AGL 38.54 Increased By ▲ 0.97 (2.58%)
AIRLINK 129.50 Decreased By ▼ -3.00 (-2.26%)
BOP 5.61 Decreased By ▼ -0.03 (-0.53%)
CNERGY 3.86 Increased By ▲ 0.09 (2.39%)
DCL 8.73 Decreased By ▼ -0.14 (-1.58%)
DFML 41.76 Increased By ▲ 0.76 (1.85%)
DGKC 88.30 Decreased By ▼ -1.86 (-2.06%)
FCCL 35.00 Decreased By ▼ -0.08 (-0.23%)
FFBL 67.35 Increased By ▲ 0.85 (1.28%)
FFL 10.61 Increased By ▲ 0.46 (4.53%)
HUBC 108.76 Increased By ▲ 2.36 (2.22%)
HUMNL 14.66 Increased By ▲ 1.26 (9.4%)
KEL 4.75 Decreased By ▼ -0.11 (-2.26%)
KOSM 6.95 Increased By ▲ 0.10 (1.46%)
MLCF 41.65 Decreased By ▼ -0.15 (-0.36%)
NBP 59.60 Increased By ▲ 1.02 (1.74%)
OGDC 183.00 Increased By ▲ 1.75 (0.97%)
PAEL 26.25 Increased By ▲ 0.55 (2.14%)
PIBTL 5.97 Increased By ▲ 0.14 (2.4%)
PPL 146.70 Decreased By ▼ -1.70 (-1.15%)
PRL 23.61 Increased By ▲ 0.39 (1.68%)
PTC 16.56 Increased By ▲ 1.32 (8.66%)
SEARL 68.30 Decreased By ▼ -0.49 (-0.71%)
TELE 7.23 Decreased By ▼ -0.01 (-0.14%)
TOMCL 35.95 Decreased By ▼ -0.05 (-0.14%)
TPLP 7.85 Increased By ▲ 0.45 (6.08%)
TREET 14.20 Decreased By ▼ -0.04 (-0.28%)
TRG 50.45 Decreased By ▼ -0.40 (-0.79%)
UNITY 26.75 Increased By ▲ 0.35 (1.33%)
WTL 1.21 No Change ▼ 0.00 (0%)
BR100 9,806 Increased By 37.8 (0.39%)
BR30 29,678 Increased By 278.1 (0.95%)
KSE100 92,304 Increased By 366.3 (0.4%)
KSE30 28,840 Increased By 96.6 (0.34%)

SHANGHAI: Chinese Super League champions Jiangsu FC have “ceased operations”, the club said on Sunday, underlining the financial problems coursing through football in the country.

Jiangsu, who won the domestic title for the first time just three months ago, are owned by the conglomerate Suning — which also owns Italian giants Inter Milan.

Chinese media said that Jiangsu have not officially dissolved and could yet have a lifeline if new investors are found soon.

The unravelling of Jiangsu, until recently known as Jiangsu Suning, could be followed in the coming days by the closure of fellow CSL side Tianjin Teda.

Chinese football has in recent years gained a reputation for lavish spending on foreign players and coaches, as the country pushed to become a world leader in the sport.

Jiangsu brought in ex-England coach Fabio Capello and signed Brazilians Alex Teixeira and Ramires for 50 million euros and 28 million euros respectively.

In the summer of 2019, they came close to capturing Real Madrid superstar Gareth Bale.

But, even before the coronavirus pandemic, money had begun to dry up across Chinese football.

“Even though we are reluctant to part with the players who have won us the highest honours, and fans who have shared solidarity with the club, we have to regretfully make an announcement,” Jiangsu FC said in a statement.

“From today, Jiangsu Football Club ceases the operation of its teams.”

The club from the eastern city of Nanjing blamed an “overlap of various uncontrollable elements”, but said that it was “continuing to seek, in a wider scope, interested parties for its future development of the club”.

Amid reports of financial difficulties, Suning’s chairman Zhang Jindong earlier this month hinted at a pivot away from sport, in comments which also did not go unnoticed in Italy where Inter are battling rivals AC Milan for the Serie A title.

“We will focus on retail business resolutely and without hesitation will close and cut down our business irrelevant to retail,” he said.

Comments

Comments are closed.