Todd Boehly, Co-Founder, Chairman and CEO of Eldridge Industries, may not be a household name in Korea, but he is a prominent figure in the asset management and sports industries. He holds investments in several major sports teams, including Major League Baseball’s (MLB) Los Angeles Dodgers, the National Basketball Association’s (NBA) Los Angeles Lakers, and the English Premier League’s (EPL) Chelsea FC—making him an owner of sports clubs that comprise of both Shohei Ohtani’s and LeBron James’ teams. His influence extends beyond sports into media and entertainment, as he owns Billboard, Variety, Rolling Stone, and even the Golden Globes.
Boehly co-founded Eldridge Industries in 2015, and it now manages a portfolio of over 100 companies spanning sports, entertainment, insurance, technology, consumer, real estate, and asset management. After attending the MLB Opening Series in Tokyo on March 18–19, Boehly visited Korea. On March 21, he sat down for an exclusive interview at the Four Seasons Hotel in Gwanghwamun, Seoul marking his first interview with Korean media.
Mr. Boehly cited the irreplaceable appeal of attending live sports games as his reason for investing in the sports industry. His philosophy is that building a winning team that captivates fans and drives stadium attendance will organically lead to sustained profitability. This creates a virtuous cycle of major investment → victory → fandom → higher corporate value.
As an investor, he says he’s keeping an eye on the growth of K-pop in the global entertainment market. He noted Pizza Hut as his most regretful investment and named Ohtani as his most rewarding player acquisition.
Here’s our Q&A with Mr. Boehly:
-When did you arrive in Korea?
“I arrived on the night of March 19 after the MLB Opening Series in Tokyo. Over the past two days, I’ve met with a wide range of people, including executives from major corporations, pension funds, insurance companies, music labels, and high-net-worth investors. After my visit here in Seoul, I’ll be heading to Hong Kong and Singapore.”
-Are you exploring business opportunities in Asia?
“I’ve been introducing Eldridge, a newly launched asset management and insurance holding company we established in January. Eldridge has two key divisions: Capital Management, which focuses on corporate credit, structured credit, GP solutions, and sports & entertainment investments; and Wealth Solutions, anchored by two insurance companies—Security Benefit and Everly Life. Our total AUM is approximately USD 72 billion (approximately KRW 106 trillion).
We are constantly seeking ways to collaborate with companies that have long-term strategies, including those in Korea. This Asia trip, which began with the Tokyo Series, is part of our efforts to expand and strengthen our business network in the region.”
-Speaking of the Tokyo Series, it reminds me of last year’s MLB opening Seoul Series. What was different about the atmosphere in Seoul and Tokyo?
“Both have been amazing experiences. In the Seoul series we saw a glimpse of what Ohtani’s power could be – people were lined up to see him. Making a simple comparison between the two is difficult. Now with Ohtani, Yoshinobu Yamamoto, and Roki Sasaki, the Japanese fandom was at another level. Last year, Ohtani made history as the first player to achieve the 50 home runs and 50 stolen bases while also winning the World Series. The Seoul experience laid the groundwork for what the Tokyo Series could be.”
-Beyond the LA Dodgers, you’re also known as the owner of the LA Lakers and Chelsea FC. Is there a special reason you invested in the sports industry?
“As an investment target, sports teams exist at the intersection of Eldridge’s key investment themes—media, real estate, intellectual property (IP), and more. Globally, the number of professional sports teams is limited, and it’s extremely rare for them to come on the market. Being rare makes them an investment opportunity with great potential.
And think about the appeal of sports itself. Sports have an incredibly loyal and passionate fan base. Today, many types of content are consumed through media, but nothing can replace the appeal of watching sports games in person. People make time in their busy schedules to go see games. Participating in sports as an investor and being a team owner is intellectually stimulating and at the same time humbling. It makes you strive to do your best every day to put the right people in place and build a foundation.”
-It sounds like sports investment is equivalent to investing in fandom.
“Fans are the reason for a team’s existence. Team owners must think from the fans’ perspective. We’re constantly thinking about ways to communicate more closely with fans, not just in America but overseas as well, and provide them with new experiences and immersion. For example, we’re discussing fractional ownership or establishing sports investment funds to make sports a more accessible investment target for the general public.”
-Do you have any principles you try to maintain when investing in sports?
“The prerequisite for fandom is ‘winning.’ The basic principle is that you must build the best team with the highest possibility of winning. I believe that a team’s potential is best demonstrated when players stay together for a long time. That’s why I prefer long-term contracts (Ohtani’s contract period is 10 years). Bringing Luka Dončić from the Dallas Mavericks to the LA Lakers is in the same context. The LA Lakers is a basketball team with a powerful brand not only in the US but globally, with a history of numerous victories. Dončić is also part of our long-term plan.”
-Ultimately, these investments must generate profits.
“Absolutely. When you build a winning team, success naturally drives profitability. MLB teams each negotiate their own media contracts, and LA is the second largest media market in the world. A year after we acquired the LA Dodgers, a media contract renewal was scheduled. At the time, we determined that the media value was undervalued. We also knew about the high spectator demand for LA Dodgers.
