Contract with Choo at 2.7 Billion KRW Annual Salary... Acquisition of Wyverns Shares Worth 100 Billion KRW
Checking the 'Sportainment' Trend... First Match Against Lotte on April 3 Draws Attention
[Asia Economy Reporter Jo In-kyung] Chung Yong-jin, Vice Chairman of Shinsegae Group, is exciting professional baseball fans this spring. Following the acquisition of SK Wyverns, he has signed Major League Baseball player Choo Shin-soo. On April 3rd, the season opener will feature a showdown against retail rival Lotte.
On the 24th, Shinsegae Group officially announced that they signed Choo with a contract worth 2.7 billion KRW annually. This is the highest salary ever in the KBO (Korea Baseball Organization) league. The previous highest salary was 2.5 billion KRW paid to Lee Dae-ho of the Lotte Giants. According to the team, Choo has agreed to use 1 billion KRW of his salary for social contribution activities.
Choo’s signing was initially pursued by SK Wyverns, who held the nomination rights, but was finalized by Shinsegae Group. It is known that Vice Chairman Chung’s proactive intention had the greatest influence. This bold ‘star marketing’ move coincides with the launch of the new team and involves recruiting a current Major League player.
Last month, when announcing the plan to acquire SK Wyverns, Shinsegae promised long-term investments including the construction of a dome stadium and expansion of infrastructure. They unveiled plans to evolve the baseball stadium into a ‘lifestyle center’ by integrating Shinsegae’s customer experience and know-how, so that professional baseball fans can enjoy the game more entertainingly. They also plan to attract non-face-to-face demand such as online baseball spectators, games, goods, and communities to SSG.com, focusing their capabilities on enabling seamless communication and shared experiences between baseball fans and customers.
After deciding to acquire the baseball team, Vice Chairman Chung traveled to the United States. During his trip, he met with local corporate officials to explore business expansion in the U.S. and examined the ‘sportainment’ trend, which combines shopping malls, sports, and entertainment, at major U.S. sports venues.
On the 23rd, Shinsegae Group signed a contract to transfer 100% of SK Wyverns’ shares from SK Telecom for 100 billion KRW. The day before, on the 22nd, they completed the KBO membership application, finalizing preparations for entering professional baseball. The team’s naming, emblem, and character will be confirmed soon.
Shinsegae’s inaugural game opponent will be Lotte. The game will be held on April 3rd at the home stadium, Incheon Munhak Stadium. Prior to this, the two sides will face off in exhibition games on March 22nd and 23rd at Busan Sajik Stadium.
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