Investment Company Purchases Unicorns
By Kang Seung-woo
Staff Reporter
Seattle-based company Centennial Investment has become the new owner of the Hyundai Unicorns.
The Korea Baseball Organization (KBO) announced Wednesday morning that the investment company would take over the four-time league champions.
It will pay 12 billion won ($12 million) as an admission fee, which is double the amount the former candidate to buy the team, KT, was willing to pay.
The new owners will keep the Unicorns' former coaching staff and players, but will move the team to Seoul, using Mokdong Stadium as its ballpark.
Centennial Investment, which has stocked 20 billion won to fund a baseball club, plans to finance its team by using the largest sponsor's name as its team name or naming marketing.
However, to prevent the team's name from changing every year, it is going to seek a three- or five-year contract from its sponsor.
``I will present a new business model of the Korean sports industry, operating a baseball team with private investment,'' said Lee Jang-seok, the representative director of the company.
The baseball governing body, which already signed a memorandum of understanding on Jan. 15, and the new owner of the Unicorns reached agreements that the company cannot sell its team for five years and needs the KBO's approval on trading its players.
Meanwhile, the KBO is reported to give priority to Centennial Investment for using the dome field being built in Ansan, which will be completed in 2010.
Commissioner Shin Sang-woo had previously said a new team would be awarded use of the stadium.