Chinese Super League (CSL) powerhouse Guangzhou Evergrande Taobao FC recently announced a deficit of RMB953 million  for 2015.

Despite the club having annual revenue of RMB380 million last year“The increased expense of introducing coaches, paying players and preparing for matches” cost the club a total of RMB1.3 billion in 2015.

In an effort to improve the management and operation of the club, Evergrande have now hired a new president Li Yimeng who has taken over from Liu Yongzhuo.

Guangzhou Evergrande are now valued at US$3.35 billion after securing the first transaction in China's National Equities Exchange and Quotations (NEEQ) in March. The club is money-backed by real estate company Evergrande Group and China’s e-commerce giant Alibaba, the former holding a 56.71% stake in the club and the latter a 37.81% stake.

Evergrande faced tough challenges in the early stages of this season as they were knocked out of the 2016 AFC Champions League after winning the competition in 2015.

Source: Ecns

Proofread by Sean O Diobhilin