BTS’ Suga, MLB star Chan Ho Park join $70 mn fund to invest in the Athletics

Chan Ho Park (left) is the first South Korean-born player in MLB history. Suga is a member of boy band BTS 

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.

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