Icon: enlarge
Jiangsu players will celebrate the Chinese Championship in November 2020
Photo: STR / AFP
The champions of the Chinese football league, Jiangsu FC, will cease playing with immediate effect.
This was announced by the retail giant Suning, which owns the club.
Jiangsu first won the title in the Chinese Super League about three months ago.
As the group announced, they want to concentrate on the retail business in the future.
Other business areas that are not connected to the core business would therefore be closed and scaled back.
At the beginning of the month, the group announced that it was in a difficult situation due to the corona crisis.
Suning is one of the largest non-governmental retailers in China. In its core business, the group sells electrical appliances such as televisions, refrigerators and washing machines.
Icon: enlarge
Alex Teixeira is celebrating for Jiangsu - perhaps as one of the last for the club
Photo: STR / AFP
It is hoped that a new donor will be found after the withdrawal, according to a statement.
According to media reports, Suning had previously tried to sell the club.
Jiangsu is said to have had a debt of around 90 million dollars.
The successful women's team and the youth department are also being hired.
Inter also belongs to Suning
The group's portfolio also includes the top Italian club Inter Milan.
In 2016, Suning took over the majority of the club.
It is unclear to what extent the current situation also threatens this commitment.
As reported by Italian media, Suning should also be looking for a buyer for Inter.
Jiangsu had caused a stir in recent years, among other things with spectacular player transfers.
In 2016, the Brazilian winger Alex Teixeira moved from Shakhtar Donetsk to Nanjing for a rumored 50 million euros.
In the summer of 2019, they are also said to have been interested in signing Gareth Bale from Real Madrid.
After Teixeira let his contract expire at the end of the season and according to media reports, coach Cosmin Olaroiu should not return to the new season either, doubts about the financial stability had already been raised.
Several Chinese clubs are currently suffering from financial problems, the cup winner Shandon Luneng was recently excluded from the Asian Champions League because of "overdue payments".
Icon: The mirror
hba / Reuters / AP