Chinese Super League (CSL) powerhouse Guangzhou Evergrande Taobao FC recently announced a deficit of RMB953 million (about US$ 146 million) for 2015.
Despite the club having annual revenue of RMB380 million last year, “the increased expense of introducing coaches, paying players and preparing for matches” cost the club a total of RMB1.3 billion in 2015.
In an effort to improve the management and operation of the club, Evergrande have now hired a new president Li Yimeng who has taken over from Liu Yongzhuo.
Guangzhou Evergrande are now valued at US$3.35 billion after securing the first transaction in China’s National Equities Exchange and Quotations (NEEQ) in March. The club is money-backed by real estate company Evergrande Group and China’s e-commerce giant Alibaba, the former holding a 56.71% stake in the club and the latter a 37.81% stake.
Evergrande faced tough challenges in the early stages of this season as they were knocked out of the 2016 AFC Champions League after winning the competition in 2015.
Via: Yutang Sports