(Bloomberg) -- Teneo Holdings LLC has hired the former Chief Executive Officer of Manchester United as the CVC Capital Partners-backed consultancy seeks to expand its sports business.
Richard Arnold, who had a 16-year stint at the football club, first as commercial director and most recently as CEO, will join as non-executive chairman of Teneo’s sports advisory division and help advise on fundraising, the firm said in a statement.
“Given the record levels of investment in the sports, media and entertainment industry, we have significant ambitions to further expand Teneo’s capabilities in this space,” said CEO Paul Keary.
Arnold’s appointment comes amid a flurry of deals involving football clubs and other sports that’s fueled a boom among consultancies such as Teneo. Man United is one of the high-profile clubs that’s secured fresh investment in recent years.
After serving as United’s managing director, Arnold took over as CEO in 2022 but left the club the following year. His departure came as Jim Ratcliffe closed in on a deal to take a minority stake that saw the billionaire take control of the club’s sporting staff.
During his tenure, Arnold oversaw major sponsorship and merchandising agreements, including deals with Adidas AG and Qualcomm Inc. The team, though, endured a downturn in performance on the pitch, churning through a succession of high-profile players and managers with little success.
After leaving the club, he became executive director of Norton Motorcycles UK Ltd, the British brand which is in the middle of a turnaround under its Indian owners.
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