Seoul-Based Conglomerate Eland To Launch New K-League Club

South Korea's governing body of professional football on Friday "approved a proposal by a local business conglomerate to found a new club for next season," according to YONHAP. The K-League "gave the green light to Eland to launch a new team to be based in Seoul." Eland will "use the Jamsil Olympic Stadium in southern Seoul as its home base, and will start out in the second division" K-League Challenge in '15. Eland will join FC Seoul of the "top-flight K League Classic in the nation's capital." Last month, Eland announced the hiring of Martin Rennie, a Scotsman who "once managed" Major League Soccer side Vancouver Whitecaps as its first head coach. Under the K-League rule, Eland must "pay up" $491,000 in the K-League Challenge entry fee and 50 million won ($49,000) in the "annual membership fee" by the end of Feb. '15. When the club is promoted to the K-League Classic, then Eland will have to pay $491,000 won in entry fee and 150 million won ($147,000) in the annual membership (YONHAP, 8/22).