Baseball-Shinsegae acquires KBO's Wyverns from SK Telecom for $123 mln

South Korean retailer Shinsegae said on Tuesday they had reached an agreement to acquire the SK Wyverns baseball team from SK Telecom in a deal worth 135.3 billion won ($122.73 million). E-Mart, the country's biggest discount store chain run by Shinsegae, would acquire a 100% stake in the Korea Baseball Organisation team and take over its properties and facilities.

South Korean retailer Shinsegae said on Tuesday they had reached an agreement to acquire the SK Wyverns baseball team from SK Telecom in a deal worth 135.3 billion won ($122.73 million). E-Mart, the country's biggest discount store chain run by Shinsegae, would acquire a 100% stake in the Korea Baseball Organisation team and take over its properties and facilities. The club is set to remain in Incheon.

Shinsegae said it had been looking to buy a baseball team for several years and that the acquisition was part of its marketing strategy. The Wyverns were formed in 2000 and have won four Korea Series titles, the last in 2018. They had a poor 2020 season, however, managing just 51 wins in 144 games and finishing ninth in the 10-team league.

SK Telecom, the country's top mobile carrier, said in a statement the team's new owners would help take the sport forward in Korea. "We expect Shinsegae Group to further develop Incheon baseball and Korean professional baseball with strong passion and vision," it said.

"SKT will continue to sponsor Korean sports with a bigger dream of balanced development of Korean sports and strengthening global competitiveness." The club's new name and emblem will be announced in due course and officially launched in March. ($1 = 1,102.4600 won)