Share giveaway Tianhai's only chance of survival

The future of Tianjin Tianhai is hanging by a thread after the financially stricken Chinese Super League club on Thursday offered to give away all of its shares for free.

If Tianhai fails to entice investors with the giveaway, the club says it will not be able to compete in the new CSL season, which has been delayed due to the novel coronavirus outbreak.

Any new owners would also acquire the club's debt, the amount of which Tianhai has not disclosed to media.

"The club will no longer be able to operate normally for the next season, it's a 'life or death' moment for the club," read a Tianhai statement on Thursday.

"The club has arrived at this difficult decision in an effort to keep fighting in the Chinese Super League and to be responsible to our players, coaches and fans.

"From today, the club will seek to transfer 100 percent of its shares for free. The details of the debt problems will be discussed face to face (with potential investors). The deadline is March 14.

"We sincerely hope that a company that has the ability, and the passion and love for Chinese soccer can take over and continue the glorious history of the club."

The statement valued the club's assets at between 648 million and 771 million yuan ($93 million to $111 million). According to PP Sports, potential investors would require about one billion yuan to complete a takeover.

Even with fresh investment, Tianhai, which narrowly avoided relegation last season, could still face expulsion from the CSL.

The club's cash-flow woes meant it was unable to sign a single player during the winter transfer window, when a total of 13 players left the team.

New owners would, therefore, face a sizable outlay on player purchases to keep the club competitive, with PP Sports estimating that bill and associated costs could total around 700-800 million yuan.

Generating profits at Tianhai is made all the more complicated by the club's relatively low profile, its lack of big-name players and the delayed start to the new CSL season due to the coronavirus epidemic.

Things looked a lot rosier for Tianhai back in 2016, when it was known as Tianjin Quanjian and was challenging the dominance of the CSL's big guns with the help of Italian World Cup winner Fabio Cannavaro as head coach.

However, problems first began to arise at the northeastern club last year when Quanjian Group was hit by a financial scandal that eventually resulted in a nine-year jail term for Shu Yuhui, the former chairman and founder of Tianjin-based health products manufacturer Quanjian Nature Medicine Technology Development.

It remains to be seen if Tianhai can conjure an unlikely escape from its crisis. Head coach Li Weifeng, for one, is hopeful all is not lost.

"Somebody wants to see us die, but we will survive and thrive in this situation!" Li boldly declared this week.