Updated  
November, 29 2012 10:04:07

Two football teams fold amid finances debacle

V-League's Ha Noi Football Club and its sister team, the First Division's Youth Ha Noi FC, will not feature in the coming season due to a lack of funds.

During a meeting on Tuesday, executive director Le Xuan Thong said due to the shortage of cash, both teams would not compete and players were allowed to find new clubs.

Since chairman Nguyen Duc Kien was arrested months ago for business improprieties, almost all of his properties have been blockaded.

Meanwhile the two teams need at least VND55 billion (US$2.6 millions) to meet the conditions of their respective tournaments, whose kick-off dates have yet to be confirmed.

According to Thong the huge amount is impossible to raise, although the teams have tried to sell their most valuable players, including three-time Golden Ball winner Le Cong Vinh and national team member Nguyen Thanh Luong, in a bid to plug the shortfall.-VNS

Send Us Your Comments:
Name:
Your E-mail address:
Title:
 

VietNamNews may edit your comments and not all emails will be published.

Highlight

Experts slam failure to save old trees Experts slam failure to save old trees

Distinguished scientists and experts in the field of urban planning raised many challenges at a conference yesterday to review Ha Noi's urban tree planning.

Whistleblowers to be rewarded up to US$160,000 1    Whistleblowers to be rewarded up to US$160,000

The Ministry of Home Affairs and the Government Inspectorate have issued a joint circular announcing that whistleblowers will be rewarded up to VND3.4 billion (US$160,000).

Daewoo founder seeks to inspire youth Daewoo founder seeks to inspire youth

As you get older, you spend hours regretting each minute you wasted in your youth, which flies by.

IZ firms find pollution controls too expensive IZ firms find pollution controls too expensive

Many companies in industrial zones claim they lack capital to introduce equipment to save energy and lessen emissions.

Caves in Quang Binh will soon echo with the sounds of runners Caves in Quang Binh will soon echo with the sounds of runners

Quang Binh, home of the biggest cave in the world, Son Doong, is offering visitors treks, caving tours and a race.