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Shanghai Shenhua's owner Zhu Jun is not confirming media repots that the club has being bought by a real estate enterprise.
According to multiple reports on Tuesday, Shanghai Greenland Group purchased a majority share in Shenhua.
However, Zhu responded on his micro blog that the it remains far from a done deal.
"What you saw or what you hear might not be the truth," Zhu tweeted on Tuesday.
Plagued by a financial crisis and equity disputes, the club has been struggling at the bottom of the Chinese Super League since starting the season with a six-point deficit due to a match-fixing scandal in 2003.
Three of its foreign players even went on a strike due to a pay dispute in April led by former Chelsea striker Didier Drogba who left the team earlier this year.
Zhu holds a 28.5 percent stake in the club.