Tricia Takanawa, Takanawa Times
Jan 30th, 2013

Today I am happy to say I was here to witness the auctioning of the red-inkedSeoul Crushers of the League of the Rising Sun.  The Moo-hyun family refused further interest in owning the team.  Rumors around Korea had the family at a loss of anywhere from $10-30 million.  About an hour ago, the Christie’s Auction of Seoul has finalized the sale of the team.  I sat down with the auction house manager Bae Hye-Kyung and got more details on the sale.

Takanawa: I heard you sold a professional baseball team today.

Bae Hye-Kyung: Yes, the family who owned the team asked us to sell it for them, as they had been very unsuccessful.  They really wanted to get rid of this team.  They said it was like a money vortex.  One day they had cash; the next they had nothing.

Takanawa: What was the current value of the team when it sold?  Can you tell us the price it sold for and who purchased the team?

Bae Hye-Kyung: Well, when we had put a value on the team, it was in the range of $39.8 million.  The selling price was around 30% of the overall value: $11.94 million.

Takanawa: Wow!  That’s a serious loss for that Moo-Hyun family.  How much do you get off the top of that?  Also, who was the winner of that lot?

Bae Hye-Kyung: Yes, it was a depressing sale for the family.  I am told it barely covered the debt they has accrued while owning the team.  I do not like to see customers lose on an auction.  We will get 20% of the sale, so around $2.39 million.  The winner was an American who you might know.

Takanawa: Someone I may know?  Do not leave me guessing!  So this buyer made out big time?  Does he have to cover any previous loans and/or debt?  Do you have a name of this buyer?

Bae Hye-Kyung: Yes, the buyer did get a great deal.  I do not know the ins or outs of a baseball team.  Therefore, I cannot comment on what is owed and what he will be pressed with when he takes over his ownership.

Takanawa: Will you give me the name of the owner or not?  I am sure it’s public record and this was not a private sale.

Bae Hye-Kyung: Well yes, I can.  I usually do not name names.  His name is Mark Kierstead, former GM of the Seoul Crushers.  He mentioned that his nest egg would be used to buy the team.

Takanawa: This is great news.  Former GM buys the team!  GM turns owner and becomes the savior of Seoul!  That would make a great article.

Bae Hye-Kyung: He seemed very happy.  After his winning bid, he said he would turn this team around.  If he used his nest egg for the auction, I am sure he will do well.  I would never toss all my eggs in one basket.

Takanawa: How many bids did you have?  Would you say this was good for business?

Bae Hye-Kyung: Well to be honest… make sure not to print this, please… he was the only bidder.  This was good for Christie’s of Seoul.  We made nice chunk of change from this one lot.  This will make up for any under bids for the rest of the night.

Takanawa: Thank you for your time, sir.  I will be on my way.

Well, as we all know now, the Crushers have a new owner.  Will Kierstead succeed or fail?  As GM, he did get into a fist fight with a former player.  Now, as owner, will his temper cool down?  One thing is for sure; he has a bunch of young guns on the Ranma Pandas who in a few years will be bankable commodities.  I will hunt Mr. Kierstead down and look for answers to my many questions.  What is his outlook for this upcoming season?  Can he get this team to make money?  Will he get this team on a roll?

I am Tricia Takanawa and this is the Takanawa Times.