Chinese football has been thrown into disarray after the owners of Chinese Super League champions Jiangsu FC announced the club had ceased operations with immediate effect.
A post on Jiangsu's official WeChat account expressed hope of new backers or that a "company of insight" would be willing to consult on the team's future.
The announcement stated all of owners Suning Group's football clubs, including the hugely successful Jiangsu Suning Women and Italy's Serie A leaders Inter Milan, would "cease operations from today".
The Nanjing-based retailer, one of China's biggest, earlier in February said it intended to focus on core businesses, leaving non-retail assets at risk.
Such assets include Jiangsu FC, which won the Chinese Super League title in November for the first time with a playoff win over eight-time champions Guangzhou Evergrande.
The squad that clinched the title and a place in this year's Asian Champions League featured Brazilian winger Alex Teixeira, who chose to make a €50 million ($60.37 million) switch to Jiangsu in 2016 over interest from Premier League side Liverpool.
Questions started to be asked of Jiangsu's financial future and the knock-on impact on football in China when Teixeira refused to sign a new contract at the end of last season. Coach Cosmin Olaroiu, the Romanian who enjoyed hugely successful spells in UAE football with Al Ain and Al Ahli, is also reportedly unlikely to return to the club.
The Jiangsu announcement comes days after Chinese FA Cup winners Shandong Luneng had their expulsion from the Asian Champions League confirmed by the Asian Football Confederation due to "overdue payables".
Should Jiangsu fail to find new owners soon, their absence could cause further upheaval in the Asian Champions League ahead of the start of the continental competition in April.
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The news will also sound alarm bells ringing in Milan where Antonio Conte's Inter lead the standings by four points over city rivals AC.
Earlier this month the Financial Times reported that Suning Holdings was rushing to raise at least $200m in emergency cash, after the Italian football club's finances deteriorated due to the pandemic and heavy spending on top players.
Inter are led by president Steven Zhang, the 29-year-old son of Zhang Jindong, Suning’s billionaire founder, who acquired the club in 2016 for €270m. Suning authorised spending hundreds of millions on euros on star players such as Romelu Lukaku and Christian Eriksen to seek a return to the top of Italian football, with Inter's last league title coming in 2010.
