It has been reported that the Chinese Football Association China League side Yanbian Funde Football Club have been dissolved because the club failed to settle its outstanding tax demand.
It was reported that the club has an unpaid tax debt as high as CNY240m which was disclosed by the Yanbian Sports Bureau. Yanbian Sports Bureau has some stakes in the football club and the main investor is the Chinese company Funde Group.
Funde Group made an investment of CNY170m in the club in 2016 and took control of the club. In 2015 season, Yanbian Funde FC was promoted to play in the Chinese Super League. However, they were later relegated to the Chinese Football Association League in the 2018 season.
It is said that Funde Group did not invest any more money in the club after the initial CNY170m investment. However, on the contrary, the club had an unpaid tax debt.
Yanbian Funde FC is the first professional team in Chinese professional football leagues that was dissolved as a result of bad debt and financial problems. Although the football club has an origin dating back to 1955, it is unfortunate this tragedy was not avoided.
It is reported that the CFA is encouraging football clubs to take over Yanbian’s players after Yanbian Funde FC is officially dissolved.
Proofread by Levison Makuvise