SEOUL, July 27 (AJP) - Former pitcher Park Chan-ho has become the first South Korean to acquire a stake in a Major League Baseball (MLB) team, leading a consortium that has signed a strategic partnership with the Athletics.
During a press event in Seoul on Monday, Park said the consortium, dubbed "Team61", will invest $70 million in the Athletics, which left Oakland, Northern California, and are currently based in West Sacramento, California, before relocating to Las Vegas in 2028.
Team61, named after Park's former jersey number, includes about 30 investors, including Korean-American actors Daniel Dae Kim and Ken Jeong.
According to Park, the consortium has completed an initial $55 million investment and is awaiting MLB approval for the remaining $15 million. Once finalized, Team61 is expected to gain about a 3 percent stake in the team, marking the first time a South Korean-led group has invested in an MLB club.
As part of the partnership, Park will also serve as senior adviser to Athletics principal owner John Fisher, providing guidance and strategies to expand the club's presence across Asia including South Korea.
Park said the partnership could create more opportunities for South Korean players to reach MLB.
Park, one of the most decorated South Korean pitchers, made history in 1994 as the first South Korean player in MLB when he joined the Los Angeles Dodgers. During his 17-year career with seven clubs, he recorded 124 wins, the most by a South Korean pitcher in MLB history.
During a press event in Seoul on Monday, Park said the consortium, dubbed "Team61", will invest $70 million in the Athletics, which left Oakland, Northern California, and are currently based in West Sacramento, California, before relocating to Las Vegas in 2028.
Team61, named after Park's former jersey number, includes about 30 investors, including Korean-American actors Daniel Dae Kim and Ken Jeong.
According to Park, the consortium has completed an initial $55 million investment and is awaiting MLB approval for the remaining $15 million. Once finalized, Team61 is expected to gain about a 3 percent stake in the team, marking the first time a South Korean-led group has invested in an MLB club.
As part of the partnership, Park will also serve as senior adviser to Athletics principal owner John Fisher, providing guidance and strategies to expand the club's presence across Asia including South Korea.
Park said the partnership could create more opportunities for South Korean players to reach MLB.
Park, one of the most decorated South Korean pitchers, made history in 1994 as the first South Korean player in MLB when he joined the Los Angeles Dodgers. During his 17-year career with seven clubs, he recorded 124 wins, the most by a South Korean pitcher in MLB history.
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