Ex-pitcher Park Chan-ho buys into Athletics, becomes club's senior adviser
Former Major League Baseball (MLB) pitcher Park Chan-ho speaks during a presentation in Seoul, Monday, announcing an investment by his consortium Team61 into an MLB club, the Athletics. Yonhap
A consortium led by former Korean pitcher Park Chan-ho has bought a stake in a relocating Major League Baseball (MLB) club, marking the first instance of a 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 $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 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 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 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 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 Korea and the United States together."