(Todd Boehly, along with Mark Walter who led Guggenheim Baseball Management, and other members including Magic Johnson, Peter Gruber, Stan Kasten and Robert Patton, then acquired LA Dodgers for USD 2.15 billion, approximately KRW 3.1538 trillion, in May 2012. It was the highest price among team acquisitions at the time. The Walter and Boehly consortium anticipating an explosive increase in demand for sports media rights, signed a 25-year paid TV contract with broadcaster Time Warner Cable. As a result, this contract created a continuous cash flow for the Dodgers.)
Look at what happened after the contract renewal. LA Dodgers’ 2024 Seoul Series games recorded an average of 18.7 million viewers, becoming the most-watched MLB game in Japan (despite being held in Korea). And this year’s Tokyo Series game viewership exceeded 25 million. We project that the LA Dodgers will be the first team to break USD 1 billion (approximately KRW 1.4648 trillion) in annual revenue.”
-What was it like when you acquired Chelsea FC three years ago? I recall some criticism that your approach was rather business-focused.
“Our investment philosophy has always remained the same. We just want to focus on assembling a team of talented individuals who excel in teamwork and share a clear, common mission. Our strategy started the day we started at Chelsea FC. Players that we have acquired are generally younger under longer-term contracts, as opposed to what the previous owner was doing. ”
-How different is the atmosphere of the sports market in the UK compared to the US?
“There’s a saying in the UK that you’re three times more likely to get divorced than to change your football club. That’s how passionate people are about the sport. The margin for error in European football is so slim—a goal almost feels like a walk-off home run in baseball. There are also differences in stadiums. In the US, stadiums are often multi-purpose venues that host a variety of events, including but not limited to sports. On the other hand, in Europe, most stadiums are built for a single sport. I see growing investment opportunities in stadium development moving forward.”
-Let’s talk about entertainment as well. Are there any investment cases that Koreans might be familiar with?
A24, has collaborated with numerous Korean actors and directors to create acclaimed films and TV series. The film ‘Minari,’ which received six Academy Award nominations. It was the first film to feature a Korean actor (Yuh-jung Youn) who won an Academy Award for Best Supporting Actress. Additionally, Netflix’s ‘Beef,’ starring Steven Yeun, won eight Emmy Awards and three Golden Globe Awards.”
-How do you value Korea’s entertainment industry, represented by K-pop?
“It’s fascinating to watch how K-pop’s global popularity keeps growing. Popular K-pop groups in Korea create powerful brands and have succeeded in securing global fandoms. We’re watching K-pop as one area that’s growing in the global entertainment market.”
-You invest across a wide range of industries. It must be critical to work with the right people.
“Absolutely. As with any field, finding reliable and capable partners is critical. Our role isn’t to be an expert in everything—it’s about identifying great leaders and ensuring they build the right partnerships.”
-Could you share any particularly notable partnership examples?
“A24 was founded in 2012 following a proposal from Daniel Katz, who was handling private credit investments at Guggenheim. He applied his private credit investment approach to the studio business with huge success.
The partnership with Jay Penske, the founder of the global media group Penske Media, has also been a great success. Together, we built Penske Media Eldridge (PME), which includes well-known brands such as Billboard, The Hollywood Reporter, Variety, and Rolling Stone. Jay Penske and his team have been successfully digitizing and continuously growing this powerful brand portfolio. Recently, we also acquired the Golden Globe Awards.”
-It sounds like you’ve had nothing but success. Have you ever experienced an investment failure?
“Yes. One that sticks out is the investment in Pizza Hut, which didn’t turn out well. The reasons are intricate, but if there’s one key takeaway from that experience, it’s the importance of securing intellectual property (IP). At the time, we entered into a deal where we didn’t own the IP, and that ultimately turned out to be a mistake. Since then, no matter what brand I invest in, I always make sure to secure the IP rights first.”
-I’m curious about any personal failures in your life, too.
“I was a wrestler during my school years, and I once did not make weight, I still think about it to this day – I let my team down. I learned a lot about commitment to yourself and your teammates. With wrestling, there’s nowhere to hide – it’s all on you, so it was an entrepreneurial experience which helped mold who I am today.
-What ultimate goal are you currently pursuing?
“Since founding Eldridge Industries in 2015, we’ve been compounding at an average of approximately 20% per year. We’ve built a unique network, and people place great value on the opportunities we can provide. I really enjoy finding intellectually stimulating investment opportunities. As our network expands, like during this visit to Korea, I know that more interesting opportunities will come our way. Ultimately, we want to build companies that will continue to grow and stand the test of time.
-Let’s end with a light question. Who’s the best player you’ve ever signed?
“It’s hard to pick just one, but Ohtani has probably been the best player of all time. It is unique to see an elite pitcher, fielder, and hitter. Even if he’s placed in a position other than pitcher, he would still be an outstanding player”
-Could you also share your thoughts on Hye-seong Kim, who joined the LA Dodgers this year?
“Hye-seong Kim is a player with a very promising future. I remember the skills and passion that Chan-ho Park and Hyun-jin Ryu showed while with the LA Dodgers. I believe Hye-seong Kim will achieve just as much as they did. I plan to continue creating opportunities to work with talented Korean players.”