Becoming an Major League Baseball (MLB) team owner has been the lifelong dream.
Park Chan-ho, the Korean Express, was visibly moved after leading the investment consortium Team61 to acquire a stake in the Oakland Athletics.
At a press conference held on Monday at the Westin Seoul Parnas in Gangnam, Seoul, Park shared that he’s always been deeply impressed by the MLB team owners he’s met over the years. It inspired him to nurture his own dream of becoming a team owner.
Team61 has entered into a strategic partnership with the Athletics, committing to a 70 million USD investment. They’ve already injected 55 million USD, with the remaining 15 million USD pending MLB front office approval.
This marks the first time Korean capital has secured a stake in an MLB franchise. Park revealed that this investment would give him over a 3% stake in the Athletics.
Team61, spearheaded by Park, has garnered attention with the inclusion of Hollywood stars Ken Jeong and Daniel Dae Kim, along with BTS member Suga.
The 70 million USD investment from Team61 will fund the Athletics’ new stadium construction and facilitate their relocation to Las Vegas in 2028.
However, this investment won’t impact the Athletics’ management control. Park clarified that even after finalizing the last 15 million USD investment, it won’t have the power to exercise management rights.
Through this partnership, Park will join Athletics’ owner John Fisher as a senior advisor, focusing on player development and Asian strategy implementation.
Park expressed that as a senior advisor, he believes he can influence scouting, pitcher development, Korean player recruitment, and attracting Korean companies. I’m also excited to help the Athletics build a new fan base.
Park, who made history as the first Korean to enter MLB in 1994, played in the big leagues until 2010, setting an Asian pitcher record with 124 wins.
Throughout his career, Park wore the uniforms of numerous teams, including the LA Dodgers, Texas Rangers, San Diego Padres, New York Mets, Philadelphia Phillies, New York Yankees, and Pittsburgh Pirates, but never suited up for the Athletics.
Explaining his partnership with the Athletics, Park said that initially, he explored stake opportunities with other teams like San Diego, with help from former Dodgers owner Peter O’Malley. However, negotiating stakes with established franchises proved challenging.
He continued that when the Athletics announced their move to Las Vegas, he connected with owner Fisher. A team relocating to Las Vegas needed to build an entirely new fan base. Plus, Las Vegas has strong ties to Korea in tourism and promotion. During the two-hour meeting, he made a compelling case for why he should be Fisher’s partner.
The Athletics also recognized the potential of the Korean baseball market.
Fisher, present at the press conference, remarked that he’s traveled extensively, but Korea stands out. It’s a country with a genuine love for baseball. He shared his experience watching a Korea Baseball Organization (KBO) League game between the Samsung Lions and Doosan Bears at Seoul’s Jamsil Stadium on July 26, marveling at the passionate fans cheering throughout the match.
Fisher noted that baseball has an incredible power to unite people across cultures, languages, and generations. This strategic partnership exemplifies that power, and it’s honored to collaborate with Park and Team61.
Marc Badain, president of the Athletics, added that the passion of Korean baseball fans is something it aspires to emulate, regardless of the sport. It aims to bring that energy to the new Las Vegas stadium. It’s open to playing games in Korea or hosting KBO teams in Las Vegas. Both are entirely feasible.
From pioneer Park to Go Woo-suk of the Minnesota Twins, 30 Korean players have graced the big league stage. However, the Athletics have yet to produce a Korean big leaguer, presenting a new challenge for Park.
Park stated that the absence of Korean players on the Athletics represents a significant mission for him. He envisions a Korean player donning the Athletics cap and shining in the spectacular new Las Vegas stadium, reminiscent of his own big league debut.
Badain also expressed interest in Korean talent, saying that it’s focused on global talent acquisition. Its scouts are currently in Korea.
Hollywood actor Ken Jeong, a Team61 investor, shared that when Park approached me about this investment, he saw it as a once-in-a-lifetime opportunity. Jeong’s honored to be part of a process that can break down another barrier.
Jeong humorously added that while he won’t have management rights, he might secure a hot dog stand in the new stadium.