JPMorgan announced a new sports investment banking team less than a week before the NFL’s meeting for team owners to discuss whether to open their doors to institutional investors.

The new team will work across JPMorgan’s investment bank, commercial banking, and the private bank, according to a copy of the memo obtained by Business Insider. It will be led by Eric Menell and Gian Piero Sammartano, according to the memo, which was signed by Fred Turpin, global head of JPMorgan’s media and communications investment banking practice.

Menell, a media banker based in New York, will report to Turpin, the memo said. Piero, a London-based media banker, will continue to report to Burkhard Koep, the bank’s head of media and telecom for Europe, the Middle East, and Africa.

The announcement comes less than a week ahead of an NFL annual league meeting where all 32 team owners will meet to discuss a rule change that could open the floodgates to more wealthy investors and the financial institutions that serve them, including venture capitalists and private-equity firms.

It also comes after Goldman Sachs announced plans to create a new global sports franchise division to cater to high-valued sports clients who want to buy stakes in sports teams. The sports division at Goldman Sachs will be led by Greg Carey and Dave Dase— who will co-lead the sports franchise division.

JPMorgan’s memo announcing the new group touts the bank’s work advising sports and media clients like World Wrestling Entertainment and Italian soccer club Juventus FC. It also notes the broader sports investing craze that has valuations soaring.

“With top sports franchises in the US and Europe now valued at more than 400 billion in total, sports has become an increasingly large asset, attracting more and more institutional investors.”

Here is the full memo from JPMorgan outlining its news sports investment banking team and the new leads of the group:

I am pleased to announce a new Sports Investing Banking Coverage led by Eric Menell and Gian Piero Sammartano.

This group will leverage J.P. Morgan’s substantial capabilities across Investment Banking, Commercial banking, and the Private Bank to deliver holistic advisory and financial solutions for our current and prospective sports clients globally. Eric and Gian Piero will report to me for global sector coverage, and Gian Piero will maintain his local reporting line into Burkhard Koep.

With top sports franchises in the US and Europe now valued at more than 400 billion in total, sports has become an increasingly large asset, attracting more and more institutional investors.

In tandem with our M&A colleagues, our leading sports advisory practice has worked on a broad range of recent deals, including advising Liberty Media, QIA, World Wrestling Entertainment, Juventus FC, QuinEvents, Renault Group, and Sir Jim Ratcliffe on his minor acquisition of Manchester United.

Working closely with partners across Commercial banking, Public Finance, and the Private Bank, we have also established a prominent sports financing franchise that has led recent transactions in all major US sports leagues and for many teams across the globe, including the financing of state-of-the-art stadiums, and arenas for some of the world’s renowned teams.

Please join me in congratulating Eric ad Gian Piero on their expanded responsibilities. We are excited about the growth opportunities of our global sports practice backed by the collective efforts of colleagues across the firm.

Fred

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