Wansan Puma FC, currently known as Jeonbuk Hyundai Motors FC, according to the team's Wikipedia page
Indeed. Were you (or any others) aware of Wansan Puma prior to me posing the question?
It's an interesting story that I discovered yesterday. Wansan Puma were due to start play in the 1993 K-League, but even in 1992 there were concerns the club would go bust. Some of the top college players facing the prospect of being drafted by a potentially-bankrupt team did what they could to avoid being selected: Noh Jung-yoon went to Japan for the inaugural J. League season (at a time when anti-Japanese sentiment in South Korea was quite high), while others joined work teams
(e.g. Kookmin Bank) instead.
Current GS manager Hwang Sun-hong was drafted
by Wansan Puma, but was subsequently traded to POSCO Atoms (now Pohang Steelers) for eight
That English-language wiki page you quoted actually leaves something out. After the bankruptcy of Wansan Puma, but before its relaunch as Chonbuk Buffalo, the club was picked up by computer company Jewoo in August 1993, and the team was re-branded as Jewoo Exeter (sometimes stylised as "Xter"). The intent was to start play in the 1994 K-League season.
But just months later, Jewoo also decided to pull out for financial reasons, again before a ball had ever been kicked. The club was then picked up by Bobae Soju and Jeonbuk Ilbo, and did play the 1994 K-League season... but then financially collapsed again.
So before Hyundai came along to clean up the mess, no less than three ownership groups had given up on this club after only one season of play.
There's a very detailed page on Wansan Puma FC on FootballK Wiki