The Olympics of 'Hoijangnimdeul' Have Just Begun... Prize Money Worth 'Eok' Sounds

[Image source=Yonhap News]

[Asia Economy Reporter Kim Hyung-min] With the opening of the Tokyo Olympics, the heads of South Korea's major business groups have also started to move. The "Chairmen's" Olympics has begun. As a signal flare, some sports have boldly offered staggering prize money.

The Korea Handball Federation, chaired by SK Group Chairman Chey Tae-won, has announced a total prize money of 2.2 billion KRW for the women's handball team. If the team wins a gold medal at the Tokyo Olympics, each player and coach will receive 100 million KRW; 50 million KRW for silver, 30 million KRW for bronze, and 10 million KRW for fourth place. This is the largest amount ever offered.

It appears to reflect Chairman Chey's intentions. His love for handball is well known. Having played handball during his school days, he receives separate reports on handball-related matters from the group's sports department.

LS Group Chairman Koo Ja-yeol has made headlines for reportedly using his personal funds to provide prize money to the cycling team. As the president of the Korea Cycling Federation, Chairman Koo decided to give at least 50 million KRW to players and coaches regardless of medal results, with additional rewards if medals are won.

Chairman Koo has led the Korea Cycling Federation for 13 years since 2009. Having loved cycling since childhood, he completed rides across the Swiss Alps to Germany and Italy in 2002.

Hyundai Motor Group Chairman Chung Eui-sun's passion for sports cannot be overlooked either. He has served as president of the Korea Archery Association for 16 years, leading archery, one of South Korea's most successful sports. Although prize money has not yet been decided, it is expected to be similar to the 2.5 billion KRW offered during the 2016 Rio Olympics.

With Chairman Chung's support, the archery team made history at the Rio Olympics by sweeping all men's and women's events for the first time ever. He ensured that players maintained peak performance by providing trailers equipped with rest areas and showers, armored vehicles, and temporary Korean restaurants. Similar comprehensive support is planned for Tokyo.

Additionally, Hyundai Development Company Chairman Chung Mong-gyu supports the soccer team, and Hanwha Group Chairman Kim Seung-yeon backs the shooting team. The table tennis team competes carrying on the legacy of the late Cho Yang-ho, former chairman of Hanjin Group, who passed away in 2019 and was known for his great love of table tennis. The Korea Table Tennis Association has decided to award 500 million KRW for a team gold medal, 200 million KRW for silver, and 100 million KRW for bronze to the Olympic team.

However, most of these chairmen have decided not to visit Japan this time due to the spread of COVID-19 and other factors. Only Chairman Chung Eui-sun and Chairman Chung Mong-gyu will visit on the 24th in their capacities as presidents of the Archery Association and Football Association, respectively.

This content was produced with the assistance of AI translation services.