-
>
"South Korean Business Leaders Showcase Their Passion for Sports"
전소영 기자
입력 : 2023.10.26 18:30
ㅣ 수정 : 2023.10.26 18:30
‘Corporate Giants' Enthusiasm for Sports Shapes Their Image and Community Engagement
SEOUL (News2day) = South Korean business leaders are showcasing an extraordinary passion for sports, with their enthusiasm becoming increasingly evident through their involvement in major sporting events.
In 2023, their commitment to the world of sports took center stage, as they lent their support to events like the Hangzhou Asian Games in China and the regular season of the KBO League, South Korea's professional baseball league.
Among these corporate giants, LG stands out as a company with a deep-rooted love for baseball. The LG family, including the late Koo Ja-kyung (died in 2019), the former honorary chairman of the LG Group, and several other members, is renowned for their avid passion for baseball.
The late Koo Bon-moo (died in 2018), the former chairman of LG Group, served as the team owner for nearly 20 years, from 1990 to 2008. Following in his footsteps, Koo Kwang-mo, the current chairman, took the reins as the youngest team owner in 2019. Despite their fervor, LG Twins had struggled to secure a regular season championship since their fourth-place finish in 2002.
However, on the 3rd of this month, LG Twins clinched the KBO regular season championship for the first time in 29 years. This achievement brings them one step closer to the long-cherished dream of winning the Korean Series. While the success can be attributed largely to the players, coaches, and management, Chairman Koo Kwang-mo's emphasis on "enhancing the customer experience" has positively influenced the team's operations, such as reviving the iconic black away jerseys, in line with his long-standing approach.
The LG Twins' triumph signifies more than just a victory on the field. LG Sports, the company overseeing the team's operations, had reported a deficit of 10.8 billion KRW (approximately $9 million) up until last year. However, with the championship win, they now have the opportunity to generate income through various business avenues, potentially turning a profit in the process.
In contrast, if baseball is associated with LG, then football is deeply connected to Hyundai Motor. The stability of the team's operations and the boost in player morale heavily depend on financial support, which comes from Hyundai Motor Group's chairman, Jung Eui-sun, known for his generous investments.
Hyundai has been at the forefront of supporting underrepresented sports, including Korean fencing, handball, weightlifting, swimming, and e-sports. This commitment paid off at the 2023 Hangzhou Asian Games, where Hyundai-sponsored athletes brought home a total of 25 medals across various disciplines.
SK Group has taken a different approach, going beyond popular sports like baseball and football to support lesser-known disciplines. This was notably highlighted during the 2023 Hangzhou Asian Games when SK Group, under the leadership of Chairman Choi Tae-won, sponsored nine different sports, including fencing, handball, weightlifting, swimming, and e-sports. This support resulted in 25 medals and widespread attention.
Notably, SK Group once operated the prestigious baseball team 'SK Wyverns,' winning the Korean Series four times. However, in 2021, the group's decision to sell the baseball team without financial constraints raised many questions. It was seen as a strategic move to focus on generating broader societal value rather than purely seeking commercial profits through professional sports.
SK's emphasis on supporting less popular sports is further validated, with plans to expand their involvement in disabled sports.
The active participation of business leaders in sports offers several benefits, including enhancing corporate recognition, improving their image, and capturing a younger fan base. Nevertheless, it's important to recognize that sports marketing isn't without its challenges, as a team's performance or operational issues can sometimes harm a company's image or lead to financial deficits.
For instance, fans' dissatisfaction with Jeonbuk Hyundai Motors' performance and lack of communication led to protests and public criticism, even involving Chairman Jung Eui-sun directly. This has led some companies to reduce their emphasis on sports marketing.
Samsung, for instance, streamlined its sports management by consolidating its subsidiary teams' ownership and operations under the aegis of Jeil Wordwide. This move was initially expected to improve the financial performance of their sports teams, but results have been mixed, with some teams facing declines and even sale rumors, indicating that Samsung might be diminishing its focus on sports marketing.
A corporate insider noted, "Sports teams aren't expected to generate profits for businesses. These teams are often run to uphold tradition, creating a sense of continuity." He added that corporate sports sponsorships aim to create job opportunities, boost local economies, and engage with the community, ultimately contributing to brand promotion by expanding community and social involvement.
Therefore, companies are increasingly expanding their sports-related social contributions, both directly through athlete and event sponsorship and indirectly by enhancing various aspects of society.
By Soyeong Jeon / jsy@news2day.co.kr
댓글 (0)
- 띄어 쓰기를 포함하여 250자 이내로 써주세요.
- 건전한 토론문화를 위해, 타인에게 불쾌감을 주는 욕설/비방/허위/명예훼손/도배 등의 댓글은 표시가 제한됩니다.
0
/250
