The franchise was originally known as the Sammi Superstars and had subsequent incarnations as the Chongbo Pintos and Pacific Dolphins. The team was renamed the Hyundai Unicorns after being sold to Hyundai in 1996, and was relocated from Incheon to Suwon. The Unicorns won the KBO championship four times (1998, 2000, 2003 and 2004), with only the Haitai Tigers (now Kia Tigers) having a better record of championship victories. But in 2008, the team was disbanded. After that, Centennial Investments founded a new team called Woori Heroes. Unlike the other Korean Professional Baseball teams, the Heroes are owned by a collection of individuals headed by Lee Jang-Seok, instead of being owned by its naming sponsor. But during the 2008 season, Woori broke the naming sponsor deal, citing that the Heroes has not paid the full founding fee to the KBO yet, forcing the team to trade most of its star players for cash. For the rest of 2008 season and the 2009 season, the team used only "Heroes" for its name. On February 8, 2010, naming rights were sold to Nexen Tire. The Heroes play their home games at the Mokdong Baseball Stadium in the Yangcheon-gu of Seoul.
Like other baseball teams in Korea (and contrary to most professional teams in other sports around the world) the team is known primarily by the name of the sponsor, occasionally as their nickname, and never as the city in which they are based.
^Although the first and second string of the club are Nexen Heroes and Hwaseong Heroes, the owner company is Seoul Heroes (formerly, Centennial Investment). Seoul Heroes is one of the former names of the club.