Prosecutors sought an arrest warrant Thursday against the owner of the South Korean baseball club Nexen Heroes for his alleged fraud and embezzlement.

The move came a few days after the Seoul Central District Prosecutors' Office summoned Lee Chang-suk, who is alleged to have reneged on a 2008 promise to hand over his stake of the ball club to a Korean-American businessman in return for 2 billion won (US$1.7 million).

Hong Sung-eun, chairman of the Atlanta-based real estate developer Rainier Group, filed a petition against Lee with prosecutors in May. Investigators have since raided the home and office of Lee, placing him under an overseas travel ban.

Lee is also suspected of having embezzled 4 billion won of the club's funds. (Yonhap)