BEIJING, May 24 (Xinhua) -- Chinese Super League side Chongqing Liangjiang Athletic said it will try to pay off its huge debts - which are mainly its players' unpaid salaries - even after it ceases operations.
With the new CSL season to start in ten days, the Chongqing club announced on Tuesday that it would terminate its operations as its teams disbanded, and therefore it will pull out of the league.
The withdrawal came as no surprise, as it is an open secret that the Chongqing club has been up to its neck in debt.
"Having been affected by the COVID-19 pandemic and the football industry development format, the club has been deep in debt, unable to sustain its operations," the Chongqing side said in a statement issued on Tuesday.
Despite no longer being operative, the Chongqing side promised to endeavor to pay off its debts.
The club will try to repay its owed salaries by selling assets, according to its statement.
According to director Wei Xin, Chongqing Liangjiang Athletic is up to 750 million yuan (112 million US dollars) in debt.
Wei said that some youth coaches have not received wages for 18 months.
Chongqing's senior team has refused to train since last week, saying they would not resume training before being paid.
The players told Chinese media that they had labored under the illusion that they would be paid in the future.
"From 2019 until now, we have been subjected to the miseries caused by unpaid salaries. Our consistent, quiet and whole-hearted commitments have been rewarded by repeated words that failed to be realized," the players said in a letter published last Wednesday.
Players who were owed wages even expressed a willingness to give up part of their salaries, which reportedly amounted to 550 million yuan (82 million US dollars), in a futile effort to keep the club afloat.
The Chongqing club conceded that it could not carry on.
"The structural reform failed to be implemented as scheduled, the debts are mounting, the account has been frozen, leaving employees in difficulty," it said in the statement. ■
