Chaebol money and enthusiasm for sport help to power Korean Olympics feat

[Photo by Yonhap]

South Korean business tycoons have not just smell for money, but also a stomach to spend it, when it comes to a business and sport Koreans can excel. Olympics feat is the result.

Chaebol-backed patronage shone at this year’s Tokyo Olympics.

Korean women’s volleyball team has ascended to semifinals to face world No. 2 Brazil Friday for its first chance to stand on the Olympic medal podium in 45 years after grueling five-set victories over No. 7 Dominican Republic, No. 11 Japan and No.4 Turkey under the leadership of superstar captain Kim Yeong-kyoung who set history as the first player to record 30 or more point in an Olympic competition four times.

Mostly unpopular outside Olympics, Korean women’s volleyball has had unwavering devotion from flag carrier Korean Air Lines and its chairman Cho Won-tae.

Cho, exceptionally tall at 192cm for a business tycoon, serves as the head of Korean Volleyball Federation (KOVO) and often mingles with the tall volleyball squad. Kim is 192cm.

He has handed out a bonus from his own pocket to the national women's volleyball team prior to the Tokyo Olympics and promised a generous cash reward of 500 million won ($437,000) for a gold medal, 300 million won for silver, 200 million won for bronze and 100 million won for winning a quarterfinal match.

Korean Air is an avid sponsor of table tennis in Korea. The national flag carrier founded its own women's table tennis team in 1973, and the late former Chairman Cho Yang-ho served as President of Korea Table Tennis Association from 2008 to 2019 before he passed away.

Hyundai Motor Group is credited for Korea’s bar-raising and unrivaled gold feat in archery. It has been devoted to the sport since Honorary Chairman Chung Mong-koo in 1985 became the President of Korea Archery Association, a title handed down to his son Chung Eui-sun along with the helm over the auto conglomerate.

[Photo by Yonhap]

Hyundai Motor Group has provided enthusiastic support for the enhancement of the national archery team by discovering talented players and developing advanced training equipment like high-precision shooting machines.

Chung flew directly to Japan right after his business travel to the U.S. to watch every Korean archery game at the Olympics.

SK Group is another enthusiastic sponsor for national Olympic teams. It has massively invested in fencing and handball, which are rather unpopular in Korea, for over 20 years. Since his inauguration as President of Korea Handball Federation, SK Group Chairman Chey Tae-won has invested more than 100 billion won in handball by building a dedicated stadium and fostering young athletes. SK Telecom has played a central role in making Korea a strong fencing country in a short period of time.

[ⓒ Maeil Business Newspaper & mk.co.kr, All rights reserved]