Booyoung Group Bids For Operating Rights Of South Korea's 10th Professional Team

South Korea business conglomerate Booyoung Group on Thursday "signed on to launch" the 10th professional team of the Korea Baseball Organization in the southern part of the country, according to YONHAP. Booyoung, which operates 16 affiliates, primarily in construction, announced that it has "reached a deal with a consortium of four cities and counties in North Jeolla province" -- Jeonju, Gunsan, Iksan and Wanju. For the rights to operate the new team, Booyoung will compete with telecom giant KT, which in November reached a deal with the city of Suwon in Gyeonggi province to launch a team there. North Jeolla provincial officials said that a new stadium with 25,000 seats will be constructed in Jeonju, "and it will be leased to Booyoung for 25 years for free." The conglomerate will also "retain the naming rights to the new ballpark and will be guaranteed revenues from advertising and concessions" (YONHAP, 12/13).