Chapter 3
-----------------------------------------------------------------
Translator: Silver Dragon
Chapter: 3
Chapter Title: A Man Serious About Football
-----------------------------------------------------------------
Attending the restructuring plan meeting, I addressed the executive team.
"Before we dive into the restructuring, there's one thing I want to say."
It was a done deal anyway, so I laid it out boldly.
"To ensure this restructuring goes smoothly, I'm planning to cut my own salary."
"What?"
"Director Lee, what's this all of a sudden...?"
Murmurs rippled through the room here and there.
"As the acting head of the restructuring office, my annual salary is 180 million won. Meanwhile, this year's new hires at Daeyang Group make 18 million after taxes. So, I'm thinking we slash my pay to save more jobs."
One of the executives shot to his feet right away.
"Doesn't the bailout package require a 30% headcount reduction and subsidiary cleanups?"
"Yes, we're negotiating sell-offs with employment transfer clauses, but we still need to trim further internally. That said, converting full-timers to contractors, setting fixed severance for those retiring due to marriage or age, and pushing conditional voluntary resignations doesn't feel like enough."
Our chairman watched it all unfold, cigarette in mouth, eyeing me like, Go on, say more.
"When I proposed reshaping Daeyang's future around distribution, mobile telecom, construction, and trade, you all backed me. We good on that?"
"Hmm, your proposal made sense, for sure."
"We agreed, but salary cuts on top of that...?"
"Exactly. We need to minimize layoffs as much as possible."
The reason boiled down to one thing.
To thrive in distribution and consumer goods, employees are your customers.
"The kid buying candy down the street, the housewife grabbing green onions—they could all buy Daeyang products. Mass layoffs now would be a huge setback when we pivot to consumer goods later."
"Setback? Just say it's bad for the group image—no need for gaming lingo...?"
A few chuckles followed my father's wry comment.
But the levity faded fast.
What would the execs think if the chairman's son, heading restructuring, said, I'll take the pay cut, so keep more staff?
Oh, brilliant choice, Director! We'll happily slash our hard-earned salaries too—we barely clawed our way here. Yeah, no one was volunteering.
So I stepped up.
"This is just my decision alone. The press only needs to see the restructuring head leading by example—no one's touching anyone else's wallet."
Ahem, cough!
He says that now, but...
If the chairman buys in and even President Lee joins, who's gonna volunteer for pay cuts?
As eyes darted around, Father raised a hand.
"Sounds good on paper, Director Lee."
"Yes, Chairman."
"But it's just pissing in the wind. These execs are pushing sixty, marrying off kids, paying mortgages, prepping for retirement—a little trim just makes their lives harder."
The execs all gazed at him with touched expressions.
I got it.
Execs earn ten, twenty times the rank-and-file. Redistributing that ignores their lifelong contributions to the group.
"We need a bolder cutback plan. Got anything?"
"One more."
"Hm?"
"We'll relocate affiliates from pricey Euljiro offices to cheaper provincial spots."
"What?"
"To factories and logistics centers in the regions. Cuts office rent, and we spin it as 'on-site management' for the public image."
In affiliate restructuring, the big wins are slashing staff, selling real estate, and dodging fat HQ rents.
The cheapest? HQ rent.
Bitter pill for the chairman's flagship HQ, but the affiliates thrive.
Father inhaled deeply, stubbed out his smoke, and nodded.
"Fine. Keep doing what you want."
The execs nodded too—relocating offices beat voluntary pay cuts.
Some even eyed filling their remaining years back home.
And so, restructuring proceeded smoothly.
[Next up. Amid ongoing recession, the top 20 groups are embracing bone-deep austerity per government restructuring mandates.]
[Daeyang Group held a briefing yesterday at 1 PM, where restructuring lead Director Lee Dae-hyun announced, 'I'll cut my pay to keep as many staff as possible.' Post-financial affiliate sales, major reorganization is progressing smoothly.]
