JPMorgan Chase is launching a sports investment banking group that will work with its investment banking, commercial banking and private banking divisions to provide advisory and investment opportunities to clients.
The move to create a dedicated team follows a decision by Goldman Sachs six months ago to create a dedicated sports unit.
“With top sports franchises in the U.S. and Europe now worth more than $400 billion in total, sports has become an increasingly large asset class, attracting more and more institutional investors,” said Fred Turpin, global head of media – and communications investments at JPMorgan Banking, which announced the news in a note to its employees.
The bank has appointed Eric Menell, managing director and co-head of North American Media Investment Banking, and Gian Piero Sammartano, managing director and head of EMEA Media Investment Banking, as co-heads of the new Sports Investment Banking Coverage division.
As the sports landscape continues to see an increase in capital from investors, the group will work with the bank’s M&A department and sports advisory department, which has worked on a wide range of recent deals, including advising Liberty Media, QIA, WWE and Juventus FC , QuintEvents, Renault Group and Sir Jim Ratcliffe on his minority takeover of Manchester United, Hits News reports.
JP Morgan also founded a sports financing franchise that has recently executed transactions in all major U.S. sports leagues and for many teams worldwide. This includes financing the stadiums and arenas for teams such as Spain’s Real Madrid CF and FC Barcelona.
