The Hyundai Unicorns pro baseball team has a new owner.

The investment firm Centennial signed a contract with the Korea Baseball Organization (KBO) to buy the team Wednesday morning.

Owned and run by Korean Americans, the investment firm said it will present a new business model for Korean sports.

Centennial plans to run the baseball team by attracting investment from outside companies.

The firm pledged to pay 12 billion won, or about 120 million dollars, in admission fees to the KBO.

Former star baseball player Park Noh-joon will coach the team whose home field will be the Mok-dong Stadium in Seoul.