China’s Guangzhou appeals for state aid to cover loss of owner Evergrande’s cash support
September 16 – Chinese top club Guangzhou have asked for government aid to survive, a move that could herald further and more structural ownership changes in the Chinese Super League (CSL).
High-flying, eternal big spenders and the dominant force in the domestic scene for the past decade, Guangzhou is cash-strapped and the club’s parent company Evergrande is preparing to relinquish at least a part of its ownership. In a widely circulated letter, the club’s general manager Gao Han said that Evergrande is no longer able to financially support the team and demanded a “feasible takeover plan” from local authorities.
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