A 20-Year Dream to Acquire the LA Dodgers: Why Did It Fail?

An Epic Beginning with a Fastball of Hope in an Era of Despair

• How Park Chan-ho became a symbol connecting the LA Dodgers and Korea during the IMF era
• The full story of acquisition and investment attempts from E-Land Group to Korea Investment Corporation
• Why South Korea longed for the Dodgers and the significance left by that dream

The Beginning of Everything: IMF and Hero Park Chan-ho

South Korea’s grand dream to acquire the LA Dodgers began in 1997, during its darkest times. When the entire nation was plunged into despair by the International Monetary Fund (IMF) bailout, a young man wearing the Dodgers’ blue uniform, Park Chan-ho, threw a pitch of hope.

As the first Korean to enter Major League Baseball (MLB) in 1994, he reached his prime amid a national crisis, and every fastball he threw carried the message “We can do it too,” deeply resonating with the public.

The public’s support for Park naturally extended to seeing his team, the LA Dodgers, as ‘our team.’ This was a pure and powerful bond born from the people’s desire to find hope amid despair.

‘Adopted Son’ Park Chan-ho and Owner Peter O’Malley

At the heart of this special relationship was Dodgers owner Peter O’Malley. He cherished Park so much that he called him his “adopted son,” and this deep trust later became an invaluable strategic asset in Korea’s attempt to acquire the Dodgers.

O’Malley symbolized the very history of the Dodgers, and Korean hero Park Chan-ho was the surest ‘key’ to reach him. Thanks to this strong connection, Korean acquisition hopefuls later secured legitimacy as ‘O’Malley’s partners,’ not just foreign investors.

The Ambition of a Conglomerate: E-Land’s Challenge to Acquire the LA Dodgers

In 2011, amid mismanagement and divorce lawsuits by owner Frank McCourt, the LA Dodgers filed for bankruptcy protection and were put on the market. This was a golden opportunity for South Korea, which had long nurtured the dream.

Seizing this chance was the apparel and distribution giant E-Land Group. Chairman Park Sung-soo made a decisive move to realize his long-held ambition of acquiring a U.S. professional sports team.

Formation of the ‘Dream Team’: E-Land, Park Chan-ho, and O’Malley

With low recognition in the U.S. market, E-Land chose to secure ’legitimacy’ rather than confront head-on. The solution was Park Chan-ho.

Through Park’s mediation, E-Land partnered with Peter O’Malley to form the ‘Dream Team’ consortium. O’Malley would take the lead in team management, while E-Land would provide financial backing—a perfect arrangement. This strategy offset the weakness of ‘foreign capital’ with the strong justification of ’the glorious return of the O’Malley family.’

Giants Enter and the Dream Shattered

However, the competition for the Dodgers was fierce. A consortium led by LA Lakers legend Magic Johnson and global investment firm Guggenheim Partners emerged.

If the E-Land-O’Malley consortium’s story was about ’nostalgia and restoration,’ the Magic Johnson-Guggenheim narrative combined ’local heroism and financial stability.’ In the conservative world of Major League Baseball, the latter was naturally more appealing. Watching this unfold, I realized that in business, emotional narratives alone cannot win.

The turning point came in February 2012, when Peter O’Malley suddenly withdrew from the bidding, collapsing everything. Losing its central figure, the E-Land consortium was reduced to ‘foreign capital’ and was eliminated from the second round of bidding. The final winner was the Magic Johnson-Guggenheim consortium, which paid an astronomical $2.15 billion.

Comparison: Key Differences Between the Two Consortia

The Unfinished Dream: Financial Capital’s Attempt to Invest in the LA Dodgers

Though E-Land’s challenge failed, the ‘blue dream’ of the Dodgers did not end. This time, financial capital took over with cold calculation rather than fiery ambition.

The 2% Shortfall: KTB Private Equity Minority Investment

In 2013, interest reignited as ‘Korean Monster’ Ryu Hyun-jin donned the Dodgers uniform. Domestic private equity firm KTB PE attempted a ‘minority stake investment’ acquiring 7–14% of the Dodgers. This was a practical investment leveraging Ryu’s popularity, not a romantic goal of ownership. However, disagreements over price with the owners led to the deal falling through.

The Nation’s Money Enters: Korea Investment Corporation’s Risky Gamble

In 2015, the obsession reached its most dangerous phase. The sovereign wealth fund managing the country’s foreign reserves, Korea Investment Corporation (KIC), stepped in. KIC planned to invest about 400 billion KRW to acquire roughly 19% of the Dodgers, becoming a co-owner.

But this was close to a reckless gamble.

• Low profitability: Expected annual return of only 3%
• Long-term capital lock-up: Toxic clause preventing principal and interest withdrawal for 10 years
• High risk: Potential loss of principal if the owner (Guggenheim), not the team, goes bankrupt

When these facts became public, harsh criticism of a “blind investment” poured in. The sovereign wealth fund was accused of irrational investment driven by the symbolic allure of a sports team. Under political pressure, the investment was ultimately abandoned. The ‘blue dream,’ once a symbol of hope during the IMF era, had turned into a dangerous obsession shaking even the principles of national asset management.

Conclusion

South Korea’s 20-year unrequited love for the LA Dodgers was an epic blending emotion, business, and national pride. Though the dream was never realized, the journey left much behind.

• The Start of Hope: It all began with a powerful emotional bond born from collective hope and comfort given by Park Chan-ho during the IMF crisis.
• The Wall of Reality: E-Land’s challenge collided with the massive wall of ’local heroism’ and ‘American capital,’ while KIC’s attempt sank due to irrational investment terms.
• The Meaning of the Dream: Acquiring the Dodgers was more than owning a sports team; it was an expression of national pride aiming to enter mainstream American society (business) and prove South Korea’s success on the world stage.

Though the attempt to acquire the LA Dodgers has ended, the passionate dream that inspired it remains a strong testament to the dynamism of Korean society. Will another Korean challenger emerge someday? The symphony of blue blood may not yet be over.