(Reuters) - JPMorgan Chase has created a new sports-focused investment banking team as the Wall Street bank seeks to tap the increasingly attractive industry, according to an internal memo seen by Reuters on Tuesday.
The bank has created a new "sports investment banking coverage group" which will offer advisory and financing solutions for activities like investing in sports franchises to clients globally.
"Sports has become an increasingly large asset class, attracting more and more institutional investors," Fred Turpin, global head of media and communications investment banking, said in the memo.
Eric Menell and Gian Piero Sammartano will co-lead the new investment banking team and report to Turpin. Sammartano will maintain his local reporting line in to Burkhard Koep, the head of Telecoms and Media EMEA.
JPMorgan has worked on a number of deals in the sector, including British billionaire Sir Jim Ratcliffe's recent acquisition of a minority stake in Manchester United.
The bank already has a sports financing franchise that has financed stadiums for many teams in major U.S. sports leagues and globally.
(Reporting by Arasu Kannagi Basil in Bengaluru and Anousha Sakoui in London; Editing by Tasim Zahid)
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