[Meanwhile, voluntary pay cut remarks and the Shinnuri Telecom stake acquisition via Pohang partnership have boosted Daeyang Distribution and Shinnuri Telecom shares...]
Beep-
Lee Won-gyu, chairman watching the news in his office, narrowed his eyes sharply.
That morning's papers featured Daeyang—mid-tier top 10, behind the top five like Samsin, Hyeonkyung, LZ, Zeus, Rota—far more prominently.
High-Stakes Gambler Director Lee Dae-hyun: 'I'll Slash My Salary to Carry Our Staff.'
Daeyang Group's Mass Layoffs? Director Lee Dae-hyun Charts New Course.
Ministry of Finance: 'Watching Daeyang's Approach Positively.'
In an era of daily bankruptcies, layoffs of hundreds or thousands, and protests, Daeyang's story—thanks to second son Dae-hyun—was all positive press.
"If this kid's really doing it just for his football hobby, that's some ballsy nonsense."
From Chairman Lee Won-gyu's view, every move by his brainiest son, on whom he pinned big hopes, mattered.
Sent to a top UK school for times like this crisis, and his pitch? 'Buy a European football club.'
I'd yelled it was insane, tried shutting it down—but he pushed back, even dangling conditions.
Couldn't fathom dumping a no-revenue black hole, bleeding billions yearly, on kicking a ball.
But crushing it outright? Overseas contacts painted a grim tax picture.
Chairman, UK branch sends 30%+ profits home—taxes pile on. Set up a local foundation or project for deductions.
Lee, big pound-to-won conversions? UK tax authority's cracking down. They hassle multinationals to spend UK earnings locally.
Europe loves football. Firms expanding there sponsor kits or buy stakes for marketing. Zeus Group's dropping tens of millions on league ads.
I could guess the kid's angle, but it still screamed waste in this mess.
"Damn brat. If he wanted a European art gallery or sculpture exhibit, even real estate, I'd back it. Football? Mingling with thugs? Just burns cash."
Chairman Lee still saw football as a 'money pit.'
But the kid handled business too well to block outright.
Daeyang's restructuring sailed thanks to Dae-hyun—undeniable as chairman or father.
Time flew, nearing year's end in '98.
Daeyang's restructuring framework set, progressing well.
Korea prepped for New Year's; Europe geared for winter transfer window.
"Daeyang Construction, Distribution, Trade merge into Daeyang Global—Dae-chul runs it as my president. You're VP for the European branch."
"Straight to the UK?"
"Hold up, I'm not done!"
Conditional green light. Fine, take it.
"Budget: 2 million pounds from UK branch funds. Whatever team you buy? Make it self-sustaining—no extra cash. Need more? Project finance it yourself."
2 million pounds... Around 5 billion won then. Buy a European club with that?
Dad figures double K-League buyout cash suffices.
What can you do? He approved—I'll make it work out there.
"Hand off restructuring thoroughly."
"Got it. But can I tap your European connections?"
"Connections only."
"That's plenty."
Father's famed European partners could form a consortium or vouch via UK finance circles.
"Press won't love it. Could paint you as the spoiled heir blowing cash."
"I'll make sure it doesn't."
He pulled a file envelope from his desk drawer.
European branch ops plan—execute, report process and results to HQ.
"You defied me with such conviction. Prove it."
In this turmoil, I'd finally chase my dream.
Packed and airport-bound.
Mom, brother, sister saw me off.
"Do great. I'll pray daily."
"Yes, Mom. Confident I'll succeed."
"Oppa, really off for football? Making a Real Madrid or Barcelona?"
"Gonna build it that big."
Even soccer newbie Seol-ah knew those giants—I'd raise mine to match.
"Do well."
"Hyung, handle the remaining reorg."
Checked in, headed to the lounge.
Whatever team lands in my lap, massive change hits before season's end.
England, here I come.