SEOUL, 23 Feb. (Yonhap) – E-Mart Inc., South Korea’s largest discount chain store, on Tuesday finalized the purchase of a professional baseball club owned by leading mobile operator SK Telecom.
E-Mart, led by retail giant Shinsegae Group, announced it had acquired all of SK Telecom’s stake in SK Wyverns from the Korea Baseball Organization (KBO) for 100 billion won (90 million of dollars).
News of the sale first surfaced last month, with the Shinsegae Group unveiling plans to leverage the power of the E-Mart brand and synergize with the baseball club.
Shinsegae is also in the process of changing the name of the club. SSG should be the company name opposite, taken from Shinsegae’s online mall, SSG.com.
The group filed a trademark application for “Electros” with its chain of Electro Mart stores earlier this month, fueling speculation that it could be the team’s new nickname. But since that decision was leaked to the media, Shinsegae has also considered other options.
The deal was announced hours after the baseball club caused a stir 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.