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.
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 defeating giants Guangzhou Evergrande, who won the title eight times.