Tianhai thrown lifeline but CSL sweat goes on

There's light at the end of the tunnel for Tianjin Tianhai after a new owner stepped in to save the financially stricken club－however, the team's participation in this season's Chinese Super League remains uncertain.

Tianhai announced the transfer of all its shares to Vantone Holdings Co. Ltd, one of the largest real-estate investment companies in Beijing, on Friday－missing the previous day's 5pm deadline to submit financial and player information to the Chinese Football Association.

The CFA had warned Tianhai that failure to meet the deadline would result in its expulsion from this year's coronavirus-delayed CSL season, leaving the club at the mercy of the governing body. At the time of writing, there was no indication from the CFA as to Tianhai's CSL future.

"Despite Tianhai reaching an agreement with Vantone, they still have to wait for the Chinese Football Association to make the decision. That means it's not certain for them to participate in the next CSL season," wrote renowned Chinese sports commentator Han Qiaosheng on Weibo.

Tianhai's troubles first began in early 2019 when the club's previous owner, 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 the group.

In dire need of a new benefactor and with its future hanging by a thread, Tianhai offered to give away 100 percent of its shares for free earlier this month.

"The club will no longer be able to operate normally for the next season. It's a 'life or death' moment for the club," Tianhai said in a statement at the time.

Tianhai valued its assets at between 648 million and 771 million yuan ($93 million to $111 million), but those figures came with a significant caveat－the club's sizable debt, the total amount of which has not been disclosed to media.

According to Xinhua, Vantone has been in negotiations with Tianhai since last season, but for a variety of reasons failed to reach an agreement. The share giveaway offer also enticed a number of new potential investors to the negotiating table.

Little detail about the transfer to Vantone was revealed in Tianhai's short announcement on Friday.

Vantone Holdings is a large joint-stock enterprise with private capital at its core. By 2017, its main businesses included real estate, asset management and overseas investment.

Rebuilding the club won't come cheap. Apart from the team's costly daily operation, Tianhai's depleted squad is in desperate need of new talent. The club was unable to sign a single player during the winter transfer window, when a total of 13 players left the team.

With no big names among its ranks to attract more fans, it appears highly unlikely that the club can become profitable in the short term. The current novel coronavirus outbreak that forced the CSL to postpone the 2020 season adds even more uncertainty to the equation.

If Tianhai does get the green light to compete from the CFA, simply remaining in the CSL will be a huge task for the club, which narrowly avoided relegation last term and finished 14th in the 16-team league.

Since that survival slog, there was been barely any respite for Tianhai as the club has faced up to the possibility of collapse.

Last week, the players and coaches even signed a letter asking for help from Tianjin's sports bureau and Tianjin Football Association.

"We have to express our deep concern for the future of our club," read the letter that was posted by Tianhai players on social media.

"With the efforts and hard work of the whole team, we overcame all difficulties to avoid relegation in the 2019 season, which showed our values as soccer professionals …

We believe you can help us to find a solution and a leader to guide us moving forward."

Defender Song Boxuan said he and his teammates were left with no alternatives.

"We told the public we're preparing for the worst-case scenario because we want to show our determination," Song wrote on Weibo.

"We want whoever can consider to take us over to see we're all prepared to finish the next CSL season with a limited budget and under tough circumstances.

"If anyone wants to invest, we will repay all who care about us with a 120 percent effort."

Tianjin Daily reported that the players were so thrilled to learn of the Vantone takeover that they trained an extra two hours to celebrate "they are still alive". Now, more good news from the CFA would really make their day.