Act. At 11:26 CEST
The Guangzhou FC (formerly Guangzhou Evergrande) it has dominated Chinese soccer almost unopposed in the last decade. Big investments, star signings … few things stopped the giant, which has conquered eight leagues (seven of them in a row) and two Asian Champions in the last ten years.
Few, except a crisis of the company that sponsors and owns it, the real estate Evergrande Group, with businesses in sectors as diverse as electric cars and bottled water. One of the great looming crises in the history of China.
This season, and following the new regulations of the Chinese Super League, the club removed the name of its sponsor from its main ‘naming’ to become known as Guangzhou FC. The Evergrande Group has been behind Guangzhou FC since 2010 with heavy investment, and now, it is close to collapse, as the parent company.
Lucas Barrios, Darío Conca, Alessandro Diamanti, Alberto Gilardino, Paulinho, Jackson Martinez… are just a few names that set out for the city of Canton, with a population of more than 15 million inhabitants, and some of them even slipped into the list of the best paid in the world.
On the bench he has also had stars. Marcello Lippi, Luiz Felipe Scolari, Fabio Cannavaro … The latter, a current technician, could be fired in the next few hours, according to the Chinese press, in one of the first decisions to reduce expenses.
On a commercial level, the Guangzhou managed to lead China to Real Madrid for a preseason friendly, and preparing agreements with the best clubs in the world. With the Barça, the sale of Paulinho between 2017 and 2019. Last year, I prepared the project for the largest stadium in the world. Losses had been increasing over the years, but Covid has just burst the bubble.
The delicate financial situation of the Evergrande group is due to the fact that it has a debt amounting to $ 300 billion (256,000 million euros), and its stock market value has plummeted more than 40% in the last month and more than 80% since the beginning of the year.
The club has reportedly been unable to pay the high chips for a little over a month now, and has asked the government for help to get ahead.
In parallel, the champion of the Chinese Super League last season, the Jiangsu FC (formerly Jiangsu Suning) went bankrupt together with Suning Appliance Group Co and the team was dissolved. For now, the president Xi JinpingA great soccer fan, he has tried nationalizations of soccer players, coaches like Lippi and Canavaro for the national team, and even openings to new businesses. Still, it is clear that tough times are ahead for Chinese football.