It's a matter of preference. If this is just a static check that you know you won't expand on, you can just implement something quick like bwdm's answer.
If you want to make it expandable, so that you can dynamically add more words to compare with, you're best off keeping multiple sets, each containing viable words.
class SomeChoices(object):
choices = {
"A":{"Sub"}, "B":{"First Team", "First-Team"}
}
Now you can easily check if something is part of a choice, and also expand it if you want.
"First-Team" in SomeChoices.choices["B"] # True
"First Team" in SomeChoices.choices["B"] # True
"First_Team" in SomeChoices.choices["B"] # False
SomeChoices.choices["B"].add("First_Team")
"First_Team" in SomeChoices.choices["B"] # True
SomeChoises.choices["C"] = {"Second Team"}
"Second Team" in SomeChoices.choices["C"] # True
This follows the open/close principle, where a module is easy to expand upon without needing to change the code for it.