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Tobacco giant Hongta Group has decided to stop sponsoring the Yunnan side for next year's inaugural Chinese Premier League, media reported Thursday.
The group is expected to formally announce its decision soon, which was made in an urgent meeting because it has been unable to make ends meet during six years of sponsorship.
The company has invested nearly 600 million yuan (US$72.5 million) on the Hongta club, whose highest annual revenue was no more than 10 million.
Its players will be sold or dismissed, reports said.
It is also rumored that the group tried to obtain some preferential support from authorities by showing its plan of withdrawal, but ended up with relevant departments replying that they would respect its will.
(Shenzhen Daily December 26, 2003)
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