Drogba
& Anelka
He purchased a stake on
the grounds that an €18 million investment over two years would enable him to
extend his ownership of the outfit to 70%. The injection of money was then used
to hire such star players as Drogba and Anelka, however other shareholders have
now complained that they were not involved in the buying of the players. Oriental
Sports Daily has revealed that while Zhu has spent almost €70m during his five-year
reign in Shanghai, no other shareholder has spent any money. "It is
annoying and has had a bad effect on many of our tasks," a club official
told the publication. "The biggest problem is that the operation and
financing work of the club cannot be carried out normally. "The equity
stakes issue has become the biggest bottleneck for the development of
Shenhua."
Could
Leave Shanghai Shenhua
Following
Shareholder Dispute
_
Aug 28, 2012 1:35:00 PM
_
A report in China Daily claims
that chairman Zhu Jun, who retains a 28.5 per cent stake in the club, is
prepared to continue backing the side, providing his demands for greater
authority are met. Zhu assumed control of Shenhua in 2007, and is one of six shareholders
at the Hongkou Football Stadium, along with five state-owned enterprises.
He purchased a stake on
the grounds that an €18 million investment over two years would enable him to
extend his ownership of the outfit to 70%. The injection of money was then used
to hire such star players as Drogba and Anelka, however other shareholders have
now complained that they were not involved in the buying of the players. Oriental
Sports Daily has revealed that while Zhu has spent almost €70m during his five-year
reign in Shanghai, no other shareholder has spent any money. "It is
annoying and has had a bad effect on many of our tasks," a club official
told the publication. "The biggest problem is that the operation and
financing work of the club cannot be carried out normally. "The equity
stakes issue has become the biggest bottleneck for the development of
Shenhua."
The dispute now means that Zhu
may only be willing to finance 28.5% of Shenhua's expenditure, leading to
player salaries potentially being affected.
Some reports also suggest that
Zhu Jun may now face cash flow problems, after poor financial performance by
his The9 online game company, which is behind the Firefall and PlanetSide 2
video games. As a result, Drogba and Anelka, recent arrivals from Chelsea,
could be culled from the squad, as their reported €240,000-a-week contracts may
prove unsustainable. Furthermore, there is speculation that Shanghai Shenhua
might even combine with another Shanghai football club - Shanghai East
Asia, a Chinese first division club. According to Chinese media outlet Sina, if Shanghai East Asia
is promoted to the top division, the Shanghai Shenhua brand may be sold off.
Colombian midfielder Giovanni
Moreno missed the weekend's fixture against Shandong Luneng, fuelling
speculation Shenhua had not yet paid Argentine outfit Racing Club in full for
his services. So far, Drogba and Anelka's salaries have been paid 100%. Also,
some believe that should the two stars face the exit, the local government may
step in to help foot the bill and avoid any humiliation for the popular
football club, so the club may yet survive. Despite heavy investment earlier in
the year, Shenhua are 10th in the 16-team Chinese Super League on 27 points
from 23 matches; some 20 points behind leaders Guangzhou Evergrande.
Credits: Livio
Caferoglu,
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