The Arena Group, headquartered in St Ives near Cambridge UK, has clinched new equity funding of £16.5 million in a partnership deal with the specialist sports fund, Sports Investment Partners (SIP) and growth capital investor, MML Capital.

The two investing companies will together take a significant minority stake in the leading international event services company, supporting the existing management structure with its plans to develop the global business.

The deal comes at the start of a busy year for Arena who will be designing and delivering overlay services to create a number of iconic venues in London and elsewhere in 2012.

Arena Group CEO, Greg Lawless plans to use this new investment as a catalyst for further global expansion. He said: “It gives us great flexibility at a time when we are looking to expand beyond our current bases in the UK, Portugal, Abu Dhabi, Singapore and Dubai to reach excellent new opportunities in the Far East.”

The deal provides Arena with both equity and expertise as Matthew Wheeler, a senior figure in the sports marketing industry and managing partner of SIP, takes over as chairman.

A former professional cricketer with Northants CCC, Wheeler also sits on the board of the Professional Cricket Association as a non executive director. He has chaired six private equity-backed businesses in the sports and media sector in the past 10 years, from investment through to successful exit.

He said: “Arena is a highly visible, successful company, synonymous with world-class performance and the very best in sporting endeavour. Growth continues to be steady in the global sports market and Arena is now well positioned to be part of that global growth.”

Alongside Matthew Wheeler, Arena’s new armoury of industry expertise includes Sir Martin Broughton, who as former chairman of Liverpool FC oversaw its sale to New England Sports Ventures for £300m.

John Connolly, former global chairman of Deloitte and senior partner and chief executive of Deloitte UK is another of five SIP managing partners.

• PHOTOGRAPH SHOWS: Arena Group CEO, Greg Lawless