Defending CSL champion Jiangsu ceases operations

Reigning Chinese Super League champion Jiangsu FC has announced an immediate cessation of all its teams operations due to financial problems.

The bombshell news is the first time a Chinese top-flight club has had to take such a drastic step just months after being crowned champion.

"Jiangsu FC is now unable to keep playing in the Chinese Super League and the AFC Champions League," read the club's announcement on Sunday.

"For over half a year, Jiangsu has been contacting many interested parties, and has shown great sincerity to transfer the club's shares. We don't want to give up any chance to keep the club alive.

"However, before the start of the 2021 season, despite us not wanting to say goodbye to our honorable players and fans, we still must announce that from today all our teams will are ceasing operations.

"Meanwhile, we hope to have further communication with more parties in regard to the future of our club."

The announcement shocked the Chinese soccer community and became trending news on social media on Sunday afternoon. Within an hour, related topics had been viewed over 12 million times on Weibo.

While many fans are having hard time accepting the club will be unable to defend its league title next season, some blamed the flawed business model that is common to numerous financially stricken CSL teams.

"Changing from relying on outside investment to having or own long-term sustainable and profitable development model has been a focus of Jiangsu FC. But there are also many uncontrollable factors (behind the club's plight)," read the announcement.

"Looking back over the past five years, we pushed forward as hard as we could with the greatest passion. There were wins as well as defeats. There were honors and regrets. Our love towards soccer and our hopes for a brighter future for Chinese soccer will never change."