JPMorgan (NYSE: JPM) has set up a dedicated sports investment banking team, a sign Wall Street banks are stepping up the battle for fees in an increasingly competitive corner of the mergers and acquisitions market.

The U.S. bank has appointed Eric Menell and Gian Piero Sammartano to co-lead the new sports investment banking coverage group, according to Bloomberg News. The move to create a dedicated team follows a decision by Goldman Sachs (NYSE: GS) last year to create a dedicated sports unit under the leadership of Greg Carey and Dave Dase. Sports teams have seen valuations soar, driven in part by owners looking to cash in on rising valuations and a perception among investors, following the pandemic, that live sports remain a hit with viewers. Investment banks helped steer about $25 billion of sports-related M&A in 2023, Bloomberg’s data shows, making it the third consecutive year of record-breaking transaction values in the sector.