Deadline to submit letter of intent to take over e-land of professional basketball

Incheon Electronic Land, a professional basketball game. [사진 KBL]

A bid to find the new owner of Incheon Electronic Land, a professional basketball game, was held on the 2nd.

Secure KBL bid results

The bidding was held for 6 hours a day on this day. However, the Korea Basketball Federation (KBL) maintained the security of the bid results. They also avoided mentioning about the number of places that participated in the bidding, if any.

If multiple companies have participated in the bidding, KBL will select a preferred negotiator through evaluation. After that, you can sign a memorandum of understanding (MOU) and make a formal contract through due diligence. However, if no companies have participated in the bidding, KBL will have to find a company that can be acquired by itself.

KBL, commissioned by e-Land, selected Deloitte’s Anjin Accounting Firm’s Sports Business Group as the organizer of the sale in January and decided to seek out buyers of the basketball team through open competitive bidding.

At that time, KBL explained, “It is a plan to find the best buyer by transparently and meticulously disclosing information, freeing from the sale method that was conducted in the form of private contracts, so that more targets can access it.” E-Land’s basketball team runs until the end of May, when professional basketball in the 2020-21 season ends.
Reporter Pee Ju-young [email protected]

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