Globallookpress Jia Haocheng
Jiangsu Suning, Chinese Premier League champion, said on Sunday that he would cease operations, while expressing hope that new parties would come forward to buy the club.
The club said in its official WeChat account that it still hoped that a company or “someone with a vision” would enter into negotiations regarding the team’s future.
The move came after financial problems were exposed in some of China’s largest clubs and after media reports spoke of Jiangsu being close to bankruptcy if no party came to buy the club owned by the Suning Group.
The giant Suning Group operates in the retail trade and is one of the largest companies in this field in China and also owns the Italian club Inter Milan.
Official: Suning Group announce all their football clubs(in China), including the CSL reigning champion Jiangsu FC(formerly Suning), the Women’s CSL powerhouse Jiangsu Suning Women’s(2019 WCSL champion) and youth teams of all levels, ‘cease operation from today’. pic.twitter.com/BSv2I5V2bf
– Titan Sports Plus (@titan_plus) February 28, 2021
The group said earlier this month that it intended to focus on its main field of work, which would jeopardize the club’s existence.
Jiangsu won the Chinese Super League title for the first time in its history last season after beating giants Guangzhou Evergrande, who won the title eight times.
The announcement by the Chinese champion to suspend its activities comes just days after the AFC confirmed that China Cup champion Shandong Luneng had been excluded from the AFC Champions League for financial reasons, after failing to pay back dues.
And if no one bid for Jiangsu soon, that means changes must be made in the AFC Champions League before the first continental club tournament kicks off in April.