
BTS member Suga and former Major League Baseball (MLB) pitcher Chan Ho Park are set to invest in the Athletics, an American professional baseball team.
They are joining a $70 million fund as the franchise based in West Sacramento, California is raising capital for its relocation to Las Vegas and the construction of a new stadium, according to investment banking sources on Friday.
They will acquire new shares in the team, also known as the A’s, to secure an approximately 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.
By Jong-Kwan Park
pjk@hankyung.com
Yeonhee Kim edited this article.