As Teneo looks to expand its capabilities in the rapidly growing sports, media, and entertainment sectors, the firm has confirmed the appointment of a new non-executive. Former Manchester United CEO Richard Arnold will take on the role of non-executive chairman of the professional services firm’s sports financial advisory division.
“Sports properties are increasingly in need of a range of financial advisory services as they navigate a quickly-changing landscape,” said Daniel Butters, CEO of Teneo’s Financial Advisory business. “We are delighted to work closely with Richard as we help sports-related clients, whether dealing with financial distress or evaluating important new growth opportunities.”
Teneo advises a growing number of leading international governing bodies, national governing bodies, clubs and private equity investors on high-profile and existential issues in sports across the firm’s five business segments: financial advisory; strategy and communications; management consulting; people advisory and risk advisory. In his new role, Richard Arnold will partner with Teneo’s financial advisory team to help advise on critical events and fundraising, as well as strategic and operational improvement opportunities, for sports-related entities.
In addition, he will work with Teneo Chief Commercial Officer Chris Wearing to support the firm’s broader offering to sports, media and entertainment-related clients, leveraging a range of services across the Teneo platform. This includes strategic communications, government affairs, digital media, sponsorship advisory, people advisory and more.
“I am excited by the opportunity to work with Teneo,” said Richard Arnold. “The world of sports, media and entertainment is one of the most dynamic and fast-growing industries, and Teneo’s unique integrated business model advising clients across reputational, strategic and financial matters provides unrivalled counsel to businesses navigating the challenges and opportunities they face. I look forward to working with my new Teneo colleagues around the world.”
Arnold initially worked at Big Four firm PwC, joining in 1993, and working as a senior manager in telecommunications and media. During this tenure, he worked on the privatisation of Saudi Telecom Company, and was also involved in the successful initial public offering (IPO) of Orange Telecommunications in the UK.
After further roles in the telecoms sector with InterVoice and Global Crossing Europe, Arnold joined Manchester United in 2007. During his time at the club, he was instrumental in growing the global appeal of the Manchester United brand, helping the Red Devils to secure a number of lucrative sponsorship contracts, including a $1.3 billion sports equipment deal with Adidas over 10 years in 2015, which was the most valuable in sporting history at the time.
After 15 years, he stepped into the role of CEO – taking over from Ed Woodward (another PwC alumnus). In November 2023, it was confirmed he had left the role, ahead of Jim Ratcliffe’s part-takeover at Old Trafford – receiving a £5.53m payoff, according to the club’s accounts.
The move was seen as reflecting a change of direction at the club – with Arnold having empowered heads of department to look after their own areas of expertise during his tenure. While this was seen as a good thing commercially, on the footballing side of the club, it was said to have led to a continuation of poor player recruitment. At the same time, the scandal surrounding winger Mason Greenwood’s presence at the club was seen as having driven a wedge between Arnold and the club’s fans.
Source: Consultancy.uk