, a multinational chemicals company.

The club is expected to make an announcement about its new CEO in the coming weeks.