BEIJING – Jiangsu FC, which won the Chinese Super League (CSL) title last season, may fold if it cannot find financial help or a new buyer, local media reported on Wednesday.
The club began to have financial trouble last season and its parent company Suning Holdings Group contacted some enterprises in Suzhou and Wuxi, industrial cities of Jiangsu, for the sale of the club last season, but its asking price scared potential buyers away, a report from the Soccer News said.
If the club, known as Jiangsu Suning before changing its name in line with new Chinese Football Association regulations, cannot get help from the local government, Suning may seek to sell the club free of charge or dissolve it, the report said.
“The worst consequence cannot be ruled out: Jiangsu FC could be dissolved,” the report said.
Earlier, another CSL side Tianjin Tigers was reportedly facing a dissolution due to financial problems.