Chinese Super League side Shanghai Shanhua, employer of Cameroonian forward Christian Bassogog could enter administration and be relegated from the topflight championship by the end of this week due to an over €130 Millions debt accrued from the past few years.
The club funded by debt capital have failed to meet their repayment obligations over the last four years, thus creating a situation which obligates their creditors to go via this route.
Since the start of the Coronavirus pandemic in 2020 Chinese Super League clubs have been hit by the cost of testing players and extending player contracts to complete the season and the loss of income from gate receipts with matches played behind closed doors in most of the time since then.
Unlike the clubs in the bigger leagues around the world, the Chinese Super League clubs cannot rely on billions in television rights deals to mitigate that financial blow.
The Chinese Super League board has now confirmed that Shanghai Shanhua will be subject to relegation they don’t pay the debt before January 1st.
The current administration of the club is currently working on different options of raising the needed funds before the deadline.
Earlier this week, rivals Guangzhou FC were relegated from the Super League due to accumulated debts.
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