KBL's Incheon Electroland Elephants up for sale in open bid

[Photo provided by KBL]

South Korea’s professional men’s basketball team Incheon Electroland Elephants is looking for a new owner, becoming the country’s first pro sports team to conduct an open sale with a sale advisor.

The Korean Basketball League (KBL) has put on sale Incheon Electroland team operated by SYS Retail after naming Deloitte Anjin the sale advisor, according to sources from the investment banking industry on Monday.

The KBL decided to draw buyers in an open bid to provide detailed information in a transparent manner to reach out to as many potential candidates as possible.

The KBL is pitching to the prospective buyers by emphasizing the fact that the professional basketball league has a high entry barrier and a team has at least 20-year operation. The basketball league also boasts better cost-effectiveness than other sports leagues.

Market watchers expect it could appeal to some financial companies with high interest in sports marketing, as well as game publishers and consumer goods producers. It will receive bids by early March and pick a preferred bidder after taking into account candidates’ price offering, financing capabilities and operating plan.

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