A court in Guangzhou, in southeast China, formally opened the insolvency liquidation proceedings for Guangzhou FC, formerly Guangzhou Evergrande and one of the most successful clubs in Chinese football, after years of financial difficulties.
Guangzhou Evergrande was founded in 2010 and quickly became a powerhouse in Chinese football, winning multiple national championship titles and investing heavily in signings of major international stars.
The club faced serious financial problems in recent years, stemming from the crisis of real estate developer Evergrande, its parent company, which defaulted in 2021 and faced a multi-billion dollar debt restructuring process.
With the court decision, Guangzhou FC becomes the latest Chinese club to be affected by the crisis hitting the country's sports sector, highlighting the consequences of the collapse of the Evergrande group on its sports projects.
