E-Mart finalizes purchase of baseball club from SK Telecom
SEOUL, Feb. 23 (Yonhap) -- E-Mart Inc., South Korea largest discount store chain, finalized its purchase of a professional baseball club owned by top mobile carrier SK Telecom on Tuesday.
E-Mart, run by the retail giant Shinsegae Group, announced that it has acquired the entire stake that SK Telecom had in the SK Wyverns of the Korea Baseball Organization (KBO) at 100 billion won (US$90 million).
The news of the sale first surfaced last month, with Shinsegae Group unveiling plans to leverage E-Mart's brand power and create synergy with the baseball club.
Shinsegae is also in the process of changing the name of the club. SSG is expected to be the company name in front, taken from Shinsegae's online mall, SSG.com.
The group applied for a trademark on "Electros," from its Electro Mart store chain, at the start of this month, fueling speculation that it could be the new nickname for the team. But since that move got leaked to the media, Shinsegae has been considering other options, too.
The transaction was announced hours after the ballclub made a huge splash by signing former major league All-Star Choo Shin-soo to a 2.7 billion won contract. Choo is the highest-paid player in KBO history.
jeeho@yna.co.kr
(END)
-
1 
BTS most tweeted about musician in U.S. in 2020
-
2 
BTS earns 2nd 'million point' song on Oricon chart with 'Dynamite'
-
3 
BTS performs 'BE,' surprise Coldplay cover on 'MTV Unplugged'
-
4 
Harvard professor Ramseyer to revise paper on 1923 massacre of Koreans in Japan: Cambridge handbook editor
-
5 
(Yonhap Interview) Jeongmilla: the artist who sings Seoul's blue hill neighborhood in 'CheongPa Sonata'
-
1 
BTS most tweeted about musician in U.S. in 2020
-
2 
U.S. court orders N. Korea to pay US$2.3 bln over 1968 capture of USS Pueblo
-
3 
SHINee says vigor, passion drove new album following military enlistment hiatus
-
4 
(Yonhap Interview) Jeongmilla: the artist who sings Seoul's blue hill neighborhood in 'CheongPa Sonata'
-
5 
BTS performs 'BE,' surprise Coldplay cover on 'MTV Unplugged'
-
1 
Upcoming military exercise with U.S. should be postponed or halted: expert
-
2 
Panel says Pfizer COVID-19 vaccine eligible for youths, 1st shots scheduled for Sat.
-
3 
(LEAD) S. Korea to extend current social distancing measures for 2 weeks: PM
-
4 
12-year-old U.S. resident identified as suspect of terror threat against Incheon airport
-
5 
(2nd LD) S. Korea begins vaccinations amid hopes for herd immunity by Nov.
