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FILE – Chinese football fans from the Guangzhou FC cheer during a match for the Super League of Chinese Football Association in Guangzhou in south China’s Guangdong province, on Aug. 8, 2009. (Chinatopix via AP, File)

Guangzhou FC, the most successful football club in Chinese history, disbanded on Monday due to crippling debts.

The club, formerly known as Guangzhou Evergrande, has been unable to meet the Chinese Football Association’s financial entry requirements needed to compete in the 2025 domestic season.

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“Due to heavy financial burdens resulted from previous seasons, the club could not pay off all the debt by the deadline,” Guangzhou said in a statement. “We express our sincere apology to all the supporters from across the community and we appreciate the understanding and forgiveness of all the fans very much.”

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After being taken over by property developer Evergrande in 2010, the club started the spending spree in China that made headlines around the world.

Helped by players such as Brazilian international Paulinho and elite coaches such as Marcello Lippi of Italy and Brazil’s Luiz Felipe Scolari, Guangzhou won eight Chinese Super League titles from 2011 to 2019. The team triumphed also won the Asian Champions League in 2013 and 2015.

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Other clubs followed with world-famous stars such as Carlos Tevez, Nicolas Anelka, Oscar, Didier Drogba and others heading to China.

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In 2021 however, Evergrande reported debts of over $300 billion and, as key players left the club due to financial issues, it was relegated to China’s second tier in 2022.

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On the same day, Chinese Super League club Cangzhou Mighty Lions also announced its disbandment, as did third tier club Hunan Billows.

“Only by setting sights on the long term, keeping the financial operation in a healthy status and investing in youth with patience should clubs build a robust future,” the Chinese Football Association said in a statement, adding that 49 teams had been deemed financially ready to compete in the top three tiers of the league system in 2025.

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Likewiseezjili, the broader All Shares Index added 0.98 percent, or 38.46 points, to 3,978.10.

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