Scarcity is one big reason sports team valuations have soared in the past 25 years, said Eric Menell, JPMorgan’s global co-head of sports investment banking. There are roughly 1500 billionaires in the U.S., but only about 200 professional sports teams. (This includes seven men’s and women’s sports leagues.) Controlling stakes in these teams “don’t go up for sale that often,” Menell said.
JPMorgan Chase has long advised on sports deals. In 2024, the bank consolidated its sports efforts, naming Menell and Gian Piero Sammartano co-heads of a dedicated sports investment banking group. The unit coordinates with bankers across the firm, including JPMorgan’s private bankers who cater to wealthy clients, such as team owners. (Customers of the private bank must maintain a minimum $10 million balance.)
The investment bank will often provide the financing for the transactions while the clients, or owners, are typically customers of the private bank. JPMorgan estimates that it has financed well over $10 billion in sports-related deals since 2021, including debt financings for owners, teams, stadiums and leagues.
“Ten of the last 15 major sports transactions that have happened in the world have been financed by J.P. Morgan,” said Mary Callahan Erdoes, CEO of JPM’s asset and wealth management division, during the bank’s investor day in May.
While the price of sports teams has skyrocketed, the wealthiest potential buyers typically don’t have $1 billion in cash sitting around to buy these teams. “They need liquidity,” Menell said.
That’s where JPMorgan’s private bank will step in to help with the financing. The bank will typically lend against personal assets, like an art collection that a potential buyer owns, to help them secure a loan that complies with league rules.
“As deals have gotten more complicated, the need for a full-service bank to do everything [has grown]. It’s one-stop shopping,” Menell said.
Here are 10 deals where JPMorgan has advised or provided financing.
1. The Boston Celtics
2. Miami Freedom Park
Miami has waited for its new soccer-specific stadium for over 10 years. Miami Freedom Park, a 25,000-seat stadium, is scheduled to be the home of Lionel Messi’s Inter Miami football club. Construction is scheduled to finish later this year, with the stadium opening in 2026.
JPMorgan served as lead arranger on $650 million in loans to fund Inter Miami CF’s new stadium and refinance the team’s existing debt. The deal represents one of the largest financings for a major league soccer franchise to date.
3. ICE District (Canada)
4. Capital One Arena (Washington D.C.)
The Capital One Arena in Washington D.C. is home to the Capitals (NHL) and Wizards (NBA) teams. Renovation of the 20,000-seat stadium began in late 2024 and is expected to finish during the summer of 2027. The cost of the transformation is estimated at more than $800 million.
In March, Monumental Sports & Entertainment, the sports and entertainment company that owns Capital One, raised $135 million in bonds to fund the revamp. JPMorgan helped with financing. It also guided Monumental Sports in negotiations with the District of Columbia, which is buying the arena and leasing it back to MSE. The renovations are expected to keep the Wizards and Capitals in D.C. through at least 2050.
In February, Everton Stadium Development, a subsidiary of Everton FC, raised 350 million pounds ($470.1 million) in bonds for the new Everton Stadium. The more than 52,000-capacity stadium, located on Liverpool’s waterfront, is scheduled to host its first competitive Premier League game in August. Everton also secured a 130 million pound loan ($174.6 million) to support its operations under Friedkin’s new ownership. JPMorgan structured both deals.
6. Etihad Park (New York City)
7. FC Porto (Portugal)
8. Manchester United (UK)
As valuations rise, more soccer clubs have gone up for sale. In February 2024, Sir Jim Ratcliffe, a British billionaire and CEO of INEOS, acquired a 29% stake in the Manchester United football club. The deal was valued at 1.25 billion pounds ($1.6 billion). The Glazer family remained the majority owner. JPMorgan served as advisor to Ratcliffe and INEOS.
9. World Wrestling Entertainment (WWE)
In 2023, World Wrestling Entertainment merged with Ultimate Fighting Championship to form TKO Group Holdings. Endeavor Group, the sports and entertainment conglomerate then led by CEO Ari Emanuel, took a 51% stake in TKO, while existing WWE shareholders received the rest. The deal was valued at $21.4 billion. JPMorgan advised WWE in the transaction.
10. Centennial Yards (Atlanta)
For decades, the city of Atlanta has sought to redevelop the area known as “the gulch,” an underutilized area in its downtown that was originally a central hub for the city’s railroad industry. Atlanta’s city council in 2018 approved a major financing package to back the development of Centennial Yards. The 50-acre mixed-use site is adjacent to Mercedes Benz Stadium and State Farm Arena. The $5 billion project will feature over 1,000 hotel rooms, thousands of apartments as well as restaurants, bars, and retail shops. Completion of Centennial Yards is expected by 2030. JPMorgan arranged $575 million in financing for the project.
