On December 28th the major stake (90%) in Chongqing Lifan FC was officially transferred to the DDMC Group. The DDMC Group then became the club’s major shareholder in place of the Lifan Group, at a price of 540 million yuan.

Under the new ownership the club will be renamed Chongqing DDMC Lifan Football Club, which, with “Lifan” preserved in the name, reflects the reputable tradition of the club and the fact that it still owns 10% of the shares.

It is said that the Lifan Group intended to transfer ownership of the club to Beijing Huaxiaruida (literally translated company name) in 2014, which, however, was brought to an immediate halt by Chinese Football Association. This followed the club’s players publishing an open letter at the beginning of the next season expressing doubts about the new owner’s capability to run the club. Lifan then ran the club for another 2 seasons in the Chinese Super League but the issue of selling the club was back on the agenda again this summer.

In the National Enterprise Credit Information Publicity System, the legal representative of Chongqing Lifan FC has changed to Jiang Lizhang.  

A news conference on the club’s transfer of ownership will be held in the Sheraton Hotel, Nanbin Road, Chongqing at 10 am on Jan 5th , 2017.

Source: Chongqing Times, Sohu Sports, Xinhuanet

Proofread by Sean O Diobhilin