TIANJIN, March 5 (Xinhua) -- Beleaguered Chinese Super League side Tianjin Tianhai has decided to transfer all its shares for free in order to stay in the league, the club announced Thursday.
A club announcement revealed that it had taken the decision after encountering financial difficulties, with more than ten players having left the team in the close season. However, head coach Li Weifeng has scotched rumors that the club will be disbanded and will lose its place in the Chinese Super League.
At the end of the 2019, Tianjin Tianhai was estimated to own assets worth 648.8 to 771.7 million yuan (93.5 to 111.2 million U.S. dollars).
The club has had a turbulent 12 months, with former owner the Quanjian Group embroiled in a false marketing scandal, and CEO Shu Yuhui arrested on charges of pyramid selling and false advertising.
