01:25 PM EDT, 03/19/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) on Tuesday confirmed it has appointed Eric Menell and Gian Piero Sammartano as co-heads of a newly established sports investment banking coverage group.

The dedicated team will provide the investment bank's current and prospective sports clients globally with advisory and financing solutions, Fred Turpin, global head of media and communications investment banking, said in an internal memo provided to MT Newswires by the bank.

"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 class, attracting more and more institutional investors," Turpin said in the memo.

Bloomberg first reported the news.

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