A North American real estate investment company run by Korean Americans has withdrawn its bid to acquire a Korean pro baseball team.

The head of the Korea Baseball Organization, Ha Il-sung, said Friday that an official at Pro State Holding Company called him Thursday to inform him of the company's decision to drop its bid for the financially squeezed Hyundai Unicorns.

Pro State Holding, which invests in properties in the United States and Canada, had reportedly held a board meeting to decide on whether to give up the bid.

The move comes amid skepticism in Korea about the company’s ability to run the baseball club.