NCsoft, a local online game company, received its final stamp of approval Tuesday to launch a new professional baseball team in South Korea.
The Korea Baseball Organization announced that NCsoft met the required support from owners of the league’s eight existing teams. The league office said seven owners approved the expansion, and the company needed two-thirds of support.
After the company received a go-ahead sign from team presidents last week, getting owners’ approval was considered a mere formality.
The new team will be based in Changwon, about 400 kilometers southeast of Seoul, and could join the KBO as early as 2013. It will be the league’s first expansion since 1991.
NCsoft will have to pay 5 billion won ($4.5 million) in league entry fees, which are contributed to the league development fund. The KBO said the fees must be paid within 30 days of the owners’ approval.
NCsoft will have to build a new stadium of at least 25,000 seats within five years of the team owners’ approval, the KBO added, or it won’t get back a 10 billion won deposit.
Nexen extends manager for three years
The Nexen Heroes in South Korea’s first-division baseball league announced Tuesday it has signed its manager Kim Si-jin to a three-year extension.
The Korea Baseball Organization club said Kim, whose contract was set to expire this year, is now signed through 2014.
He has agreed to 300 million won ($269,700) in annual salary for each of the three years, plus another 300 million won as a signing bonus. Kim, 53, took over the Heroes before the 2009 season.