KBO Side Nexen Heroes Faces Ownership Shift Following Court Ruling
Korea Baseball Organization side Nexen Heroes is set to face a change in its ownership structure after it lost a trial against a U.S.-based businessman on Friday, according to YONHAP. The club filed a lawsuit claiming that it does not "owe a debt to Hong Sung-eun," chair of Atlanta-based real estate developer Rainier Group, but the Seoul High Court dismissed the team's appeal and upheld the lower court's decision. Hong said that he did not get a 40% stake of the club that former Heroes President Lee Chang-suk "promised in exchange for 2 billion won." Lee claimed that he "never promised shares of the club." After a "long tug-of-war between the two sides," the Korean Commercial Arbitration Board in '12 ordered Lee to give Hong a 40% stake in the club. In '14, the board's decision was backed by a Seoul court. Lee, however, did not follow the order, and Hong last year requested a prosecutor probe against the club owner "which saw Lee indicted on charges of fraud and embezzlement" (YONHAP, 8/18).