[News Figures] Lee Jung-hoo, the Boras Who Will Create a 'Jackpot'

Special Contracts for Korean Players like Park Chan-ho and Ryu Hyun-jin
High Understanding of Players as Former Baseball Athletes

[Asia Economy Reporter Seunggon Han] Lee Jung-hoo (Kiwoom Heroes) has joined forces with the major league (ML) top agent Boras team. Boras has a deep connection with Korean players, starting with Park Chan-ho (retired) in 2001, Choo Shin-soo (SSG Landers) in 2013, and Ryu Hyun-jin (Toronto Blue Jays) in 2019.

Boras is famous for negotiating with teams by not only referring to various game data of the players he contracts with but also analyzing future value such as potential, maximizing players' market value. While the players are good, teams paying the signing bonuses inevitably find Boras uncomfortable. However, it is not easy to ignore him. Since he successfully completes top-tier contracts, many players seek Boras, making it difficult to build a team without him. This is why he is called the 'devil agent' among teams. In this regard, one can gauge the extent of Boras's dominance in ML.

After the 2023 season ended, Lee Jung-hoo (second from the left), who is aiming to enter Major League Baseball in the United States, posed with Scott Boras at the Boras Corporation office in Los Angeles, USA. On the far right is his father, Lee Jong-beom, a coach for the LG Twins. Second from the right is his mother, Jung Yeon-hee. Photo by Boras Corporation

Among Korean players who have entered ML, many have hit the so-called 'jackpot' through Boras. After the 2013 season, Choo Shin-soo signed a 7-year, $130 million (about 160.4 billion KRW) contract with Texas. At the time of signing, it was the highest amount ever recorded for an Asian player. Boras also led Ryu Hyun-jin's 2012 posting contract and 2019 free agent (FA) contract. After the 2019 season, Ryu moved to Toronto, securing a 4-year, $80 million (about 98.7 billion KRW) contract. Park Chan-ho signed a 5-year, $60 million (about 74 billion KRW, current value) contract with the Texas Rangers after the 2001 season. It was the highest contract amount for a pitcher in Texas Rangers history.

Boras's ability stems from his experience as a former player and the unfair treatment he endured during his minor league career. Boras played as a college athlete and was drafted into ML, playing for the St. Louis Cardinals and Chicago Cubs. However, due to a knee injury, he spent time in the minor leagues and reportedly had many complaints about the teams' treatment of players. Eventually retiring from playing, Boras earned a doctorate in pharmacy and then entered law school to study law. He joined a law firm in 1982 and the following year embarked on a career as a baseball-specialized agent. At that time, there was no proper evaluation of players' abilities, and teams often used players based on personal connections and rough methods. Boras introduced salary negotiations using various data, including players' statistical records.

Players who have signed with him boast the highest salaries. This shows that at the time of signing, it is not just about high pay but also actual skill, proving that negotiating with Boras is not a loss for teams. The case of New York Mets' Max Scherzer is a good reference. As of last year, he earned $59.33 million (about 71.9 billion KRW), ranking first among all ML players. This is the highest amount ever in major league history on a one-year basis.