The first Korean to play Major League Baseball now owns part of a team

32 years after becoming Major League Baseball’s first South Korean player, Chan Ho Park has become the first Korean to buy into an MLB team.

Published Jul 29, 20264 sources

32 years after becoming Major League Baseball’s first South Korean player, Chan Ho Park has become the first Korean to buy into an MLB team. He led a group planning to invest $70 million in the Athletics, with actors Ken Jeong and Daniel Dae Kim among its roughly 30 investors.

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Park Chan-ho became the first South Korean player in Major League Baseball in 1994. He has now become the first Korean to purchase a stake in an MLB team.Foxsports

Park led Team61, which is named after the No. 61 he wore during his career. The group has about 30 investors, including Ken Jeong and Daniel Dae Kim.The Chosun Daily

Team61 has invested $55 million in the Athletics. Another $15 million is awaiting MLB approval, bringing the planned investment to $70 million and the group’s expected ownership to about 3%.Yonhap News Agency

Team61 disclosed its combined investment, but not how much Park, Jeong or Kim individually contributed. Jeong called himself a “tiny owner” and joked that his only controlling interest would be in the stadium’s hot dogs.Yonhap News Agency

Park met Athletics owner John Fisher around three years ago to discuss the team’s move to Las Vegas and its plans for Asia. Park later gathered investors and turned those conversations into Team61.The Chosun Daily

Park will have a role beyond investing. As Fisher’s senior adviser, he will consult on player development and the Athletics’ strategy in Asia.Yonhap News Agency

The Athletics plan to move into a $2 billion, 33,000-seat stadium in Las Vegas in 2028. The team is currently playing in West Sacramento while the stadium is built.Foxsports

Forbes estimates the Athletics are worth $2 billion, with $320 million in annual revenue and $45 million in operating income. The franchise was purchased for $180 million in 2005.Forbes

Why we wrote this

This is awesome to see. But Asian ownership in American sports is still rare, and not every owner has the same amount of power.

Further context

Joe and Clara Wu Tsai control the Brooklyn Nets. Vivek Ranadivé controls the Sacramento Kings. Michele Kang owns the Washington Spirit and several other women’s soccer teams. Andrew Cherng and Sheel Tyle own a smaller piece of the Portla...

Team61 now brings Korean investors into Major League Baseball. Its stake in the Athletics is relatively small, so the group will not control the team. But Chan Ho Park will have an advisory role, while Ken Jeong and Daniel Dae Kim will a...

For years, much of Asia’s money in sports came through sponsorships. Now, more Asian investors are buying pieces of the teams themselves.

Instead of only paying to be seen, they gain a real stake in the business and can benefit if the team becomes more valuable.

The bigger question is whether this will eventually create more opportunities for Asian players, executives, businesses and communities.

Sources used5

FoxsportsPark Chan-ho became the first South Korean player in Major League Baseball in 1994. He has now become the first Korean to purchase a stake in an MLB team.The Chosun DailyPark led Team61, which is named after the No. 61 he wore during his career. The group has about 30 investors, including Ken Jeong and Daniel Dae Kim.Yonhap News AgencyTeam61 has invested $55 million in the Athletics. Another $15 million is awaiting MLB approval, bringing the planned investment to $70 million and the group’s expected ownership to about 3%.Yonhap News AgencyTeam61 disclosed its combined investment, but not how much Park, Jeong or Kim individually contributed. Jeong called himself a “tiny owner” and joked that his only controlling interest would be in the stadium’s hot dogs.ForbesForbes estimates the Athletics are worth $2 billion, with $320 million in annual revenue and $45 million in operating income. The franchise was purchased for $180 million in 2005.