South Korean-Led Consortium Invests $70M in Relocating MLB Team, Aiming to Bridge Nations

By Yoo Jee-ho SEOUL, July 27 (Yonhap) -- A consortium led by former South Korean pitcher Park Chan-ho has bought a stake in a relocating Major League Baseball (MLB) club, marking the first instance of a South Korean investment into a big league team. Park announced Monday his consortium, Team61, has signed a strategic partnership with the Athletics, a team previously based in Oakland, California, from 1968 to 2024. They are currently playing in another California city, West Sacramento, and will relocate to Las Vegas in 2028. Park said his consortium will make an investment of US$70 million. The first installment of $55 million has been completed, while the consortium is awaiting MLB approval of the remaining $15 million, Park added. As part of the partnership, Park will also become senior adviser to the Athletics' owner, John Fisher, providing consultation on player development and the club's strategies in Asia. Park, 51, became the first South Korean player in MLB when he debuted with the Los Angeles Dodgers in 1994. He went on to win 124 games, the most by a South Korean pitcher, over a 17-year career for seven clubs. Team61, named after the number Park wore throughout his career, also features Korean American actors Ken Jeong and Daniel Dae Kim. In a presentation before the media, Park said his consortium's investment will provide new opportunities for South Korean companies in Las Vegas, especially in connection with the opening of the new $2 billion dome in the city. Park also hopes to send more South Korean players to MLB and build "programs that will ensure sustainable growth for youth baseball" in his home country. "I think the word 'bridge' best explains this project," Park said. "This is not merely a financial investment. I hope it will be remembered as a project that brings South Korea and the United States together."