Financially beleaguered CSL club Tianjin Tianhai finds new owner

TIANJIN -- Beleaguered Chinese Super League side Tianjin Tianhai announced on Friday that the club will transfer all its shares to Vantone Holdings Co, Ltd, one of the largest real estate investment companies in Beijing.

According to the announcement, Vantone Holdings became the club's new owner after they came to an agreement on Thursday. Little details about the transfer was disclosed in the announcement.

After avoiding being disbanded, the club can breathe a sigh of relief for the time being after the turbulent passed 12 months. Tianjin Tianhai had a difficult time, with former owner the Quanjian Group embroiled in a false marketing scandal, and CEO Shu Yuhui arrested on charges of running a pyramid scheme and false advertising.

In order to stay in the Chinese Super League, Tianhai announced last Thursday the club decided to transfer all its shares for free.

New owner Vantone Holdings has negotiated with Tianhai since last season but for a variety of reasons they didn't reach an agreement. After the announcement of a free transfer was released, several other companies joined the negotiation but Vantone kept its seat at the negotiating table.

Vantone Holdings is a large joint-stock enterprise with private capital at its core. By 2017, its main business was concentrated in three areas: real estate development, asset management and overseas investment, according to the company's official website.

However, finding a new owner doesn't mean that Tianhai qualify for the Chinese Super League. The Chinese Football Association will make the final decision after checking Tianhai's finances, debt, situation of its first team players and many other materials.