BTS member Suga and former Major League Baseball (MLB) pitcher Chan Ho Park are putting their money on the Athletics, formerly the Oakland Athletics, the baseball club behind the film "Moneyball," and currently sitting at the bottom of MLB's American League West division.
They are joining a $70 million fund to support the franchise's relocation to Las Vegas from Oakland, California and the construction of a new stadium, a $1.75 billion project to give the team a fresh start, according to investment banking sources on Friday.
They will acquire new shares in the team to secure approximately a 2-3% stake.
For the investment, Park’s sports management firm Team 61 has raised $70 million via a private equity vehicle, attracting Yi Man-deuk, honorary chairman of Samchully Group, South Korea’s largest bike brand and Hwang In Seon, managing director and co-founder of health care-focused private equity firm Ascend Partners.
Mike Joo, managing director and chief operating officer of global markets at Bank of America Merrill Lynch, also contributed to the fund.
The Athletics played their final home game as the Oakland Athletics at the Oakland Coliseum on Sept. 26, 2024 (Courtesy of Getty Images)
EXPANSION OF BRAND AND FAN BASE TO ASIA
The involvement of the K-pop icon and the Korean baseball legend, along with high-profile Korean bankers and entrepreneurs, reflects the team’s efforts to expand its brand globally and strengthen ties with Asian markets.
Chan Ho Park played for the Los Angeles Dodgers and Texas Rangers. His investment in the Athletics is sparking speculation that he could take on an operational role with the team.
Suga, a member of global sensation BTS, is a big fan of baseball.
Industry watchers expect their investment in the MLB underdog to create synergies in marketing, content and fan engagement initiatives.
Their bets on the poor-performing major league team are also raising speculation that the Athletics could scout Korean talent as part of an effort to build its fan base in Korea.
NEW START IN LAS VEGAS
The Athletics, also known as the A's, were founded in 1901 by legendary Major League manager and owner Connie Mack and have won nine World Series titles.
Featured in the 2011 film Moneyball, the team is seen as a symbol of how data-driven player management transformed an underdog into a success story.
However, they have struggled in recent years as the cash-strapped franchise was unable to attract top talent due to the low payroll.
The A's total player payroll for the 2024 season was about $62 million, the lowest among MLB’s 30 teams.
Its attendance ranked the lowest in the league, averaging just 11,528 spectators at home games in 2024.
Now, the A's are gearing up for a new start in Las Vegas with a new stadium there expected to be completed in 2028.
Las Vegas is already home to several professional sports teams, including the NFL’s Raiders, the NHL’s Golden Knights and the WNBA’s Aces. All of them enjoy strong fan support.
