‘Cheap but similar’ Shanghai Shenhua meets a new owner

Compared to the basketball team ‘Shanghai Sharks’, ‘cheaper but similar’ soccer team Shanghai Shenhua has met a new owner.

On the 2nd, a number of local Chinese media, including Sina Sports, reported that Shanghai Shenhua, a member of the Chinese Super League, had been sold to a new owner.

Shanghai Shenhua, reeling from the influence of Corona 19, was sentenced to a point reduction in the second half of 2021 due to unpaid wages.

Greenland Group, the owner of Shenhua, Shanghai, which continued to struggle with wage arrears, sought a “jointly owned investor” of 100 to 200 million yuan for a 40% stake from early 2022, but failed to achieve any tangible results. 

The wind of the green zone group came true in November 2022. A new investor appeared under the approval of the government.토토

The new investor was the Jiushu Group, which runs the Shanghai Sharks, a basketball team related to Shanghai. Jiush Group (Chairman: Guo Jianfei), a state-owned enterprise, is in charge of public transportation-related businesses in Shanghai, as well as real estate, investment, and cultural tourism businesses. In particular, the Shanghai Metro (subsidiary Shentong Metro Group) they are in charge of is a cash cow (cash raising) business in name and reality.

The Jiu Shi Group dominates the Shanghai sports scene through its subsidiary Jiu Shi Sports. The representative sports business is the Formula One (F1) Grand Prix based on the Shanghai International Circuit, as well as the Masters 1000 Shanghai Open (tennis).

The emergence of the Jiushu Group is a ray of light for Shanghai Shenhua, who could not even pay the players’ wages on time.

In 2019, Jiush Group, which acquired the Shanghai Sharks for an estimated price of 650 million yuan (120 billion won), recruited Wang Zelin (pronounced Wang Zelin/Wang Zilin) ​​from the NBA 2R Draft (Memphis Grizzlies). aggressive investments. The Shanghai Sharks, who ranked 16th at the time of acquisition (2019-20 season, 16-30 season), soared to 3rd place (28-10 season, 2021-22 season) in just two seasons.

The contract is estimated to have purchased the entire stake for about 500 million yuan (92.1 billion won). However, the amount will be used primarily as an amount to resolve wage arrears in Shanghai Shenhua.

Can Shanghai Shenhua, with its ‘new owner’, regain its former glory when it recruited Drogba and Anelka in the past? It is too early to relax as the two parties still have a lot of work to do. 

Proudly powered by WordPress | Theme: Crimson Blog by Crimson Themes.